In this country, real estate is one of the few things purchased by using price negotiation. Rarely will an offer be presented and accepted without some negotiation. Buyers and sellers alike need to understand the negotiation process and be prepared to let it play out. Here are some guidelines to follow on either side of the deal: Use your agent’s experience to guide you – Your real estate professional is one of your best strategic tools in negotiating the price of a home. Trust them to help with research when presenting or being presented an offer Leave your emotion at the door – Negotiating …

Most people would dread having their home on the market during the hectic holiday season, but provided that you aren't having the Griswold family do the decorating, it could be the most wonderful time for a sale. A home that is tastefully appointed for the holiday season offers buyers a chance to dream of creating their own special holiday memories; here are some tips to insure that the buyers you do attract during this time of the year put your home on the top of their wish list: Adorn the front of the house with one or two sophisticated holiday trimmings. A Wreath and a holiday themed …

The average sale price of a home in North Andover over the last year was $478,255.  That means that the average 20% down payment on a home for families wishing to avoid PMI was $96,651; a daunting figure indeed. Most first time home buyers will not be looking for a home in the average range, but on the lower end of the spectrum and many will be looking for programs that will allow for a smaller down payment.   If a prospective homeowner were looking at a program offering a 5% down payment plan on the average sale price of a home here, the buyer would need to put down a little under $24,000. …

North Andover, like many other towns that have gone through iterations of the original town, are well served when thinking out the long-term benefits of maintaining a portion of the town’s housing as affordable housing. North Andover began re-addressing the issue of maintaining a portion of the housing in town as affordable housing in 2004 to assure that there is adequate housing available for a variety of our citizens that would otherwise be out priced by the cost of housing. Maintaining affordable housing is an insurance policy that the town offers housing for the people that maintain the …

The current low housing prices and record low interest rates combined make the idea of homeownership more attainable for young families. Now might be the perfect time to start thinking about what you need to do in order to buy your first home. Here are some tips for the first time home buyer: Know your credit worthiness – The key to credit is your FICOS score. Find out what yours is to determine what your credit worthiness is. If you take time to make necessary repairs to your credit, you could save thousands of dollars over the life of a loan. Understand your financial limits- Start by …

Summer is slipping away and it won’t be long until we need to pull out our sweaters and put away our shorts. With the beautiful warm days coming to an end for another year, it is time to start thinking about tackling the fall maintenance list. I was reminded of this last night when my wife posted a note on the fridge, complete with timeline, for our fall chores. I hope she doesn’t mind if I steal her list and expand on it a bit. Heating – Call for furnace check-up; reminder- have ducts cleaned Clean air exchange filter Sweep chimney (if you can’t do your own, call for service) Call for annual…

Big storms with heavy winds and rains can cause flooding to areas not normally given to flooding. Homes not located in flood zones are not required to carry flood insurance and many homeowners don’t opt to purchase it. Damage from flooding can be very costly to repair and must be done properly. Families that do not have flood insurance may be able to get assistance from the government in some cases, but not all. If your property falls victim to flooding, contact your insurance agent as soon as possible to determine what coverage you have and what documentation they need from you to start a …

Searching for a new home is a process, but when relocating from a distance it makes the job that much more complex. Developing criteria for your relocation and careful planning will make the transition easier. First get a map, rule out areas that you are certain don’t appeal to you; if you thrive in the city then rule out rural areas and outlaying suburbs, conversely rule out heavily congested areas if you yearn for peace and quiet. Put together a list of things you need to have in close proximity such as mountains, ocean and culture. Next do advanced reconnaissance. Once you’ve narrowed down…

The struggle for independence seems to be a lifelong one; we begin asserting ourselves at a young age and throughout our lifetimes must again and again reinforce our desire to live as we wish. The challenge comes when age and physical limitations begin to limit our ability to remain independent. Our homes become the antithesis of a haven with traps around each corner. Folks that are fortunate enough to be able to remain living independently in their golden years often will need to make adjustments to their environment in order to keep the home as safe as possible. Understanding the kinds of …

The financial market is gathered around the virtual ring watching as the housing market braces for another blow after rallying back onto its knees from the last knock-back. If the U.S. defaults on its debts it is nearly certain that the housing market recovery will get a TKO. Largely the housing market relies on investor and consumer confidence, if the US should lose the AAA debt rating, the financial fallout will be far reaching. At a minimum consumer interest rates will climb, but some experts feel that the value of mortgage- backed securities that are guaranteed by the federal government …

Condo associations vary drastically in terms of how they operate and what is covered. There is no “standard” condo fee template. Buyers in the market for a condominium need to fully understand what is covered by the fees charged by the association before committing to a sale. It is important for a prospective buyer to read through the condo agreement thoroughly. Things most often covered by the fees are common use items; landscaping, water, heat, trash and snow removal. In some cases an association will have a small amount of each owner’s fees set aside for capital improvements; a new roof, …

Strange noises, different smells and unexplored places make everyone nervous. Moving into a new home calls for adjustments by all members of the family; including the family pets. Your family and your home are the whole world to your pet. It is important to consider how you can help your pet acclimate to a new environment. Once the moving truck pulls out of the driveway it’s time to start the adjustment period with your pet. Reestablish your normal mealtime schedule and be sure to place your pet’s food and water supply in an area that is as similar to the old one as possible. Establish an …

Folks are eagerly scanning the horizon looking for the end of the financial downturn and the beginning of the uptick. Using indicators like unemployment and interest rates we seem to be holding our collective breath. Homeowners and real estate professionals in particular are paying close attention to the foreclosure rate in hopes that a slowing foreclosure inventory will bring an end to the depressed housing market. The rate of new foreclosure inventory has dropped considerably this year as compared to last. It would seem at face value that the homeowner’s assistance programs are helping …

There is no doubt that we will be in a buyer’s market for the foreseeable future and it is unlikely that we will ever experience an upturn market like the last one. Good news for buyers, but what does that mean for sellers? Like any other commodity, the real-estate market prices are driven by supply and demand; high supply and low demand means that sellers need to be aware of their product and its relative value in the market. That does not mean that families shouldn’t sell now or that they will be forced to sell at an unreasonable price; it does mean that they need to be prepared for the …

Multi-family homes have made homeownership possible for North Andover families since 1802, when Scholfield Mill became the first textile mill came to town. By 1813 the Stevens mill, founded by Captain Nathaniel Stevens, became the second textile mill in in North Andover.  With function following form the Davis & Furber Machine Company was soon established to support machinery needed by the mills. North Andover shifted from being a farming community to an industrial one. Factories brought factory workers and factory workers brought or made families. The mills built housing for their workers, …

Many people dream of owning a second home for a variety of reasons; families looking for a vacation destination, older folks looking to find their retirement home or hunters and fishermen looking for a log cabin tucked away in the woods. With the economy slowly on the rise, people are beginning to make the dream a reality. A second home purchase requires a great deal of planning both prior to the purchase and during homeownership.  Here are some tips to bear in mind for those thinking about a second home: Purchase tips: Goal – It is important to determine the intended use of your second home…

Most often folks that are selling a home to relocate will wait to move until the sale is final; though sometimes that isn’t possible. When faced with having to relocate prior to the sale of a home, families need take some steps to make sure things go smoothly. A vacant home is an open invitation to vandals. If faced with having to move prior to a sale, families should consider having someone house sit. Having a home occupied by a trusted friend or an agency that specializes in managing vacant properties can alleviate problems that can arise and keep the vandals at bay. At a minimum, find …

Finding just the right house can be a challenge. Home buyers that feel that they can’t find their “dream home” may choose new construction. Whether choosing from a set of plans in a new subdivision or having a home custom built, new construction is very involved and requires detailed follow through.   New construction homes are ideal for buyers in search of a home that is customized to suit their needs, with the most recent design and materials. There is a great sense of satisfaction in participating in the process of building a home. The down sides of new construction must also be taken into…

The evolution of homeownership is different today than in generations past. Folks that are entering retirement age these days are more likely than their parents to look to downsizing the family home. The idea of moving to place with less space to clean that requires less maintenance is an attractive one; but for most homeowners the idea of downsizing often overwhelming at the same time. Preparing to sell a home lived in for over twenty years in which one’s children were likely reared will bring on emotions for all family members. It is important to talk about the move well in advance of …

One of the biggest factors lenders use in determining credit worthiness is the FICO score; a numerical evaluation of a borrowers financial potential and history. As a guideline the scores will result in different types of loan availability. As a rule of thumb, the following scores will result in different levels of credit offered to a borrower: 300-580: No credit or extremely high interest rates 581-650: High interest rates 651-710: Moderate interest rates 711-750: Competitive interest rates 751 and up: Lowest interest rates It is important to understand how the FICO score is determined and …