For instance, a recent [...]]]> Unless you’ve been living under a rock the last six months (no offense meant), you’ve heard that housing inventory for sale in the Boston area is at historic lows. Fueled by increased consumer confidence and attractively-low interest rates, buyer demand is extremely high – and is out-pacing supply.

For instance, a recent 2 -bedroom in South Boston’s City Point went under agreement the first day it went on the market – and received 10 offers. A condo in the South End on Warren Ave. also had 10 offers. Ten! Two weeks ago, a 2-bedroom with parking in Savin Hill received four offers before the first open house – all over asking price. And the list goes on and on.

Most real estate agents claim they’ve never seen anything like this – even during the boom years. There just aren’t enough properties for sale to go around. So, if you’re a home owner considering selling, now is the time!

I personally have numerous buyers chomping at the bit to buy something. Here’s my list… if you own something that fits the bill, I’d love to hear from you – and so would my buyers.

Back Bay or South End

1+ bedroom with outdoor space, up to $550K

Cambridge

1+ bedroom, cat-friendly, close to public transportation, up to $450K

Charlestown

1+ bedroom, up to $400K

Dorchester

2+ bedrooms with parking and outdoor space, dog-friendly, up to $450K

Leather District

Loft with 700+ SF, up to $400K

North End

2+ bedrooms, pet-friendly, up to $700K

South Boston

1+ bedroom with room for dining table, parking, on East Side, first floor or in elevator building, up to $400K

1+ bedroom with outdoor space, gas cooking, up to $400K

2+ bedrooms with open concept, storage space and preferably garage parking, up to $550K

Multi-family in need of renovation, up to $700K

Single-family with parking on East Side, up to $700K

Single family in need of renovation, up to $350K

South End

Single-family up to $1M

Waterfront

3-bedroom/3-bath with 2+ covered parking and minimum of 2,500 SF, up to $5M

Yet another food establishment is opening its doors in South Boston… Fromage. Located on West Broadway not far from Lincoln Tavern and Restaurant, we can only assume (and hope) that the shop will offer up artisanal cheeses and other gourmet goodies. Fromage might give

Yet another food establishment is opening its doors in South Boston… Fromage. Located on West Broadway not far from Lincoln Tavern and Restaurant, we can only assume (and hope) that the shop will offer up artisanal cheeses and other gourmet goodies. Fromage might give American Provisions a run for its money, but a little competition never hurt anybody. It will be interesting, however, to see how the store will differentiate itself from American Provisions and even Foodie’s, now that it’s finally opened its doors just down the road. As a lover of all-things-cheese, I cannot wait for this place to open!

If you’re looking for a house or a condo in the Boston area, indeed, a lowball offer should not be your strategy. We are now in a sellers’ market, and, believe me when I tell you, a lowball offer is not your friend, especially in a [...]]]> For starters, don’t make a lowball offer.

If you’re looking for a house or a condo in the Boston area, indeed, a lowball offer should not be your strategy. We are now in a sellers’ market, and, believe me when I tell you, a lowball offer is not your friend, especially in a multiple offer situation.

So, what can you do to secure your dream home? Here are some tips.

Make a good — or better yet — great offer. This is another way of saying don’t lowball the seller (are you catching my drift here?). As mentioned above, lowballing is not going to work in this kind of market where competition is fierce. But frankly, lowball offers didn’t really work even when it was a buyers’ market…sellers in the Boston area just aren’t that desperate. Property values held up pretty well in the city during the downturn, and most people were not under water on their homes. And since rental prices are so high, most sellers can rent out their properties and cover their mortgage, so why would they take a really low offer? Over the last 10 years, homes in the Boston area have sold within 95-98% of their asking price, and in many cases, even higher. These days, they are often going over asking price. (Now, of course, there are always exceptions. Some neighborhoods in Greater Boston and some towns in Central and Western Massachusetts haven’t quite recovered yet. If you’re shopping in these areas, you can probably be more aggressive in submitting a lower offer, but do your homework first).

Get creative. There are numerous ways you can make your offer more compelling to a seller. It’s not all about the selling price all of the time. While a good financial offer is hard to turn away from, there’s some other things you can do to sweeten the pot:

• Put down a larger deposit. It’s customary to write out a check for $1,000 at the time of your offer, but consider a larger amount, such as $2,500 or $5,000, to help you stand out. It will connote seriousness to the seller and even though it’s just a deposit, it could influence the seller psychologically.  You aren’t risking much, since that deposit only gets cashed if your offer is accepted – and you can get it back if you don’t get your financing or if the home inspection wasn’t satisfactory. Same goes for the money put down at the second stage – the Purchase & Sale (P&S). Many buyers put down 5% at this time. If you can do it, put down 10% or more. Things like this can get you noticed, especially if you are competing with other buyers.
• Tighten up your dates. Have your real estate broker find out the seller’s desired closing date and try to match that as much possible. Don’t have a P&S date that is three weeks from the time of the offer – try to keep it to a week if you can, 10 days tops. Sellers get very nervous when the dates and important milestones are far in the future…if you’re not going to move forward with the purchase, they want to know as soon as possible so they can start marketing their home again to other buyers. Also, determine from your lender what mortgage commitment date you should put in the offer. You don’t want to say you won’t have your mortgage commitment for 45 days when in reality your lender can have it in 30.
• Consider omitting some contingencies. With any offer, there are contingencies that can be put in place that protect the buyer and give the buyer “an out” if they decide they don’t want to or cannot move forward with a purchase. There are contingencies for the home inspection, radon, lead paint, pests, review of condominium documents and mortgage/financing approval. I don’t really recommend removing the home inspection contingency to anyone, except for perhaps a developer who is just going to gut a place as soon as he owns it anyway. You want to do a home inspection before you commit to buying, plain and simple. But if you’re competing with five other buyers and you want your offer to be the winner, then there is no doubt about it — sellers will look very favorably on an offer with no inspection contingency, so it’s your call if you want to omit this. The same can be said for the mortgage contingency – if you are absolutely, 100% certain you will get your mortgage no matter what – then you may want to consider removing this from your offer as well. Before you go down this path, make sure you talk to your REALTOR®, real estate attorney and lender so that you understand what you’re doing and the potential risks.

Be ready, willing and able. When competition is fierce and good homes are few and far between, you want to be poised to strike. For starters, work with a real estate broker whose job it is to help you. Obviously, this is a self-serving statement, but it’s true. It’s our job to find you your home and ensure you are successful in buying it. Make sure you have your pre-approval letter from your lender; you cannot make an offer without it. Don’t think you will have time to get this done after finding your dream house – it could take several days and by then, the place could be gone (note: my husband and I are in the process of buying a home and had to wait three days before we got our letter). Also, make sure you are set up in MLS so that you are notified the moment new properties come on the market. Don’t rely on Zillow or Trulia…they are notoriously out-of-date sometimes. Your real estate broker can set you up in MLS; it’s well worth it. And finally, be available to go home shopping! Many sellers hold off on doing showings until their first open house – so make sure you are around on Sundays to attend. When you see something you like, request with your broker to see it right away – it may not be there in a day or two. Time is of the essence.

Don’t Panic. It may seem bleak right now, but this, too, shall pass. It’s a sellers’ market because homeowners just don’t have a lot of competition at the moment, but that could change at any time. As soon as more potential sellers realize that now is a good time to list their homes, they will do so and the market will get less competitive. So, keep alert, stay positive and don’t give up. You will find your new home. After all, it’s my job to make sure you do.

Most notably, after years of delays and planning, Foodies’ Market has broken ground in South [...]]]> In case you haven’t heard, South Boston is quickly becoming a mecca for culinary connoisseurs. In just the last few months, the neighborhood has seen numerous restaurants and shops open their doors – with many more on the horizon.

Most notably, after years of delays and planning, Foodies’ Market has broken ground in South Boston, with its new shop located at 230 West Broadway. Slated to open this September, the shop will feature gourmet food, wine, groceries and other goodies. Those who are familiar with the store’s locations in the South End and Duxbury can barely wait for this new addition to come to South Boston.

Social Wines opened several months ago and is quickly becoming known for its craft beers, excellent wine selection and weekly tastings. Each Thursday and Friday, the store offers its After Work Beer and Wine Tastings, respectively, from 5:30 – 8:00. Check out the shop’s event calendar for more info.

Fans of Stephanie’s on Newbury and Stephi’s on Tremont will soon have a third destination to enjoy at the restaurant’s new location near the Broadway T stop. This Boston.com article details the restaurant’s opening at the former site of the Quiet Man Pub at 11 West Broadway. Known for their amazing salads, the restaurant is expected to serve lunch, dinner and brunch on weekends, and will join Starbucks and Subway which are also going to be opening up franchises next door.

Stephanie isn’t the only celebrity chef to come to South Boston. Joining the likes of Barbara Lynch of Menton and Sportello fame, is Ming Tsai, who will be opening a sister restaurant of Blue Ginger in the Seaport District. Check out this article from the Boston Herald for more deets.

The rumor mill has also been swirling that the Payless Shoes storefront on West Broadway will soon be transformed into a restaurant by the same owners of The Paramount South Boston located on East Broadway. Additionally, you may have noticed that some of the new construction on West Broadway is slated for mixed commercial and residential use, with restaurants expected to open on the ground floors.

Finally, Tasty Burger, which already has a location near Fenway Park, hopes to open up shop on L Street at the site of the former Boathouse – IF the owners can get approval from the local community and the Boston licensing board. The board is deciding today, Aug. 2, Tasty Burger’s fate. While residents will surely miss getting soft serve ice cream at the Boathouse, I think Tasty Burger will fit right in with the neighborhood landscape and soon become a local favorite.

With the constant transformation of South Boston, we can expect even more great restaurants and shops to open, so stay tuned!

According to data provided by LINK*, the average sales price [...]]]> Thinking of selling your South Boston home? 2012 could be your year. If you’ve been waiting on the sidelines for the real estate market to improve, then wait no more…average sales prices in the neighborhood are at their highest point since 2007.

According to data provided by LINK*, the average sales price for condos and single families combined in South Boston in 2011 was $378,548, a 5% increase over 2010 and a 10% increase over 2009.

This is good news for home owners who have been considering selling but who have been waiting for the economy to improve. With interest rates remaining very low for buyers, and with consumer confidence on the rise, 2012 could be the right year to list your home for sale.

Keep in mind, however, that we aren’t completely out of the woods. Buyers are still being cautious and are taking their time in making their home purchases; in 2011, the average number of days that a home stayed on the market was 3.5 months, or 106 days.

Buyers are extremely picky and to make sure your home stands out from the rest, you must take into consideration three important factors: 1) pricing your home well and knowing the do’s and don’ts associated with this; 2) taking the necessary steps to prepare your home for the market; and 3) hiring a reputable REALTOR® who is not only an expert in your specific neighborhood, but who will also market your home aggressively to potential buyers.

A final word…the inventory of properties available throughout Boston is extremely low at the moment; in fact, it’s at its lowest level in 10 years. If you want to grab the attention of buyers, seize the opportunity to list your home now, before the spring market really heats up and you have more competition.

Good luck, and may 2012 make your real estate dreams a reality!

*Average Sales Prices in South Boston for Condominiums and Single Families Combined

Source: LINK

2007       $372,703

2008       $371,035

2009       $342,908

2010       $362,170

2011       $378,548

Boston residential tax payers pay 27% less, on average, than others in the Commonwealth. This is due in large part to the [...]]]> The City of Boston has announced that it is raising its property tax rates for fiscal year 2012 a modest 25 cents, from $12.79 to $13.04 per thousand dollars of valuation.

Boston residential tax payers pay 27% less, on average, than others in the Commonwealth. This is due in large part to the residential tax exemption granted to home owners who live in their residence versus renting it out. This exemption saves qualifying taxpayers more than $1,600 annually and is just one example of the programs the City has in place to help home owners lower their tax bills.

You can learn more about the residential exemption and how to apply here. You can also look up the tax information for any property in the City of Boston on the Accessing Department website.