Mass. home sales, prices rise in Jan.

According to this morning’s Boston Globe article Mass. home sales, prices rise in Jan., Massachusetts home prices and sales surged in January; providing further evidence that the state’s real estate market is on the rise.

The median price for single family homes rose about 10% in January, compared to the same month a year ago; while sales volume increased almost 12% during the same period; marking the 4th consecutive month of double – digit percentage increases in single family home sales.

Condominium prices also rose by almost 17% percent and sales were up about 25% for the same period.

These sales and price increases seem to have surprised some housing specialists.  Hopefully, at least locally, we have seen the bottom in the real estate market and look forward to a strong Spring season.

Posted by Seth J. Driggin – Partner

Jebb & Driggin is an Exclusive Buyer’s Agency

Filed under: Boston Real Estate News, Exclusive Buyers Agent, MA Condo sales up for 2010, MA homes prices up for 2010

Selecting a Broker

Who is the broker representing?

The first thing a buyer of real estate should evaluate when selecting a broker is to determine if that broker is exclusively representing your interests.  In the state of Massachusetts, a brokerage firm can legally represent the buyer and the seller under an arrangement called a “Dual Agency”. The problem is that, practically speaking, it is impossible to just represent a buyer if the firm you are working for also represents sellers. To avoid inevitable conflicts of interest, a buyer should seek out an agency that solely represents buyers and therefore is under no obligation to withhold information that may not be in the seller’s interest.

Listening

The second thing, when meeting or speaking to the buyer’s agent, is to make sure the agent is listening to you. If the agent asks appropriate questions and listens to your answers, he or she will most likely be able to determine what you want before you know what you want. This will facilitate your search and make the best use of your time.

Communication

A good broker will constantly be communicating with you via email or telephone to keep you informed of new properties coming on the market and keeping you abreast of the latest in financing opportunities, interest rates and the condition of the market.

If the any of the above key factors are missing in your relationship with the broker, you should immediately terminate the relationship and find someone else.

Posted by Bill Jebb – Partner, Broker

Filed under: Exclusive Buyers Agent, Home Buyer Advice, Dual Agencies, Exclusive Buyers Agent, Home Buyer Advice

What the Listing Agent Won’t Tell You

An open house is a great way to view a property, but the last thing you want to do is see that property alone.  If you tour an open house and agree to allow the listing agent to write for you an offer to purchase, you would be forfeiting your right to independent representation.

Another instance where home buyers often run into trouble is when the decision is made to work with an agent whose brokerage firm also takes listings.  Homes you view may be listed by agents in the same brokerage company.  If your agent, as well as the listing agent, works for the same firm, how can you be sure that your interests will be fully protected during your home-buying process?

In both cases potential buyers encounter what is called dual agency – where either the same agent, or agents of the same brokerage firm, represent you and the seller, even if the two agents don’t work in the same office. Dual agency is legal in most states, though it may be subject to special real estate laws and regulations, and requirements of industry ethics codes.

As a potential buyer, you need an Exclusive Buyers Agency on your side.  A buyer’s agency will NEVER assume an adverse interest to you by accepting a listing from anyone. Jebb & Driggin Realty ONLY represents buyers.

Posted by Mathew Kane – Buyers Agent

Filed under: Exclusive Buyers Agent, First Time Home Buyer, Dual Agencies, Exclusive Buyers Agency, Exclusive Buyers Agent, Tips for attending Open Houses

Are You Working With An Exclusive Buyer’s Agency?

In a very unpredictable real estate market, more and more Buyers are realizing the wisdom of working with an agent that solely represents the buyer with no allegiance to the seller.

At Jebb & Driggin, our clients have benefited from the information about properties that normally would not be available from listing brokers.

Filed under: Exclusive Buyers Agent, Exclusive Buyers Agency, Exclusive Buyers Agent

Make Your Home Purchase Painless

Purchasing property doesn’t have to be painful! Having someone on your side, representing YOUR interests, working FOR you, and you alone can give you piece of mind, save you time, and be fun.

During a recent conversation, someone described to me how un-fun and painful the buying process was for them. Their agent was representing them AND the seller at the same time. They were getting surprise phone calls from the real estate agent, the bank, and the attorney, all asking for documents and negotiating on issues that they thought were already resolved.

At Jebb & Driggin Realty, Inc. we are here to serve you and take the stress and worry out of the process.

Let us help you, and protect your interests every step of the way so your home-buying journey can be enjoyable.

Learn more about our Exclusive Buyers Agency.

Filed under: Exclusive Buyers Agent, Exclusive Buyers Agent, Home Buyer Advice

Buyer Beware: How Contingencies Help

When a buyer submits an OFFER on a property, that OFFER usually comes with contingencies or conditions that must be met to make that OFFER good. The contingencies can be considered a protection plan that covers the famous phrase, “Buyer Beware.”  However, if the conditions are too stringent, then the Buyer has a difficult time getting the Seller to agree to their terms.  This is when the advice of a good buyer’s broker can make the difference.

Here are definitions of CONTINGENCIES in the real estate industries OFFER to Purchase Contingency Addendum.

Mortgage contingency:  The Offer is only good on the condition that the buyer can get a mortgage.  If they cannot, then the Offer is null and void and all deposits that were put in escrow are returned to the buyer.

Inspection contingency:  the Inspection is done at the Buyer’s expense, and gives the buyer a first hand look at the condition of the property.  This inspection usually covers the following three things:  checking the overall condition of the property, checking for pests (termites, mice, roaches, etc.) and checking for radon if there is a basement. If any of these items fail to meet the buyer’s standards then the Offer becomes null and void and all deposits that were put in escrow are returned to the buyer.

Lead Paint contingency:  Buyers often want to know about the presence of lead paint. In buildings that are older than 1978, the likelihood of lead paint is very high unless the previous owners chose to remove it.  The testing for lead paint might be done if the buyers have small children or planned to rent the property to families with children under six.  The Offer is null and void and all deposits that were put in escrow are returned to the buyer if the lead paint report is unsatisfactory to the buyer.

Section #8, of the real estate industries standard OFFER to Purchase Real Estate, is a place for the Buyer’s Broker to write in any specific CONDITION that is relevant to this specific sale.  A common one, when the real estate is a condominium is to include the phrase, “Buyer has right to review all condominium documents and budgets.”

These written contingencies are then added to the Purchase and Sale Agreement.

When a buyer submits an OFFER on a property, that OFFER usually comes with contingencies or conditions that must be met to make that OFFER good. The contingencies can be considered a protection plan that covers the famous phrase, “Buyer beware.”  However, if the conditions are too stringent, then the Buyer has a difficult time getting the Seller to agree to their terms.  This is when the advice of a good buyer’s broker can make the difference.

Here is are definitions of CONTINGENCY in the real estate industries OFFER to Purchase Contingency Addendum.

Mortgage contingency:  The Offer is only good on the condition that the buyer can get a mortgage.  If they cannot, then the Offer is null and void and all deposits that were put in escrow are returned to the buyer.

Inspection contingency:  the Inspection is done at the Buyer’s expense, and gives the buyer a first hand look at the condition of the property.  This inspection usually covers the following three things:  checking the overall condition of the property, checking for pests (termites, mice, roaches, etc.) and checking for radon if there is a basement. If any of these items fail to meet the buyer’s standards then the Offer becomes null and void and all deposits that were put in escrow are returned to the buyer.

Lead Paint contingency:  Buyers often want to know about the presence of lead paint. In buildings that are older than 1978, the likelihood of lead paint is very high unless the previous owners chose to remove it.  The testing for lead paint might be done if the buyers have small children or planned to rent the property to families with children under six.  The Offer is null and void and all deposits that were put in escrow are returned to the buyer if the lead paint report is unsatisfactory to the buyer.

Section #8, of the real estate industries standard OFFER to Purchase Real Estate, is a place for the Buyer’s Broker to write in any specific CONDITION that is relevant to this specific sale.  A common one, when the real estate is a condominium is to include the phrase, “Buyer has right to review all condominium documents and budgets.

These written contingencies are then added to the Purchase and Sale Agreement.

Filed under: Exclusive Buyers Agent, Escrow, Home Buyer Advice, Home Inspection, Lead Paint, Mortgage, Offer To Purchase Real Estate, Radon, Real Estate Offer Contingencies

Is Your Agent Really Working For You?

Traditional real estate agents are trained to sell property. Their expertise is marketing property and it is their job to obtain the highest price possible for the seller. They have a responsibility to represent the interest of the seller only.

As a Buyer looking to purchase a new home, you want to be confident that your agent is representing your interests.

Only an Exclusive Buyer’s Agent is dedicated to representing the buyer’s interest.  An Exclusive Buyer’s Agent is trained to evaluate a property critically and negotiate with the seller to get the best price and terms for the buyer.  Using an EBA is one way of ensuring that your agent is ONLY working for you.

Filed under: Exclusive Buyers Agent, Exclusive Buyers Agent, Home Buyer Advice