Appreciating the Importance of Mobility

This has been the arguably worst January (snow-wise) that I’ve ever experienced since my childhood. Except back then the snowfall was like the guest-list at your dream wedding; the more the merrier.

However, time has since moved on and my opinions on snow and dream weddings have changed. When I married my husband in 2004, we had one guest and escaped to Vermont to elope quietly on a rainy Sunday in August. I wouldn’t change a thing about that day if I could.

Now that I drive and have to put safety before frivolity, my attitude towards snow has also shifted. I still enjoy it, but aside from Christmas morning, I can do with as little of the stuff as possible. I limit my extent of playing in the snow  to the vicarious amusement of watching my corgwyn make canine snow angels before they switch gears and relieve themselves in the accumulated flakes.

We have had an excess of snowfall that has left me housebound. Venturing out has been treacherous as I have had to rely on looking for automobile-shaped shadows during the day and beams from headlights at night to alert me to the approach of oncoming traffic. My travels have been compelled by necessary jaunts to the grocery store and post office. My usual arbitrary excursions with the dogs have been put on hold until clearer dry roads prevail.

If it wasn’t for my Blackberry and home computer, my real estate business (and short-term mental health) would undoubtedly be suffering.  I have been amazingly productive during this frosty isolation. I’ve even picked up new clients thanks to being a featured agent on Trulia and Zillow.

I miss the office, don’t get me wrong. However, if I can’t be there, I’m glad I can still be productive here.

Spirit-ed Cooking

In college I attended a Theater Convention with some other members of the Drama Club.  There we were, a bunch of 20-something thespians in a 4-star hotel away from the protective watch of our families with nothing to do after the workshops ended but party. Upon arriving the first day and after settling into our rooms we headed straight to the nearest liquor store where we bought numerous bottles of the basic white liquors as well as the frou-frou drink staples (Kahlua, Frangelico, Amaretto, and Godiva). 

We took turns playing Bartender and inventing drinks, some good and some downright vile.  One of the people with us was named Brent, and he just sat on the couch sipping his Glenlivet and watched us with an amused look on his face. That is until somebody mixed up a shaker full of something nasty and dumped it into the toilet.

He proceeded to lecture us on the proper appreciation of fine liquor. Apparently what we had been practicing in our barbarian ignorance was the true meaning of alcohol abuse, with the defenseless liquids being the victims. We were chided to enjoy a liquor for the subtleties of it’s flavor, aromas, and undertones.

It wasn’t until I got married in 2004 that I really started to care about the more exalted qualities of liquor.  I had been cooking for a while and I did occasionally put red wine in spaghetti sauce, but I depended on herbs and spices for providing the majority of flavor in my cooking.  Suddenly I wanted to create meals that my husband Oli would long for while he was away touring with his band  and look forward to tasting again when he returned home.  Brent’s brief lesson was finally hitting home and has settled into a permanent spot in my brain and kitchen cabinets.

My one can’t-live-without liquor?  Jim Beam. I chanced upon this discovery accidentally when I though t I had grabbed the whiskey to pour into the cavities of two rock cornish game hens I didn’t have time to season carefully.  It was the best mistake I’ve ever made! The meat was tender and juicy, and the resulting juices were delectable!  It is now a staple in my kitchen.

What do you use when you cook with liquor?

Feel free to discuss it here, or I can be reached at elizabeth@elizabethherbert.com should you wish to respond to me directly.

Wiccan House Selling Spell

When I was growing up in Northampton, MA the New Age movement was in full force. Everyday after school I would head to local bookshops to find the next must-have book purchase that would increase my knowledge and skill in all things Goddess.  I became quite the proficient Numerologist and could calculate the ascendant/Part of Fortune/Midheaven and Nadir of an Astrology chart on paper.  I could read tarot cards and runes and had multiple sets of each. Candles of all sizes and colors were piled neatly in boxes stored on bookshelves next to my extensive magical library so my calico cat Margaux couldn’t use them as toys.

Not too long ago I received a call from somebody close to me asking if I remembered any spells from that time in my life that would help generate money or sell a house quickly.  She was behind on her mortgage and needed to either cure the loan or sell the property for enough to at least break even.  Instead of digging out the grimoires, candles, and incense I told her to either get a second job or do a Short Sale (she’d paid too much for the house at the height of the market in the first place!). And no, I told her, I would not take the listing if she chose the latter over the former.

What a shocking thing for a Realtor to say, I know!  I am willing to take challenging listings BUT only if I know that the Sellers will be willing to not only listen to but hear what I say to them.  Should they not want to follow my advice, I need them to at least work with me as a team to try to find the best solutions to their problems.  If a seller isn’t willing to be realistic about their situation and local market there’s no amount of Wicca, prayer, or Voodoo that will change things for them. The reality is this; the only magic that will get a home sold is pricing the house according to the market and using TRUE comparative properties that have actually closed  to come up with a listing price (fixer-uppers to fixer-uppers, etc.).

I recently went on a listing appointment for a pristine, high-end house.  The owners were a successful, highly educated couple who didn’t need to sell, but they wanted to know what they might be able to get for their home if they decided to relocate.  Prior to meeting with the Homeowners I looked at a market snapshot for their area over the past six months. Properties were selling (and more often expiring) at more than one hundred fifty thousand dollars less than at what their house was appraised. My advice to them was to hold on to the house and rent it out if they had to, but if they sold in this market they would lose every bit of equity they had built up in their house plus. They didn’t like what I had to say and listed with another agent.  I expect they will be looking at a few price reductions before (if!) it sells. It’s a shame seeing intelligent people making foolish mistakes because if they would just hold off on selling they could get what the house is worth in the future.

Another listing appointment I went on recently was for a small 4-room house that was in desperate need of updating. The bathroom had very well-kept candy pink tile with black trim and the kitchen cabinets were something Roy Rogers and Dale Evans would have wanted in their dude ranch.  The price that I came up with was substancially less than what they ended up listing it for with another agent who used updated properties for comps.  Since the house was recently put on the market they’ve reduced the price twice, and now not only are they one of the higher-priced listings in the area but potential buyers will see the price reductions and most likely bid much lower than they would have had the house been priced correctly from the beginning.  To make matters worse, these sellers have a deadline. When it comes to a listing time is money.  These sellers lost both and will never be able to get either back.

In short if you don’t have to sell your home, wait.  If you do have to sell, be realistic about your property and price it according to similar recently sold homes.

If I can be of any further assistance I can be reached at elizabeth@elizabethherbert.com

Canadian Investing in United States Real Estate

About three months ago while I was cleaning I came across some Canadian currency that my husband Oli has accumulated over the years. In the past when he would come home from touring with his band he would have me cash in the euros and the British pounds he’d received for per diems and he’d stick the Canadian dollars in a drawer in the event that we might someday need to convert them in an emergency.  I was aware that the Canadian dollar has grown stronger over the past few years so out of curiosity I looked up the exchange rate and was pleasantly surprised to see that the Canadian dollar was within pennies of being equal to the greenback.

Being a Realtor whose specialty is incoming expatriates I have seen an increase in foreigners investing in United States real estate. Recently though I have noticed more Canadians crossing the border to purchase properties.  Considering that the American housing market is in turmoil and people are being forced to foreclose on or Short Sale  their properties a housing crunch has been created.  This has put downward pressure on housing prices, making it a great opportunity for foreign buyers.  Canadian investors stand to benefit from the added bonus of proximity to the United States making it easier to not only look for a property but also maintain it after it is purchased which increases area property values.

A Canadian investor can buy a multifamily property here in America as an investment for close to the same amount he/she would spend in his/her native Canada.  If the Investor rents out the units he/she stands to profit when converting the rental income into Canadian money when the greenback is the stronger currency.

If an investment property is bought when the Canadian dollar is worth more than American dollar the investment can be purchased for less money by the Canadian investor which will increase his/her return on investment.

There is the argument that money should be kept in the native country. However, if one remembers the not-so-distant past,  Americans would shop and invest in Canada because everything was “so cheap up there”.  Take into consideration that even though the rental income will be brought back to and taxed in Canada it will be subject to an instant 30% withholding before it leaves America which provides  much-needed tax revenue that wouldn’t exist if the structure was left abandoned.  Plus, local businesses will be contracted for repairs and renovations to the buildings and the contractors will need to purchase supplies from local establishments which will result in employment and cash flow for the community.

Before  bemoaning foreign ownership of American real estate, think of the benefits such investments bring to their neighborhoods.

If I can be of any assistance I can be reached at elizabeth@elizabethherbert.com

HUD Homes East Longmeadow MA

As a Realtor in a Buyer’s Market I get asked more often than usual lately about property bargains (Short Sales and Foreclosures) in neighborhoods that some homebuyers would like to become a part of but couldn’t otherwise afford in better economic times. One type of “special bargain” that I get asked about are HUD homes.  Recently I was asked if there were any available in East Longmeadow, MA (As of today February 26, 2010 there are none listed by Cityside Management Corporation on behalf of HUD.)

A HUD (Housing and Urban Development) home is a residential property of 1 to 4 units that becomes the property of HUD due to foreclosure on an FHA-insured mortgage. After the foreclosure HUD becomes the property owner and then offers it for sale to recover the loss on the foreclosure claim.

Anyone can buy a HUD home whether it be a cash transaction or with a loan which could have certain restrictions (some HUD homes qualify for FHA financing).  Owner-occupant purchasers,  or people who are buying the home to live in get first priority to buy HUD Homes for a time when the property is first made available on the open market. If no owner-occupant buyers wish to purchase the property during that time then the bidding is opened up to all buyers, including investors.

HUD homes may be found for sale on the internet by management companies contracted by HUD.  A real estate broker who is registered with HUD may submit an offer on your behalf.  If included in the contract HUD will also pay the real estate broker’s commission.

When you buy a HUD home be aware that you are buying it “AS-IS”.  This means that even though you are welcome to have inspections done to the property should your offer be accepted, HUD will not pay for any repairs to be done.

Further research can be done on HUD homes at www.hud.gov.

If I could be of any further assistance I can be reached at elizabeth@elizabetherbert.com.

Does a Buyer Have to Have an Agent When Buying Real Estate?

Unless you are purchasing a For Sale By Owner (FSBO) property and dealing directly with the homeowner you will be represented whether you realize it or not. If you’ve spoken to an agent running an Open House, called the phone number listed on a sign in front of a home, or been emailed a feature sheet by an agent and you are having the real estate agent with whom you have made contact in any of these situations take you to view the house, you are being represented by that real estate agent. Even if you don’t sign any documents, it is still considered an agency relationship albeit an implied one.

The three most common types of agency available to buyers are Buyer Agency, Dual Agency, and Facilitator. Without getting into too much detail, I will explain the basics of each type.

Buyer Agency is when an agent works specifically for you in a transaction and is able to fully protect your best interest during the negotiations. It also means that the property is not listed with either the individual agent or the agent’s brokerage. The agent is committed to protecting your confidentiality and works to get you the most house for the best deal.

Dual Agency is when either the agent is also the Listing Agent or the property is listed with the individual agent’s brokerage. When you go to an Open House unrepresented or call on a sign in front of a house and agree to work and/or go on showings with the person with whom you’ve interacted, this is the type of agency you will encounter. They can protect your best interest in a transaction up to a point but they must also at the same time protect the best interest of the homeowner selling the property. They cannot represent a buyer as aggressively as they could if they didn’t have a degree of loyalty owed to the Seller.

A Facilitator is somebody who basically brings Sellers and Buyers together and helps to construct a deal with no indebtedness to either side. Their job is to put a deal together, not negotiate for either party in the transaction.

This is a very brief explanation of the different types of agency available to Buyers. For better descriptions of the different types of representation please visit http://www.athomere.com/pdf/ConsumerDisclosure.pdf

For any further assistance I can be reached at elizabeth@elizabethherbert.com

Massachusetts Private High Schools

Of the fourteen counties throughout Massachusetts, twelve have private high schools. According to the Private School Review Middlesex County has the most (63 Co-Ed, 10 Girls, and 11 Boys) with Barnstable County having the least (6 Co-Ed and 1 Boys).  The counties in which the Massachusetts private high schools are located vary economically, with the median housing values ($ H.V.) ranging from $113,560 in Franklin County to  $259,425 in Middlesex County.

Should you be interested in researching Massachusetts private high schools further,  www.privateschoolreview.com can offer you a school search by name and profile or by town.  The website also lists county data as well as the types/number of private high schools available in each county. 

If I can be of any further assistance to you, please feel free to contact me via www.elizabethherbert.com.