Radon – Should you be concerned?

Radon is an odorless, colorless radioactive gas that seeps into homes from soil. It is also the second-leading cause of lung cancer after smoking. Recently, a news story was published about a couple who had lived in their home for 18 years and discovered dangerous levels of Radon when it was too late. Unfortunately, any home, whether it’s new or old, can have a radon problem. And levels can vary from house to house, even on the same block.

As a home buyer, this may be something you want to take into consideration when you have found a home you’d like to pursue. As a buyer in Massachusetts, you have the option to protect yourself by building into your offer a “Radon Test Contingency” which would allow you to conduct a test of the home to determine whether Radon is present. The test kits range from $125 to $150 and Radon Mitigation systems typically cost $800 to $1,200.

As an exclusive buyer’s agency, we can guide you in making the best decision for you and your family in testing for Radon and what actions to take with the results.

Posted by Matthew S. Kane – Buyer’s Agent

For more info on Radon Email Matthew Kane

Jebb & Driggin is an Exclusive Buyer’s Agency

Filed under: Home Buyer Advice, Radon Test Contingency, Homebuyer advice, Radon, Radon Test Contingency

South Boston – Prime Real Estate/Growing Neighborhood

South Boston has undergone a significant change in recent years.  With a growing number of large condominium complexes being built, the neighborhood has become very desirable.

South Boston Real Estate Picture

New luxury buildings such as 9 West Broadway and the Macallen Building offer high quality service and high-end living, bringing more value and character to an already prominent neighborhood.  Other numerous developments in South Boston have been completed in the recent past, and more projects are underway.  Buyers are quickly noticing this successful expansion and making wise investments.  All signs point to a prosperous South Boston market in the near future, which has shown its strength by remaining steady in the recent past.  If you plan on purchasing property in 2010, South Boston should be on your list of communities to consider.

Posted by Ryan Moore – Buyers Agent

Jebb & Driggin is an Exclusive Buyer’s Agency

Filed under: Home Buyer Advice, Homebuyer Market in Boston, South Boston Real Estate, Home Buying Advice, South Boston Real Estate

Homebuyer Tax Credit Expansion

As many of you are aware the First Time Home Buyer Tax Credit was extended. What you may not know are the details of the EXPANSION.

As part of the stimulus plan Congress has passed new legislation that: Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.

WHO QUALIFIES?

Current homeowners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

WHICH PROPERTIES ARE ELIGIBLE?

The extended Home Buyer Tax Credit may be applied to primary residences, including, single-family homes, condos, town homes, and co-ops.

HOW MUCH IS AVAILABLE?

The maximum credit allowed for current homeowners is $6,500.

HOW IS A BUYER’S CREDIT AMOUNT DETERMINED?

Each home buyer’s tax credit is determined by two additional factors:

1. the price of the home
2. The buyer’s income

Price: The credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income: Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credits Limits.

IF THE BUYER(s)’ INCOME EXCEEDS THESE LIMITS, CAN HE/SHE STILL RECEIVE A CREDIT?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income are not eligible for the credit.

CAN A BUYER STILL QUALIFY IF HE/SHE CLOSES AFTER APRIL 30, 2010?

As long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until July 1, 2010 to close.*

WILL THE TAX CREDIT NEED TO BE REPAID?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three year period, the full amount credit will be recouped on the sale.

*Military and Foreign Service employees have an additional year to purchase a principal residence in the United States.

If you purchased a home between January 1, 2009 and November 6, 2009, or have questions, please see Federal Housing Tax Credit

We hope you found this information helpful. If you have any questions please contact us at either number below or via email.

Posted by Leslie Cotty

Filed under: Financing, Home Buyer Advice, National Real Estate News, Financing, Home Buyer Advice, Move-up/Repeat Home Buyer Tax Credit

Boston Globe reports “Year’s end lifts sales of condos in Boston”

According to Boston Globe’s Friday, January 29th article see attached link, buyers finally jumped off the sidelines in the last several months of 2009, pushing up both sales and prices.  The number of sales were up about 20% in the 4th quarter compared with the same period in 2008, while median selling prices also increased; by about 4%, for the first 4th quarter gain since 2006.  According to the Globe article, many real estate brokers are reporting a jump in interest as more buyers become convinced that home valuations have hit bottom and many are trying to catch the federal home buyer tax credit before it disappears this Spring.

If buyers are smart, they will also move forward before mortgage interest rates rise.

Posted by Seth Driggin – Partner, Broker

Filed under: Boston Real Estate News, Financing, Home Buyer Advice, Real Estate News

January 25, 2010 -Massachusetts Office of Consumer Affairs and Business Regulation Launched

Nationwide Mortgage Licensing System & Registry, a mortgage licensing system operated by state financial regulators including the Massachusetts Division of Banks launched today.

“NMLS Consumer Access is a fully searchable website that allows the public to view information concerning state-licensed mortgage lenders, brokers and individuals currently licensed through NMLS.” As stated on the Mass.gov website.

For more information please go to: www.mass.gov

For search information please go to: www.nmlsconsumeraccess.org

Posted by Leslie Cotty – Buyers Agent

Filed under: Home Buyer Advice, National Real Estate News, Home Buyer Advice, National Real Estate News

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