Buyer’s Choice Realty blog

It isn’t going to cost you any more to use a Buyer’s Agent and it will most likely cost you less. For example, our Exclusive Buyer Agency has saved thousands of buyers millions of dollars in home purchases.

Some buyers still seem to think if they work alone with the Seller’s Agent they will get a better price or they will capture the cooperating fee for themselves. This is a foolish approach and is akin to hiring the opposing attorney to help you win your case.

The best way to determine which Buyer Agent to use is to interview them. The Massachusetts Association of Buyer Agents (MABA) suggests a buyer ask these questions when they interview a Buyer’s Agent:

What experience and specific training have you had as a buyer’s agent?

Are you a member of a buyer’s agent association?

How long have you worked on the buyer’s side?

How long did you work on the seller’s side?

Do you also list houses for sale? (This is an inherant conflict of interest)

Do agents in your office list homes for sale? If yes, how do you plan on keeping my information separate from seller’s agents in your office? Do you have a private office? Private fax? Private phone service?

Do you have regular office meetings to discuss the market and techniques in real estate? If yes, do your sales meetings focus on ways to get the best price and terms for sellers, for buyers or for both?

Do you work with a partner in your office? Does your partner list homes for sale? If yes, what will you do in the event that your partner is the listing agent on the home that I want to buy?

If you (and your partner) list homes for sale, how many of the last 20 transactions that you have done have been on the buyers side?

Will you sign a guarantee that you represent my interests exclusively and not attempt to sell me houses you or your partner list?

What geographical areas are you most knowledgeable about?

Do you have full access to the area Multiple Listing Service (MLS)?

Do you have access to For Sale by Owner (FSBO) and foreclosed properties?

What is your fee structure? Will you give that to me, in writing?

Will you make decisions about what homes to show me without regard to co-fees offered to cooperating agents on MLS listings?

How many homes are you prepared to show me?

The agent you are interviewing is obligated to go over the mandated consumer/licensee relationship disclosure with you. This is a great opportunity to get all your home buying questions answered. You should consider it a hiring interview. Is this the agent you want to represent you? A good Buyer’s Agent will be asking, “Is this a buyer I would like to work for?” If it’s a match, you’ll be off and running together.

It’s important that you feel a connection to your agent and that you can draw on their experience and market knowledge. You will probably get a lot of home buying advice from friends and relatives but remember, your agent is legally and ethically obligated to be your advocate, so trust what they say. The fiduciary relationship is one of trust and includes six specific duties: obedience to your lawful instruction, undivided loyalty, full and proactive disclosure, confidentiality, accountability, and due diligence.

Call or email me if you would like to discuss this further. 800 252-8937 or Ronn@BuyersChoiceRealty.com

The Massachusetts Emergency Management Agency (MEMA) reported that there have been more than 90 structures with some level of roof collapse or structural damage in our state.

It’s likely there are more that have not been reported, and the North Shore has certainly seen its share in schools as well as homes. This past weekend we saw crews on a lot of school flat roofs, which are particularly vulnerable.

Fortunately, to date, we have not heard that anyone has been injured as a result of those failures. But it is important that during any breaks in the weather snow should be cleared off roofs. Roof Rakes are hard to find in the stores but ask a neighbor to loan you theirs.

The rains cause snow piled on roofs to act as a sponge absorbing the rain and sleet we have been experiencing and if it’s not cleared off, the added weight causes stress on the roof structure.

Ice dams are also prevalent. Two of my own kids have had ice dams and are living with the leaks and trying their best to get all snow and ice off their roofs.

Ice dams are formed when warm air leaks out of the house, warming the roof and and melting the snow. When the water finds its way down to the roof to the overhang, it freezes and builds up an ice barrier or dam. The water is stopped short by the ice dam and having nowhere to go, it backs up under the roof shingles potentially causing a leak in the ceiling(s) below.

Roof snow can usually be removed from the ground with the use of a snow rake, but the deep snow has made it nearly impossible to stand in the several feet of snow on the ground below.

The Massachusetts Emergency Management Agency cautions that the use of metal snow rakes can conduct electricity if they come into contact with a power line. So be careful.

They also encourage us to avoid working from ladders, as ladder rungs tend to ice up. Snow and ice collect on boot soles, and metal ladders.

Flat roofs can be shoveled clear, but only if it is determined that the roof is safe to stand upon. Exercise care when on the roof to avoid potentially dangerous falls.

Flat roof drainage systems should be kept clear to minimize the risk of excess roof ponding in the event of subsequent heavy rainfall or melting.

Large icicles can form on roof overhangs, but do not necessarily mean ice damming is occurring. Icicles overhanging doorways and walkways can be a falling hazard and should be carefully removed. If they are clear, there is probably no back up. If the icicles are brownish or rusty colored, it could mean the water has backed up.

Remember, none of this necessarily means you have a bad roof or gutters. It’s simply one of those frustrating, occasional winter happenings many, if not most of us have to deal with.

In a recent interview, Mark Zandi, chief economist for Moody’s Analytics indicated he sees some light at the end of this housing market tunnel.

But what about all these Short Sales and Foreclosures? Yes, because we still have a couple million loans in the foreclosure process, and another couple of million delinquent loans heading toward foreclosure, we probably will see more price declines in 2011.

However, despite some additional price declines this year, Mr. Zandi feels this five to six year long housing market crash is finally coming to an end.

In fact, he indicates that new construction as well as existing house prices by this time next year will stabilize and begin to improve. January 2012, that’s good news.

Upon what does he base this optimistic outlook? Anticipation of a better job market, continued low interest rates, and ample mortgage credit, are the primary reasons.

Think about new construction for a moment. Inventories of new homes for sale are at a record low. In fact over the past 25 to 30 years they’ve never been lower.

So, Mr Zandi would argue, as soon as new home sales begin to rise this spring and summer, that will translate into new pickup in construction. He’s not arguing that new construction is going to come roaring back, but rather that it’s going to come off these exceptionally low levels by the end of the year. So it sounds like the turnaround will occur before 2012. I can live with that.

So should buyers wait until close to the end of 2011 to start buying. NOT. And this isn’t a sales pitch because I would rather see buyers stand on the sidelines than to make a bad home purchase.

But prices are down and interest rates are still relatively low and they will most likely remain around 5% for a 30- year fixed-rate loan through the spring. The Feds have been trying to keep interest rates down and that will help us for the months ahead.

But perhaps by the summer and most certainly by the end of the calendar year, mortgage rates are moving higher. These low mortgage rates we’re seeing right now are probably as good as they are going to be for a long, long time.

So if you’re sitting on the fence, take notice of the environment. Be aware of what’s happening. While interest rates are still good, find a good Buyer’s Agent to help you analyze the value of homes you might consider for purchase and get in on this great Buyers’ Market while it lasts. Don’t try to guess the market bottom.

Our Buyer Agents are all trained, experienced consultants, negotiators and advocates for both experienced and first-time home buyers. They can help you determine what a home is really worth. If doesn’t cost you any more to use our Buyer Agents; and it will probably cost you a lot less. 800 25 BUYER