Fall Market Forecast

August 24, 2022/in Housing /by Cara Chatellier

Between the interest rates and low inventory, it has been a very strong housing market in the Northeast recently! But what can we expect as we enter the fall? Areas like New York City and Boston are experiencing a housing shortage with the high demand for homes since the pandemic, but not enough land to strengthen the inventory. Many people are interested in buying in the Northshore of Massachusetts due to our access to Boston, as well as the state’s access to healthcare, technology, and great education. Luckily, the economy has been going well and many experts are not anticipating a recession or housing market crash in the near future. Let’s look into what this means for both buyers and sellers in late 2022.

For Buyers

Things are looking up for home buyers as we enter the fall of 2022. Though the pandemic has brought on strong competition and high interest rates, we are now experiencing a healthier market overall. With fewer bidding wars and appraisal waivers, and an increase in home inspections, homebuyers are no longer taking the risks that were common in 2020 and 2021. Perhaps the best tip I have for buyers in this current market is to make sure you can see yourself staying in the home for a while. You will still be paying a lot for the property, so ensure that you will be able to build equity and make the home a strong investment. Ask yourself if you can picture living there for the next five years before you commit. Is it in a good location? Can you improve upon it? Do you enjoy being in the space? If you are comfortable with these things, you are most likely making a very good investment!

Navigating a seller’s market can feel overwhelming, but it’s possible to score the home you love, within your budget, when you want it. You have to be mindful of some top tips that can assist you in your home buying process. My advice for buyers falls within simple guidelines: prepare your wants and needs ahead of time, determine what you are okay to settle on, figure out your budget and work with a realtor who understands your ideal area. As a first-time homebuyer, or even a seasoned purchaser in the real estate market, knowing when the right time to buy is quite simple: buy when you’re ready. Focus less on the changes in the market and more on when is a good time for you, your family, and your finances.

For Sellers

Though things are looking up for buyers, you can still expect to sell a house fairly easily in this market. If you are pricing your home correctly, you should expect strong offers coming in! I recently read that the median home price in Beverly this summer has been around 600 thousand dollars, which is incredibly high. Even if you are not seeing bidding wars and high over-asking offers on your home, all it takes is one strong offer to make a sale! Be sure that you are putting your best foot forward to ensure the best offer. If you want to increase your chances of selling your home quickly and profitably, preparation is key. Before you decide on listing your home and posting the “For Sale” sign on your front lawn, consider these tips for how to maximize exposure and increase buyer interest. Once this is done, meet with your realtor to be certain that you are pricing your home correctly and competitively for the current market!

Bottom Line

The best time to buy or sell a house is going to depend on the best time for you! Although these tips are based on research and my personal experience as a realtor, we don’t know what interest rates will be next year, and we don’t know how inflation is going to impact this market. It is impossible to predict the housing market’s future with 100% accuracy, so it’s most important to base your decisions on your own financial state and needs.

Whether you are looking to buy or sell, getting in contact with a professional is a great first step. Please reach out with any questions you may have on the housing market, I’m happy to answer them to the best of my ability.

Converted basement room with TV's, couch and pool table

5 Ways to Transform Your Basement or Attic Space

October 22, 2021/in Organization /by Cara Chatellier

Whether you’ve just purchased the home of your dreams or have been residing in your favorite spot for a while, there are always new and transformative ways to change up your living space. From switching out the seasonal decor to updating the look and feel of a room, more living space often leads to better home functionality. An added bonus? Home improvement projects are a great way to feel more at home while increasing your overall home value.

If you’re a native New Englander or have been residing in the Northeast for a while, you’ve probably realized how prevalent basements and attics are in homes- especially those built between 1940 and 1980.

Basements often include concrete floors, unfinished ceilings, and exposed walls. On the other hand, attics are often floor-to-ceiling exposed posts and beams, showcasing the more raw side of homebuilding. In both cases, they were probably included in the original home build to expand the home to include designated spots for storage. In areas where vast land ownership was scarce, homes could only go one of two ways to expand: up or down, hence the inclusion of a basement and attic.

Although basements and attics are still great places to store items, like holiday decorations, gym equipment, and special memorabilia, there is so much more that can be done to transform the space into a useable and welcoming portion of your home.

So whether you’re hoping to add on an extra bedroom, home gym, or office space, an addition to your home shouldn’t be top of mind; instead, opt to upgrade your current space by finishing your basement or attic.

Here are my top 5 ways to transform your basement or attic space:

1. Create a functional office space.

There were a lot of changes that came with the onset of the pandemic. From changes in the way, we interact with others to a slew of updates in our daily schedule. However, one of the most notable changes for millions of people was going from a daily work commute to working from home. Whether you had the space for it or not, the workforce went completely remote. Most were working from their bedrooms while their children were attending virtual class from the dining table. Although the onset was over a year ago, many people are still working remotely indefinitely. If you’re one of them, now is the perfect time to transform your attic or basement into the office space of your dreams.

No matter what theme you decide to go with make sure to include:

Ample lighting
A sizeable desk to accommodate for all of your office essentials
Organizational options to store your files and supplies
Seating for yourself and guests
Noise-cancelling insulation
A lockable door to close for privacy when needed
An accent wall to use when on video calls for client and coworker meetings

2. Add a secondary living area.

Has your family grown since your initial move? Whether you’ve welcome children or invited a family member or roommate to move in with you, sometimes a secondary living space becomes a necessity as your inner circle and needs grow. Consider finishing your attic or basement space to be an extra living area where you house things like a television, extra toys, a reading nook or a set of desks for a quiet study space. To create a cohesive flow between your current rooms and your newly finished area, try to match the style and aesthetics of your home by using colors that accentuate, furniture that complements, and flooring that seamlessly flows from one space to another.

3. Build a wine cellar.

Who doesn’t need a wine cellar? If you consider yourself a wine connoisseur, a wine cellar renovation may be the best option for your basement. Although not a possible solution for an attic space, a wine cellar is a great place to store your favorite tastes of each season all year long. Choose an aesthetic that compliments your favorite winery and add a space for tasting or sharing drinks with others.

4. Upgrade your storage game.

There is no shame in using your basement or attic for their intended purpose: a space for extra storage. Instead of just placing items in random bins and boxes, insulate your space, put up some drywall, and lay down interior flooring. Regulating the temperature within the area will allow you to store items safely without risk of mildew or other long-term storage damage taking place. Consider building custom in-wall storage shelving for a higher level of organization.

5. Make it a game and entertainment realm.

If you don’t have a specific plan for your attic or basement, a game and entertainment area is always a viable and fun option for all ages. This type of area grows with your family and can be updated as your family’s interests change. With a plethora of options to choose from you can make the personalized space customized to your needs. Whether you opt for a movie theater space with cozy oversized chairs or a game room with pinball machines, there is so much to be done within the confines of the extra room.

Some entertaining items to consider include:

A pool table
A foosball table
A music space filled with your favorite instruments
A bar area for friend and family events
Old-school video game systems
A reading nook
An arts and crafts studio

Having a home with a basement and attic allows you to transform your home in various ways. Whether you decide on expanding your storage space in an organized way, tapping into your gaming side, sipping from your favorite glass in a new wine cellar, adding a secondary living space or turning your spare area into a functional office space for your work-from-home needs, there are many options to choose from that can meet the needs of you and your family for years to come.

Top 5 Real Estate Myths Debunked

August 17, 2021/in Education /by Cara Chatellier

Whether you’re in the market for your first home purchase or consider yourself a seasoned professional when it comes to house hunting and closing on properties that make your heart sing, you may have come across some common real estate myths in the process. Buying a home can be complicated for anyone. From a pre-home search checklist to a comprehensive closing guide, it can be overwhelming to ensure you’ve nailed everything down before move-in day. So don’t let common misconceptions about the real estate world send you into a tizzy.

Read on to learn about the 5 most common real estate myths- debunked.

1. Myth: You should pick out a house you love, then get a pre-approval.

Although the ultimate goal in any home search is to secure the home you love and live there for countless years after a seamless real estate transaction process, you must follow specific steps to get there first. It is beyond tempting to jump onto a home buying site in search of the perfect home that fits your criteria, but how can you know exactly what you can afford without a pre-approval? You can’t. It is always best to speak with a real estate professional and lender first, then proceed to home searching after you’ve received a pre-approval letter.

2. Myth: Open houses are a waste of time when you’re trying to sell.

There is no such thing as a waste of time when it comes to finding creative ways to sell your home. Open houses are the perfect opportunity to reach a broader group of potential buyers in the current seller’s market. Without requiring showing appointments, the amount of foot traffic you could receive on your home increases astronomically, which will ultimately turn into more offers on your property. Nix the worry that comes with hosting an open house and let your realtor take care of the details to increase the demand on your property.

3. Myth: Home inspections don’t matter.

Although it sounds incredible to save a couple hundred bucks after you’ve spent a lot of money securing your new home, don’t skip the home inspection. During this process, a specialized home inspector reviews your home from top to bottom, looking for over 1,500 things throughout it. From electrical and plumbing to the home’s foundation and ventilation system, a thorough inspection is completed that is worth its weight in gold. It is much better to know the ins and outs of your potential home upfront rather than discovering issues down the road post-purchase.

4. Myth: You’ll save money when you sell your home without a realtor.

It’s tempting to try and take on the sale of your home on your own. Unfortunately, many first-time sellers believe that a “for sale by owner” option is the best way to make the most bang for your buck. Although this may be true to an extent, having a real estate professional on your side to help you sell your home is invaluable. In these scenarios, buyers often overpay, or sellers undersell their property because they do not have a complete picture of the market. Realtors are trained to understand the full extent of the industry better than anyone else; trust them with your purchase or sale.

5. Myth: The only cost of buying a home is the down payment amount.

Often, when first-time homebuyers decide on buying a home, they don’t realize the costs associated with the large purchase outside of the price of the actual property. Along with the down payment cost, buyers often incur other costs such as a home inspection fee, termite inspection, and closing costs which typically range from 3% to 5% of the total purchase price. Make sure that you are in a healthy financial state with substantial savings to cover all costs associated with a home purchase. If you are unsure of what other fees may be involved, don’t hesitate to talk with your lender or realtor to learn more.

We understand that navigating the real estate market can feel like driving for the first time. A lot of uncertainty comes with diving headfirst into a home purchase, whether it’s your first or tenth time. We are here to help you understand the process from start to finish and guide you through the entire journey, allowing you to make informed decisions and secure the home of your dreams. Contact us today if you’re in the market to sell your home or want to take the next step in your homebuying journey. We can’t wait to help you.

My Top 10 Tips for Getting Your Home Ready to Sell

May 17, 2021/in Community, For Sale /by Cara Chatellier

In a seller’s market, standing out is key to attracting top-tier buyers, receiving numerous above-offer bids and securing a final sale with the family of your dreams for top dollar. If right now is the right time for you to sell, but you’re unsure if your home is ready for the big market, don’t stress it, follow my simple tips to ensure your home is in sparkling seller shape.

If you want to increase your chances of selling your home quickly and profitably, preparation is key. Before you decide on listing your home and posting the “For Sale” sign on your front lawn, consider these 10 tips to maximize exposure and increase buyer interest.

1. Do your homework.

Knowing your area ahead of time is essential to getting the biggest bang for your buck. Understanding things like: what other homes are selling for in your immediate area, what’s bringing your buyers to your specific neighborhood and overall market trends in your zip code will give you a leg up in your target market. Don’t shy away from attending local open houses for homes of comparable size and amenities in your neighborhood. This allows you to have your finger on the pulse when it comes to buyers’ wants and needs. Before deciding on a listing price for your home, it’s important to have a basic understanding of homes in your area, so, do your homework.

2. Find the perfect listing agent in your area.

Agents can make or break your home sale. It is imperative that you find someone who understands your wants and needs when it comes to selling your home. Your agent should be well-versed in the market trends and have deep roots in your neighborhood to understand the buyer trend at the moment. Although word-of-mouth recommendations can help sell your home, it is best to enlist a licensed real estate agent to smooth through the selling process more easily. When interviewing potential selling agents, top contenders should have a thorough plan mapped out for how they will successfully sell your home. Don’t hesitate to ask questions that are important to your specific home sale. Choose an agent that understands your goals and has a solid plan to achieve them.

3. Clean your home from top to bottom.

Whether it’s a date or a job interview, first impressions are everything! This same sentiment holds true when it comes to selling your home. Before you list your home (and at various times between showings) it’s important to clean your home from top to bottom. Put your best foot forward by showcasing your home in tip-top shape. Clean the floors, wash the walls and baseboards, vacuum the rugs, clean out the pantry and wash the windows. Focus on the bigger picture when it comes to cleaning and your buyers will notice. Bonus: add in scent warmers or air fresheners throughout to give your home extra appeal upon entry.

4. Declutter.

For more people, clutter equals anxiety. It also exudes the idea that the current owners could be unorganized and chaotic, which is a big turnoff to potential buyers. When a home is free from clutter, buyers are able to travel from room to room with full focus and attention on the house itself, instead of the mess in their faces.

Consider purging and tidying areas such as:

Pantry
Closets
Cabinets
Refrigerator
Outdoor sheds
Garage
Basements and/or attics

5. Take care of minor repairs ahead of time.

There may be nothing worse than potential buyers getting let down on their expectations of your home. Before you list, take care of minor repairs so they don’t have to worry about them as they tour your home. Consider fixing things like leaky faucets, grout, door locks and handles, lightbulbs and running toilets. These minor repairs can make a major difference on whether you receive an offer on your property or not.

6. Paint!

Neutral tones are key when it comes to selling your home and opening up your home to potential buyers. Stay away from bright and eclectic colors and opt for a muted color palette. It’s always best to stick to colors like white, off-white, beige, grays and taupes. Bright colors can become easily distracting, speaking louder than the home itself. Painting the walls in your home, even if they’re neutral already, will also cover up minor blemishes like holes from nails, scratches or chips in the paint color. A fresh coat of paint is inexpensive and worth its weight in gold.

7. Get professional photos taken.

Photos make a huge impression on a potential buyer long before they step foot in your home. Professional photos may be the best option to showcase your home if you feel as though your photo skills are subpar. Talk with your realtor about the best options available to you for your photos when it comes to your live listing. It’s important to include high-quality photos with your listing. They will lead to higher lead generation and more interest in your home.

8. Depersonalize your space.

Showcasing your home requires the perfect balance of depersonalization and an environment that feels inviting and warm to all who enter your place. It’s okay to have some personal items in your home (especially if you still live there), but don’t go overboard with the personalization. Downsize the amount of photos and albums throughout your home, leaving just a few great shots around to make the home feel lived in. Take down things like detailed calendars, bulletin boards, work information in your home office and personal mail or bills from your countertops. Store away your personal items in a small safe or file cabinet for safe keeping.

9. Know your selling goals.

Before you focus on the aesthetics of your home, you must focus on your individual selling needs and goals. Work with your realtor to determine what your main goals are and what you need to accomplish with the sale of your home.

Focus on questions like:

When do I want to sell my home?
Where do I plan to live after my home sale? Do I need to purchase a home?
Do I need a short or extended closing date?
Ideally, what profit am I hoping to make on this sale?
Will I cover closing costs?
What contingencies are most appealing to me?
Am I willing to work with all loan types?
What will I include in my sale? Appliances? Furniture?
What am I willing to fix when it comes to home inspections?
What matters to me about the new buyers?

10. Plan your move.

Planning out your next steps is just as important as planning to sell your home. Before your listing goes live you must have a solid plan in place to secure your own future. Some of the best ways to plan your move is to understand where your next residence will be and how you plan to secure that place, cost of moving, assistance with moving your things and timeframe in which you need to comfortably move yourself and your belongings. Remember that you are in control of your sale and can set the expectations for your buyers ahead of time. Allow yourself enough time and patience to move forward in a relaxed and secured state post-sale.

If you’re looking to take advantage of the current seller’s market, now may be the right time to dive headfirst into selling your home. I would love to help you navigate the waters to understand if now is the right time for you to sell in your current market. Contact me today.

The Benefits of a Home Inspection

August 12, 2020/in Education, For Sale, Resources /by Cara Chatellier

So, you think you’ve found the home of your dreams! All that stands in the way of your dream home becoming a reality is some paperwork, a plethora of signatures and a few meetings, right? How exciting! Before you decide to dive headfirst into this impending purchase, you need a home inspection. The benefits to this extra step far outweigh the small additional time it may take to secure your home. Not to mention the peace of mind that comes with knowing the full ins and outs of your potential purchase.

Inspections save you money and unneeded surprises

Home inspections, based on the findings, can pay for themselves. Home inspectors detect things such as water leaks, roof damages, foundation issues or unseen safety hazards that could be extremely costly, for the new buyer, once noticed. Knowing, up front, what potential problems lie ahead allows you to plan for repairs or, even, ask the sellers to chip in for or make repairs prior to your purchase agreement.

You may be able to bid less on your prospective home

Once a home inspection is complete the potential buyer receives a full, and thorough, list of suggested repairs and findings. Depending on the size (and number) of repairs proposed by a home inspector’s report, you may be able to negotiate a lower price on the cost of the home should you agree to take on the issues and fix them yourself once purchased.

Sellers can make needed repairs

As part of your home buying agreement, you may ask the seller to make the outlined repairs noted by the home inspector. You can negotiate on having them handle the larger repairs while you agree to take care of the smaller, less hazardous issues. If they agree to make the repairs, you may have to agree to asking cost for the home (or higher) to appease them based on the additional out-of-pocket money they have to fork over for the repairs. The good news with that is it should still be within your purchasing budget, so don’t stress it too much!

Confidence in your purchase is established

There is nothing quite like reassurance when making a large life-changing purchase. Knowing the intricate details of your potential home is priceless when it comes to buying power. This is, most likely, the largest purchase of your life, so details definitely matter. Review the report with the home inspector, in detail, and ask any questions you have for clarification. It is important to understand the report in its entirety so you can make sound decisions on the next steps in your potential purchase.

When it comes to buying a home, it is vital that you understand the full scope of your purchase, even if that includes some not-so-great but needed repairs. Knowing details from the structural makeup to the appliances current standings helps you make an informed decision on your purchase. Working alongside the home inspection and seller will, more than likely, lead you to a collaborative decision on closing. If you are in the midst of house shopping and want more advice on home inspection don’t hesitate to reach out to me. I would love to discuss this more with you!

Preparing Your Home for a Seller’s Market

August 12, 2020/in Education, For Sale, Resources /by Cara Chatellier

As you prepare for the adventure of selling your home, there are certain tips to follow to ensure you entice potential buyers and get offers that excite you to sign on the dotted line. Oftentimes, because we’ve been living in our homes for years, we overlook little details that potential buyers may be looking directly at. Following these tricks of the trade will ensure your home is ready to sell quickly allowing you to move on to your next purchasing journey quite seamlessly.

Make necessary repairs

This one seems like a no-brainer when it comes to getting your home ready to sell, but don’t overlook the small stuff. Patch up any holes in the wall, replace any broken windows, clean the gutters and ensure there are no leaks in your roof. Buyers are extra particular when it comes to checking for repairs, especially if they are not the fixer-upper type.

Clean up the exterior

The outside of the home is the first thing that potential buyers see when pulling into the driveway for the first time. Make sure that your landscaping is up-to-date, and your lawn is mowed neatly. A clean appearance sets others at ease almost instantly. A messy exterior can give potential buyers the impression that you are slacking off and immediately push them to question whether you are neglecting the inside of the home too. Create trust with a clean exterior. Bonus points if you clean up garden beds, prune the shrubs and replant window boxes to keep everything in tip-top shape. Curb appeal is key, even to potential buyers.

Depersonalize and neutralize

Everyone’s style is unique. If your home is over personalized with bright wall colors, custom wall hangings and eclectic furniture, consider switching things up and toning it down a bit. While some unique features may be considered selling points, an overabundance of personal style may become off-putting to some. Creating a color palette that is inviting and neutral will attract and retain more potential buyers. The wider the range of buyers, the better the options you have when accepting an offer.

Organize closets and storage spaces

Potential buyers will scan your house meticulously. Ensuring all areas, including closet spaces and storage rooms (such as an attic or basement) are organized is key to a successful showing. This tactic also helps with personal privacy as numerous potentials are scouring through your belongings to see if your spot is the one for them. If you notice, while organizing, that you have a lot of excess clothes, belongings or furniture that you’d rather keep out of the house during the showings, consider renting a temporary storage unit to safely house your things.

Clean the interior from top to bottom

This seems like common sense, I know, but it’s something that can be overlooked with all of the other checkboxes on your home selling list. Vacuum and shampoo carpets and shine wood floors. Dust ceiling fans and tops of cabinets. Deep clean countertops, appliances and bathrooms. Make sure your house looks pristine for your potential buyers. Afterall, you want them to love the place as much as you did when you purchased it, right?

Preparing your home for a successful sale takes a lot of work and planning, but it’s worth it to find buyers who pay the price tag. Pay attention to the details within your home and set it up to sparkle. You want your home to stand out from all the others that they may be looking at, so following these simple, yet effective ideas will knock your home out of the park. Need a bit of extra guidance on your current home’s condition along with ways to get it ready for sale? Contact me today! I would love to walk you through the process to sell your home.

Tips on How to Declutter

February 19, 2020/in For Sale, Organization /by Maura Allard

The Process of Selling a Home

I was recently tasked with cleaning out the home of a deceased love one. It was part heart-breaking, and part treasure-hunt. Throwing away a loved ones’ belongings is difficult, and when family members are short on time, unfortunately, many items that could be donated or gifted end up in the dumpster.

After reflecting on this process I offer the following practical tips – many which we used this past weekend – but as a homeowner, you can start doing now. And yes, purging can be difficult, but it can also make you feel lighter!

Books – keep your treasured books, the ones that you enjoy rereading or have made an impact on your life, and donate the others to a local library. The library will provide you with a receipt for tax purposes.
Clothing – items in good condition can go to consignment shops, clothing can be donated to back-to-work programs that provide professional clothing for low-income individuals to look fantastic on the job. Goodwill, Salvation Army, and local thrift stores are also great resources.
Antiques – garage, attic, and basement overflowing with antiques or fine furniture? Estate sale companies can take these items off of your hands and into the hands of people who also appreciate antiques.
Paperwork – Label important paperwork in an easy to find place. Invest in a quality shredder and shred anything more than 7 years old. Recycle magazines, newspapers, etc. You cannot use 7-year-old coupons!

For everything else, I was fortunate that I found a company that will come in and take any item that can be sold at auction; afterward, they provide a percentage of the proceeds. And there’s also Give Back Box, which makes donating easy.

It is never too early to start removing clutter and “stuff” from our lives!

Questions?

If you have any questions about getting your home ready for a big change, please get in touch!

CHECK OUT SOME OF THE GREAT PLACES TO LIVE IN BOSTON’S NORTH SHORE

Buying a Home in Peabody • Living in Beverly • Homes for sale in Danvers

Listing your Home for Sale

March 5, 2018/in For Sale, Housing, Resources /by Maura Allard

It’s time to think about Decluttering!

Spring is on the horizon, has the thought of selling your home crossed your mind recently? As a Realtor, I have the pleasure of seeing many houses, and yes professionally staged houses look amazing! You want to move right in, you can see yourself living in the house, the problem is not everyone can afford to hire a professional stager. If you can, terrific, it is worth every penny and it definitely has the potential to fetch you higher offers. But what if you can’t afford a stager??

The number one thing I believe a seller can do to get their home ready to sell is to declutter. Adopt the mindset you are moving and start packing. Head off to the Container Store and buy boxes and plastic totes. Banish your collectibles, personal photos, magazine collections, overflowing toys (that includes dog toys). Strip your fridge of magnetic calendars from your insurance agent and the town recycling schedule. Put away the Kitchen Aid Mixer and blender and keep your countertop appliances to a coffee maker and toaster. Your personal belongings make your house a home, but now that you have decided to move your home now needs to become a house.

I’m always happy to provide a free decluttering consultation for anyone interested in selling.