Blog :: 10-2019

Advantages of Working with a Buyer's Agent

We are sometimes asked: Do I really need a buyer’s agent, or can I make an offer on a property on my own?  Certainly, it is possible to buy a home without the help of a buyer’s agent.  However, there are a number of advantages in working with an experienced agent.  Here are some reasons to work with a buyer’s agent:  

1. It’s Free For Buyers. Except in a few, very limited circumstances, the buyer’s agent’s commission in the Boston area is paid by the seller or seller’s agent.    

2. Buyers Get Representation. The seller’s agent represents the seller, and it is their obligation to act in the best interests of the seller.  Having a buyer’s agent ensures you have an experienced professional on your team to look out for YOUR best interests.

3. Market Data. A buyer’s agent can educate you on local market trends.  Buying a home represents a substantial investment – it is important to know about the market/area you are buying into.

4. Make Searching for Property Easy.  When working with a buyer’s agent, there’s no need to scroll through endless websites looking at properties that are no longer available.  A buyer’s agent can create a custom MLS (Multiple Listing Service) search tailored to your search criteria, so you can be notified as soon as new properties come on market. 

5. Help with Paperwork.  There are a number of forms and documents involved in purchasing a home.  A buyer’s agent will help you navigate through them.

6. Price Analysis. You want to make an offer, but is the property over-priced, underpriced or priced right in line with the market?  Your agent will create a comprehensive market analysis based on similar properties that have been sold, to help you determine what price to offer.  A seller’s agent is obligated to get their client (the seller) the highest possible price; again, it is important to have a professional looking out for your interests.

7. Negotiations. The purchase price is just one component of an offer.  A buyer’s agent will help guide you on the other terms that make up an offer, such as inspection contingencies, mortgage contingencies and timing – careful consideration of all offer terms help make sure your offer is as strong as possible. If issues come up during the purchase process (such as property defects identified during a home inspection), your buyer’s agent can also help negotiate for appropriate concessions from the seller.

8. Support throughout the Transaction. An experienced buyer’s agent can help make introductions to other industry professionals that may be necessary throughout the purchase process, such as lenders, attorneys, home inspectors and insurance agents.  Additionally, your agent will keep you apprised of upcoming deadlines and communicate with the involved parties to help keep your purchase on a smooth path towards closing.
 

If you would like to be connected with one of our experienced buyer’s agents, please contact us here.  

Just getting started with the home-buying process?  Feel free to start your search here.

 

 

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What are Current Cap Rates for Boston Multifamily Investment Property?

One of the metrics used by real estate investors to evaluate investment opportunities is called the capitalization rate (or cap rate).  The formula is basically the net annual income divided by the purchase price.  Cap rates do not take mortgages into account – since different investors receive differing financing terms, the cap rate is a quick metric to evaluate an opportunity on a level playing field.

 

The chart above shows multifamily cap rate trends over the past 10 years, and includes forecasts for the next five.  Boston has maintained a lower cap rate than the national average and is projected to maintain that spread in the coming years.  A lower cap rate means that investors are willing to accept a lower return on their investment, so investors will pay more for multifamilies in Boston because they view it as a stronger investment.

This article is focused on multifamily investment property – cap rates for other property types (e.g. retail and office) are different, and each property type has its own set of risks and rewards to consider.  If you are interested in more market data or have questions about investment property in Boston, please reach out to us.

 

 

Off-Season Rentals Offer Good Deals

The peak spring and summer rental market season can be quite hectic.  Fast moving inventory, top dollar market pricing, and competing with qualified applicants.  All of this makes the stressful moving experience even more so.  After September 1st, however, there are deals to be had if one can wait to move.  The rental market tends to slow down during the fall and winter, and sometimes this leaves landlords with vacant apartments.  Great deals are available for those who can move quick, or fill odd dates.  This is also an opportune time to ask for some painting or touch up before move-in when typically there wouldn’t be time.  

Call us and speak with a qualified rental agent to find out more.

 


Current Fall Specials (click for more info):

Dartmouth St, South End - 2+BR/2BA Penthouse Duplex with Private Deck - $4,995

M St, South Boston - 1+BR/1BA Renovated Penthouse - $2,625

Marlborough St, Back Bay - 2BR/1BA Penthouse with Central Air - $3,450

Warren Ave, South End - 1BR/1BA Renovated with In-Unit Laundry - $2,375

 

 

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How to File for a Residential Exemption in Boston

If you own and live in your Boston property as your primary residence, you likely qualify for a residential exemption on your real estate taxes.  Through this exemption, the City releases you from paying part of your property taxes.  Last year, the residential exemption saved qualified homeowners up to $2,719.09 on their tax bill.

For Fiscal Year 2020, you have until April 1, 2020 to file the application.  For more information, including the application and other requirements, visit the City of Boston’s website here

There are a number of benefits to homeownership, and this exemption is one of them.  Be sure to take advantage!