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Monday, December 24, 2007
Foreclosures rise 68% in a year
US home foreclosures rose 68 percent in November from a year earlier and may surge in 2008 as adjustable-rate mortgages leave subprime borrowers unable to meet higher payments, according to data compiled by RealtyTrac Inc.
more stories like this
There were 201,950 foreclosure filings in November, including default notices, auction letters, and bank repossessions, down 10 percent from October's total, RealtyTrac reported yesterday. California, Florida, and Ohio had the most filings and Nevada had the highest foreclosure rate.
Interest rates increased on more than $87 billion of subprime mortgages in the third quarter, and another $84 billion will reset in the fourth quarter, according to New York-based analysts for Credit Suisse Group. Falling home prices have made it difficult for borrowers to refinance into better loans, said Paul Willen, an economist at the Federal Reserve Bank of Boston.
"We think the housing situation will get worse before it gets better," Willen said. "The real driving force here is home prices. How long it lasts depends a lot on how long it takes for prices to appreciate again."
Foreclosures probably will surge next year as payments rise on about 1 million home loans, said Rick Sharga, executive vice president for marketing at RealtyTrac, an Irvine, Calif.-based seller of foreclosure information with a database of more than 1 million properties.
"I wouldn't be surprised if we're at the 230,000 to 250,000 level" for monthly foreclosures in the first quarter, Sharga said.
Mortgage applications in the United States fell last week by the most since 2004 as a jump in interest rates caused purchases and refinancing to decline, according to a Mortgage Bankers Association report issued today.
Their index fell 20 percent to 653.8, from 881.8 the prior week. The group's purchase index fell 11 percent, and its refinancing gauge plunged 27 percent.
Foreclosed properties are adding to the supply of unsold homes and deepening the US housing recession. Existing home sales will fall 12 percent, and home prices will drop 4.5 percent next year, according to Fannie Mae, the biggest US mortgage buyer. The inventory of unsold houses is at 11 months' worth, an eight-year high.
Falling prices mean some homeowners owe more on their mortgages than the properties are worth, said Jan Hatzius, chief economist for Goldman Sachs Group Inc.
"House prices rose too far," Hatzius said. "You've got a large amount of supply and that's pushing people into negative equity."
California, the most expensive real estate market, had five cities whose foreclosure rates were in the US top 10, RealtyTrac said.
Nevada's foreclosure rate, the highest of any state, was more than four times the national rate, at one filing for every 152 households, followed by Florida, with one filing for every 282 households, and Ohio, with one for every 307 households.
source: boston.com
more stories like this
There were 201,950 foreclosure filings in November, including default notices, auction letters, and bank repossessions, down 10 percent from October's total, RealtyTrac reported yesterday. California, Florida, and Ohio had the most filings and Nevada had the highest foreclosure rate.
Interest rates increased on more than $87 billion of subprime mortgages in the third quarter, and another $84 billion will reset in the fourth quarter, according to New York-based analysts for Credit Suisse Group. Falling home prices have made it difficult for borrowers to refinance into better loans, said Paul Willen, an economist at the Federal Reserve Bank of Boston.
"We think the housing situation will get worse before it gets better," Willen said. "The real driving force here is home prices. How long it lasts depends a lot on how long it takes for prices to appreciate again."
Foreclosures probably will surge next year as payments rise on about 1 million home loans, said Rick Sharga, executive vice president for marketing at RealtyTrac, an Irvine, Calif.-based seller of foreclosure information with a database of more than 1 million properties.
"I wouldn't be surprised if we're at the 230,000 to 250,000 level" for monthly foreclosures in the first quarter, Sharga said.
Mortgage applications in the United States fell last week by the most since 2004 as a jump in interest rates caused purchases and refinancing to decline, according to a Mortgage Bankers Association report issued today.
Their index fell 20 percent to 653.8, from 881.8 the prior week. The group's purchase index fell 11 percent, and its refinancing gauge plunged 27 percent.
Foreclosed properties are adding to the supply of unsold homes and deepening the US housing recession. Existing home sales will fall 12 percent, and home prices will drop 4.5 percent next year, according to Fannie Mae, the biggest US mortgage buyer. The inventory of unsold houses is at 11 months' worth, an eight-year high.
Falling prices mean some homeowners owe more on their mortgages than the properties are worth, said Jan Hatzius, chief economist for Goldman Sachs Group Inc.
"House prices rose too far," Hatzius said. "You've got a large amount of supply and that's pushing people into negative equity."
California, the most expensive real estate market, had five cities whose foreclosure rates were in the US top 10, RealtyTrac said.
Nevada's foreclosure rate, the highest of any state, was more than four times the national rate, at one filing for every 152 households, followed by Florida, with one filing for every 282 households, and Ohio, with one for every 307 households.
source: boston.com
Vertex may move local operations to Fan Pier
Vertex Pharmaceuticals Inc., a large biotechnology firm with a quiltwork of locations around Cambridge, is considering consolidating its local operations in a new gleaming office tower at Fan Pier on the South Boston Waterfront, according to several people familiar with discussions.
Landing the fast-growing Vertex would be a coup for developer Joseph F. Fallon, who has just started construction of the first buildings on the 21-acre Fan Pier site. Vertex would be the first tenant in the decades-in-development Fan Pier, and its move there would be a sign of the viability of the waterfront as a home for a prominent company in a burgeoning industry.
Vertex could conceivably have its name displayed prominently on the building, which would be visible both from downtown Boston and from points such as Logan Airport.
Neither Vertex nor Fallon would discuss the biotech company's interests at Fan Pier. "We would have great interest in entertaining any pharmaceutical or life sciences user that would want to look at Fan Pier," said Fallon.
Vertex spokesman Michael Partridge said the firm has made no commitment to occupy new space. "We are currently in the early stages of examining our long-term real estate options, both within Cambridge or elsewhere in the Greater Boston area, to support the growth in our business," he said.
Real estate firm CB Richard Ellis, which represents both Fan Pier in its hunt for tenants and Vertex in its search for a new location, also declined to comment.
Fallon held an event in September to celebrate the groundbreaking of his first building, of about 500,000 square feet, to open in 2009. That Northern Avenue building is designated for office use but has no tenants signed up yet. Nonetheless, Fallon pushed forward with construction anyway, buoyed by the recent rise in office rents and the decline in vacancy.
Founded in 1989, Vertex has been growing rapidly as it edges closer to marketing an experimental drug called telaprevir to treat the hepatitis C virus. Since the start of 2005, Vertex has increased its Cambridge workforce by two-thirds to about 850 employees and currently has nearly 150 local job openings. Vertex has about 1,100 employees worldwide.
The company has a need for both office and lab space. According to executives familiar with the talks, Vertex is considering taking all of the second commercial building, also about 500,000 square feet and on Northern Avenue, that Fallon plans to construct. If Vertex does sign on, construction of this second building could begin in 2008, and it could be ready for occupancy in 2011. Vertex would also have room to expand in future buildings on Fan Pier.
Mayor Thomas M. Menino has been pushing the developers of the South Boston Waterfront to add more diverse uses to the plans they're plotting for the large tracts of land in this neighborhood.
After decades of promise and delays, the Fan Pier complex is fully permitted for just under 3 million square feet of commercial, residential, hotel, and retail space, with parking, at an estimated cost of well over $1 billion. Fallon said again this week he intends to start building a hotel and residential condominium building in 2008, adjacent to the Institute of Contemporary Art, which opened last year.
Fallon recently signaled that he was trolling not only for traditional office tenants - such as financial services or law firms - but also for biotech or life sciences companies. For example, he recently filed an application with the city to allow him to build lab space in his next commercial building. Labs typically require higher ceilings than the normal 10 feet or so in office buildings, and their electrical, plumbing, and ventilation systems are more extensive. The Boston Redevelopment Authority is expected to approve his request to add that use to Fan Pier at a meeting today.
Moving to Fan Pier would resolve another need that Vertex may have - room to grow. Fallon's permits allow him some flexibility in the use - office or residential - of the subsequent half-dozen buildings he plans at Fan Pier before it is completed, in a decade or so.
source: boston.com
Landing the fast-growing Vertex would be a coup for developer Joseph F. Fallon, who has just started construction of the first buildings on the 21-acre Fan Pier site. Vertex would be the first tenant in the decades-in-development Fan Pier, and its move there would be a sign of the viability of the waterfront as a home for a prominent company in a burgeoning industry.
Vertex could conceivably have its name displayed prominently on the building, which would be visible both from downtown Boston and from points such as Logan Airport.
Neither Vertex nor Fallon would discuss the biotech company's interests at Fan Pier. "We would have great interest in entertaining any pharmaceutical or life sciences user that would want to look at Fan Pier," said Fallon.
Vertex spokesman Michael Partridge said the firm has made no commitment to occupy new space. "We are currently in the early stages of examining our long-term real estate options, both within Cambridge or elsewhere in the Greater Boston area, to support the growth in our business," he said.
Real estate firm CB Richard Ellis, which represents both Fan Pier in its hunt for tenants and Vertex in its search for a new location, also declined to comment.
Fallon held an event in September to celebrate the groundbreaking of his first building, of about 500,000 square feet, to open in 2009. That Northern Avenue building is designated for office use but has no tenants signed up yet. Nonetheless, Fallon pushed forward with construction anyway, buoyed by the recent rise in office rents and the decline in vacancy.
Founded in 1989, Vertex has been growing rapidly as it edges closer to marketing an experimental drug called telaprevir to treat the hepatitis C virus. Since the start of 2005, Vertex has increased its Cambridge workforce by two-thirds to about 850 employees and currently has nearly 150 local job openings. Vertex has about 1,100 employees worldwide.
The company has a need for both office and lab space. According to executives familiar with the talks, Vertex is considering taking all of the second commercial building, also about 500,000 square feet and on Northern Avenue, that Fallon plans to construct. If Vertex does sign on, construction of this second building could begin in 2008, and it could be ready for occupancy in 2011. Vertex would also have room to expand in future buildings on Fan Pier.
Mayor Thomas M. Menino has been pushing the developers of the South Boston Waterfront to add more diverse uses to the plans they're plotting for the large tracts of land in this neighborhood.
After decades of promise and delays, the Fan Pier complex is fully permitted for just under 3 million square feet of commercial, residential, hotel, and retail space, with parking, at an estimated cost of well over $1 billion. Fallon said again this week he intends to start building a hotel and residential condominium building in 2008, adjacent to the Institute of Contemporary Art, which opened last year.
Fallon recently signaled that he was trolling not only for traditional office tenants - such as financial services or law firms - but also for biotech or life sciences companies. For example, he recently filed an application with the city to allow him to build lab space in his next commercial building. Labs typically require higher ceilings than the normal 10 feet or so in office buildings, and their electrical, plumbing, and ventilation systems are more extensive. The Boston Redevelopment Authority is expected to approve his request to add that use to Fan Pier at a meeting today.
Moving to Fan Pier would resolve another need that Vertex may have - room to grow. Fallon's permits allow him some flexibility in the use - office or residential - of the subsequent half-dozen buildings he plans at Fan Pier before it is completed, in a decade or so.
source: boston.com
Seller-financing nightmare
Q: Back in 2003, my husband and I put $5,000 down on a house. We bought it for $65,000, and the owner set up an owner-financed mortgage for $60,000.
more stories like this
We made all of our payments on time in 2003, 2004 and 2005. But last year, our payments got a little off schedule. Then this year, in 2007, I bounced a check and we got behind.
The owner came to my house, and very rudely told me that we had to pay $200 per week, or $800 per month. I did it for a month. Then, I made nine more payments of $200, a payment of $185, two payments of $150, and a payment of $185.
Our regular payments were just $450 per month, so going then, to $800 per month was really tough for us. We then had another meeting with our seller who told us that even though we were caught up, he wanted us to keep paying that much each month.
We told him we couldn't afford it, so we settled on $500 per month. I said I'd still pay weekly, but then I missed a few weeks, although I made sure the $500 was getting paid within that month.
The seller got mad, and said paying once a month is not good enough. He told us that the interest rate on our loan is 8 percent, and the interest on our loan is $13 per day.
Now he wants us to pay $700 per month. I don't understand how he can do this. He owns a real estate company and is very wealthy. We heard he messed up two other families who live near us, but we didn't listen to him.
Since we got behind in our payments, he said he wanted the property back. Does that mean he is not going by the land contract we signed? Does that mean we are renting now?
I don't understand what's going on anymore. We hate to say goodbye to the $5,000 we put down, but we can't keep letting him raise our payments.
A: If I understand you correctly, your seller seems to be taking advantage of you. There are some important questions you need to answer: Did you rent the property or buy it? And, is your credit good enough to refinance with a conventional lender? If your seller is a very wealthy real estate investor, he probably has some expert firepower backing him up, such as an accountant or an attorney.
While you don't have much money, you need to hire a competent real estate attorney who can review your document and figure out if you even own this property. I can tell from your letter that your grasp of what you paid and what you still owe is rather loose. How much of each payments is interest and how much pays down the principal? Did the seller give you an amortization schedule showing you how quickly you'd pay down the loan? And, what interest rate was the loan set at?
Just so you understand, if you got a $60,000 loan today at 8 percent, you'd pay only $440 per month for a 30-year amortization payment. It sounds as though you've been paying this off a lot faster. If you paid an extra $200 per month, you'd pay off the entire loan in 13 years.
So, yes, it does seem that your seller is taking advantage of you and you need to hire someone who can discuss the situation with him in terms he understands. You also need to find out how much he says you owe, and you need to look into obtaining conventional financing to close out your deal with your seller as quickly as possible -- and the financing should not be from your seller, but with a legitimate mortgage company.
Q: My aunt sold my brother and me her house for $1 some eight years ago. She is now moving out of state to a relative's house and we are planning to sell the house. Will we have to pay capital gain tax?
A: The short answer is: Yes. You will have to pay long-term capital gains tax on the difference between the purchase price and the sales price, minus the broker's commission, transfer stamps, advertising costs, any other costs of sale and the cost of capital improvements you've made to the home, such as a new roof or new furnace.
If your aunt had held onto the property, and lived in it for two of the past five years as her primary residence, she would have been able to keep up to $250,000 in profits tax-free. Since the property is essentially an investment property for you and your brother, you'll have to pay long-term capital gains tax of up to 15 percent plus state tax on the profits.
source: boston.com
more stories like this
We made all of our payments on time in 2003, 2004 and 2005. But last year, our payments got a little off schedule. Then this year, in 2007, I bounced a check and we got behind.
The owner came to my house, and very rudely told me that we had to pay $200 per week, or $800 per month. I did it for a month. Then, I made nine more payments of $200, a payment of $185, two payments of $150, and a payment of $185.
Our regular payments were just $450 per month, so going then, to $800 per month was really tough for us. We then had another meeting with our seller who told us that even though we were caught up, he wanted us to keep paying that much each month.
We told him we couldn't afford it, so we settled on $500 per month. I said I'd still pay weekly, but then I missed a few weeks, although I made sure the $500 was getting paid within that month.
The seller got mad, and said paying once a month is not good enough. He told us that the interest rate on our loan is 8 percent, and the interest on our loan is $13 per day.
Now he wants us to pay $700 per month. I don't understand how he can do this. He owns a real estate company and is very wealthy. We heard he messed up two other families who live near us, but we didn't listen to him.
Since we got behind in our payments, he said he wanted the property back. Does that mean he is not going by the land contract we signed? Does that mean we are renting now?
I don't understand what's going on anymore. We hate to say goodbye to the $5,000 we put down, but we can't keep letting him raise our payments.
A: If I understand you correctly, your seller seems to be taking advantage of you. There are some important questions you need to answer: Did you rent the property or buy it? And, is your credit good enough to refinance with a conventional lender? If your seller is a very wealthy real estate investor, he probably has some expert firepower backing him up, such as an accountant or an attorney.
While you don't have much money, you need to hire a competent real estate attorney who can review your document and figure out if you even own this property. I can tell from your letter that your grasp of what you paid and what you still owe is rather loose. How much of each payments is interest and how much pays down the principal? Did the seller give you an amortization schedule showing you how quickly you'd pay down the loan? And, what interest rate was the loan set at?
Just so you understand, if you got a $60,000 loan today at 8 percent, you'd pay only $440 per month for a 30-year amortization payment. It sounds as though you've been paying this off a lot faster. If you paid an extra $200 per month, you'd pay off the entire loan in 13 years.
So, yes, it does seem that your seller is taking advantage of you and you need to hire someone who can discuss the situation with him in terms he understands. You also need to find out how much he says you owe, and you need to look into obtaining conventional financing to close out your deal with your seller as quickly as possible -- and the financing should not be from your seller, but with a legitimate mortgage company.
Q: My aunt sold my brother and me her house for $1 some eight years ago. She is now moving out of state to a relative's house and we are planning to sell the house. Will we have to pay capital gain tax?
A: The short answer is: Yes. You will have to pay long-term capital gains tax on the difference between the purchase price and the sales price, minus the broker's commission, transfer stamps, advertising costs, any other costs of sale and the cost of capital improvements you've made to the home, such as a new roof or new furnace.
If your aunt had held onto the property, and lived in it for two of the past five years as her primary residence, she would have been able to keep up to $250,000 in profits tax-free. Since the property is essentially an investment property for you and your brother, you'll have to pay long-term capital gains tax of up to 15 percent plus state tax on the profits.
source: boston.com
Goodbye shingles, hello stucco
Q: We have cedar shingles on our home and love them. We had a difficult time finding someone to restore them until I mentioned it to a retired contractor. He had leftover oil preservative, which his son-in-law used to paint the shingles for $800. Now it's time to do it again.
more stories like this
However, our daughter and son-in-law are buying our home, and their friends said the ugliest thing about this house is the wood shingles. They think they will take the shingles down and put up stucco. Is that possible?
A: Beauty is in the eye of the beholder, and these friends seem to want to indulge their sense of beauty at significant expense to your daughter and son-in-law.
Replacing cedar shingles with stucco is certainly possible, but be prepared to part with a large chunk of change for the gargantuan job it will be to make the switch. We're always amused to see "friends" try to spend someone else's money. Although we're sure the intentions are good, the money sunk into stuccoing the house could be better used in other places.
You got the deal of the century with your $800 shingle treatment. Expect to pay more to do it again -- but replacing the shingles with stucco is exponentially more expensive.
The extra cost is in the increased number of steps and expert labor required in the stucco process versus the relatively few steps and less skilled labor required to treat the shingles.
Assuming the shingles are in good shape, the job is pretty simple. Clean the shingles with a pressure washer to remove any dirt and debris. Let them dry. Then spray or brush on another coat of preservative. That's it.
On the other hand, replacing the shingles with stucco is a multistep process requiring skilled labor.
Removing the shingles isn't rocket science, but once the shingles are off, the rest of the job should be left to the pros.
Each shingle must be pried off with a bar -- a flat shovel works well. Once off, the split shingles should be dispatched to the landfill. When all of the shingles are gone, the many thousands of nails and any building paper that remains stuck on the wood sheathing must be removed.
Start wrapping the entire house in 15-pound building felt. Make sure to overlap the courses so that any water that penetrates the stucco will be wicked away from the sheathing. Next, apply the lath. Stucco lath is steel mesh that is nailed to the sides of the house, over the building felt. If the lath looks like chicken wire, special nails equipped with a cardboard spacer are used to hold the lath away from the wall.
source: boston.com
more stories like this
However, our daughter and son-in-law are buying our home, and their friends said the ugliest thing about this house is the wood shingles. They think they will take the shingles down and put up stucco. Is that possible?
A: Beauty is in the eye of the beholder, and these friends seem to want to indulge their sense of beauty at significant expense to your daughter and son-in-law.
Replacing cedar shingles with stucco is certainly possible, but be prepared to part with a large chunk of change for the gargantuan job it will be to make the switch. We're always amused to see "friends" try to spend someone else's money. Although we're sure the intentions are good, the money sunk into stuccoing the house could be better used in other places.
You got the deal of the century with your $800 shingle treatment. Expect to pay more to do it again -- but replacing the shingles with stucco is exponentially more expensive.
The extra cost is in the increased number of steps and expert labor required in the stucco process versus the relatively few steps and less skilled labor required to treat the shingles.
Assuming the shingles are in good shape, the job is pretty simple. Clean the shingles with a pressure washer to remove any dirt and debris. Let them dry. Then spray or brush on another coat of preservative. That's it.
On the other hand, replacing the shingles with stucco is a multistep process requiring skilled labor.
Removing the shingles isn't rocket science, but once the shingles are off, the rest of the job should be left to the pros.
Each shingle must be pried off with a bar -- a flat shovel works well. Once off, the split shingles should be dispatched to the landfill. When all of the shingles are gone, the many thousands of nails and any building paper that remains stuck on the wood sheathing must be removed.
Start wrapping the entire house in 15-pound building felt. Make sure to overlap the courses so that any water that penetrates the stucco will be wicked away from the sheathing. Next, apply the lath. Stucco lath is steel mesh that is nailed to the sides of the house, over the building felt. If the lath looks like chicken wire, special nails equipped with a cardboard spacer are used to hold the lath away from the wall.
source: boston.com
Holidays have potential for wooing buyers
The neighborhood kids all arrived, bundled in holiday scarves and hats, plus patent leather shoes usually reserved for weddings and Sunday Mass at St. Theresa's.
more stories like this
Our old house, a large in-city place jammed with the craziness and crayons brought by four young people, was the designated gathering spot -- especially for one famous day each year. And, on that day, we were more than the most popular house in the neighborhood.
We got to host Santa ... before Christmas Eve.
Why us? Had we clearly put the most distance between naughty and nice?
The truth is that we made a successful bid at the local babysitting co-op auction fundraiser and the reward was a one-hour visit from The Big Fella.
We invited the neighborhood, the event became a huge success and our home was deemed headquarters for Santa's annual pre-Christmas visit -- regardless of who won "the hour" at subsequent co-op auctions.
On that first Santa Day, all of our friends remarked how our home always looked terrific during the holidays. I had never really thought about it very much until a six-year-old, visiting from out of town, asked: "Does your home always smell like cookies?"
As the neighborhood kids were coaxed into Kodak-moment, family-portrait poses with their parents and Santa near the Christmas tree, I sat back and thought how appealing the house actually was.
If there's one time of year when houses actually feel presentable, it's during Christmas. And it's not just the Yuletide decorations. The kids seem to help more, perhaps knowing the consequences of how whining as an art form nets fewer presents under the tree; bulky furniture and toys often are stowed in an attempt to save space, and pleasant baking sensations come consistently from the kitchen.
I know it bucks common wisdom -- which says nobody looks at or buys houses during the holidays -- but if you have your house on the market, encourage your agent to show it and have an open house during this special time of year.
Just remember that even though Santa is about ready to slide down the chimney, you won't have to move out immediately even if a buyer walks through the door tomorrow.
A lot of people can't afford the luxury of waiting until spring when all the flowers look lovely. The bottom line is that discriminating, qualified buyers are chasing homes, not seasons. In addition, there will probably be a lot more homes on the market in January and February so the competition for buyers will be greater.
Savvy agents suggest keeping a fire in the fireplace and raking up any remaining leaves in the yard. It's also not a bad idea to keep that oven churning out your favorite treats. Aroma -- and perception -- often brings out memories of great times, and tastes, from specific holiday kitchens.
Never underestimate the value of tasteful decorations. I once knew a family who actually counted on visitors after dark because their home for sale had one of the most compelling light displays in town.
Such artful holiday decorations could put more money in your pocket by bringing a better sales price. The prospective buyer sees something special, something extraordinary.
Keep the interior of your house as free of clutter as possible. Ask Santa to keep most of the presents in the sleigh if you are having an open house just before Christmas and make a point of clearing the paper and ribbons right away after they are opened.
I know, I know...Christmas has been -- historically, traditionally, statistically and realistically -- a lousy time to try to sell a house. But things have changed.
Real estate professionals say it's also a time when focused second-home buyers -- especially a growing group of baby boomers -- scout around for their dream getaway. That's because some owners would rather sell and let the new buyers prepare for the colder months ahead.
Also, consumers sometimes forget that interest rates and fees for mortgages on second homes are usually as low as their primary residence. The best time to buy is during a buyer's market, and sometimes the winter brings out the willingness in sellers.
Whatever your situation -- potential seller, potential buyer, happy staying-put homeowner -- enjoy the holidays. Chances are, your house has never looked better.
If your home looks special, and you're considering a sale, let your agent bring in some potential buyers.
Put grandma in the car and show her the neighborhood lights.
source: boston.com
more stories like this
Our old house, a large in-city place jammed with the craziness and crayons brought by four young people, was the designated gathering spot -- especially for one famous day each year. And, on that day, we were more than the most popular house in the neighborhood.
We got to host Santa ... before Christmas Eve.
Why us? Had we clearly put the most distance between naughty and nice?
The truth is that we made a successful bid at the local babysitting co-op auction fundraiser and the reward was a one-hour visit from The Big Fella.
We invited the neighborhood, the event became a huge success and our home was deemed headquarters for Santa's annual pre-Christmas visit -- regardless of who won "the hour" at subsequent co-op auctions.
On that first Santa Day, all of our friends remarked how our home always looked terrific during the holidays. I had never really thought about it very much until a six-year-old, visiting from out of town, asked: "Does your home always smell like cookies?"
As the neighborhood kids were coaxed into Kodak-moment, family-portrait poses with their parents and Santa near the Christmas tree, I sat back and thought how appealing the house actually was.
If there's one time of year when houses actually feel presentable, it's during Christmas. And it's not just the Yuletide decorations. The kids seem to help more, perhaps knowing the consequences of how whining as an art form nets fewer presents under the tree; bulky furniture and toys often are stowed in an attempt to save space, and pleasant baking sensations come consistently from the kitchen.
I know it bucks common wisdom -- which says nobody looks at or buys houses during the holidays -- but if you have your house on the market, encourage your agent to show it and have an open house during this special time of year.
Just remember that even though Santa is about ready to slide down the chimney, you won't have to move out immediately even if a buyer walks through the door tomorrow.
A lot of people can't afford the luxury of waiting until spring when all the flowers look lovely. The bottom line is that discriminating, qualified buyers are chasing homes, not seasons. In addition, there will probably be a lot more homes on the market in January and February so the competition for buyers will be greater.
Savvy agents suggest keeping a fire in the fireplace and raking up any remaining leaves in the yard. It's also not a bad idea to keep that oven churning out your favorite treats. Aroma -- and perception -- often brings out memories of great times, and tastes, from specific holiday kitchens.
Never underestimate the value of tasteful decorations. I once knew a family who actually counted on visitors after dark because their home for sale had one of the most compelling light displays in town.
Such artful holiday decorations could put more money in your pocket by bringing a better sales price. The prospective buyer sees something special, something extraordinary.
Keep the interior of your house as free of clutter as possible. Ask Santa to keep most of the presents in the sleigh if you are having an open house just before Christmas and make a point of clearing the paper and ribbons right away after they are opened.
I know, I know...Christmas has been -- historically, traditionally, statistically and realistically -- a lousy time to try to sell a house. But things have changed.
Real estate professionals say it's also a time when focused second-home buyers -- especially a growing group of baby boomers -- scout around for their dream getaway. That's because some owners would rather sell and let the new buyers prepare for the colder months ahead.
Also, consumers sometimes forget that interest rates and fees for mortgages on second homes are usually as low as their primary residence. The best time to buy is during a buyer's market, and sometimes the winter brings out the willingness in sellers.
Whatever your situation -- potential seller, potential buyer, happy staying-put homeowner -- enjoy the holidays. Chances are, your house has never looked better.
If your home looks special, and you're considering a sale, let your agent bring in some potential buyers.
Put grandma in the car and show her the neighborhood lights.
source: boston.com
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