Let’s start with if you are selling your home…a home inspection? I have to say this is not common in Essex County Massachusetts. I have heard of sellers doing this. The main reason you may want to do this is so that you can fix any of the deficiencies in your home prior to putting it on the market and avoiding having to renegotiate your contract after a home inspection. Another thought is to disclose the deficiencies explaining to prospective buyers that the price of your home was determined based upon the home inspection results. You simply hold the cards.
If you are purchasing a home…I highly encourage you to get a home inspection! We live in the oldest part of the country and much of our housing stock is old. You need to know what kinds of repairs will be necessary to maintain your home, is it in your budget, can you still afford to purchase the home? You may be saying, “I’m purchasing a newly built home”. Even though, do an inspection–it is merely in your own best interest!
Home Inspection – Things that may come up!
- Powder post Beetles
This information below comes from the American Society of Home Inspectors (www.AHSI.org)
What a Home Inspection Should Cover
Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.
For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.
Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.
Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.
- Doors and windows
- Siding (brick, stone, stucco, vinyl, wood, etc.)
- Attached porches, decks, and balconies
Roofing: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof’s age, conditions of flashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.
Plumbing: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.
Electrical: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.
Heating: The home’s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.
Air Conditioning: Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system.
Interiors: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at:
- Walls, ceilings and floors
- Steps, stairways, and railings
- Countertops and cabinets
- Garage doors and garage door systems
Ventilation/insulation: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage.
Fireplaces: They’re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue, and describe solid fuel burning appliances.
If we can help educate you further about today’s real estate market in Essex County or if you have had any thoughts of buying or selling real estate, contact the experts and The Militello Team.
So if you are interested in learning about the real estate market in:
Call The Militello Team today!
1 Beach, Manchester-by-the-Sea Massachustts
Home for Sale
34 Woodbury Street
Beverly, MA 01915
Locally the housing recovery is doing just great! Due to demand and lower than average inventories, prices are increasing-as you may know from your economics class it is all about supply and demand!
Be sure to choose a local REALTOR; it is important to know how to write an offer that will be accepted! In some situations there are multiple offers, which complicates matters, and if you have your eye on a home and want to purchase it you need the knowledge of experience.
The Beverly Massachusetts market is one of the HOTTEST markets around today. In March 18 homes sold, with average days on market at 86, the average sales price was $396,167; average list price $404,000, meaning that sellers in general got 98% of their asking price. Wow! That is amazing.
Now is the time to sell your home! The market is moving and growing strong.
If you have had any thoughts of selling, contact us and use our expert knowledge to get your home sold.
We are here to help so if you need some advice regarding today’s real estate market, our team is here to work for you!
We specialize in all of Essex County real estate, including:
Call us today!
Katheen Militello, REALTOR (978) 500-1480
The Militello Team
Buying or selling a home can be complicated enough but add in the lingo and you may feel like you are listening to a foreign language. Here are a few real estate terms decoded.
Assessed Value- Assessed Value is the valuation placed on property by a public tax assessor for purposes of taxation.
Closing Costs –Closing costs are all of the miscellaneous expenses paid by the buyer and the seller when a real estate transaction closes. These costs can include real estate commission, mortgage fees, attorney fees, transfer taxes, recording fees, and title insurance.
CMA –CMA is short for comparative market analysis or competitive market analysis. A CMA compares the prices of homes sold, homes currently on the market and homes pending to a subject property. A CMA may be prepared for a buyer or a seller to determine market value. The CMA accounts for style, size, location and other factors that make the homes comparable.
Contingency – A contingency is a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Common contingencies are a buyer’s contractual right to obtain a professional home inspection before purchasing the home or obtain mortgage financing.
Deed-The deed is the legal document conveying title to a property.
Earnest Money Deposit- The earnest money deposit is a deposit made by the potential home buyer to show that he or she is serious about buying the house. This is typically made at the time of the offer to purchase.
Lock Box – A lock box is a secure key-holding device. It is used to hold a key for a home that is for sale. This allows cooperating real estate professionals to gain entry into the home. Entry is usually granted after obtaining permission from the listing agent or office.
MLS – The MLS or Multiple Listing Service is an organization that collects, compiles and distributes information about homes listed for sale. Real Estate brokers are members of the MLS. Membership is not open to the general public. The MLS is used for real estate professionals to share information about homes for sale to other agents. MLS boards are local or regional. There is no nationwide MLS.
Short Sale- A short sale is when the seller arranges with their mortgage lender to accept a price that is less than the amount they owe on the property. The lender typically agrees to forgive the rest of the loan. A short sale arrangement is made between the seller and the mortgage lender.
Title Insurance – Title insurance is an insurance policy that protects the lender’s or owner’s interest in real property. Title insurance as it is named protects against claims against the title or from unexpected or fraudulent claims of ownership. Buyers typically pay for the lenders title insurance policy as part of the closing costs.
First level one floor condo with hardwood floors and renovated kitchen and bath.Enjoy close access to Beach,train and numerous downtown activities.
Great location near town , beaches and shops and train . Double your square footage by finishing second floor.Hadrwood in bedrooms and living room.Updated kitchen and bath.Great for year round or Summer retreat.
Immaculate!Great Townhouse ! in convenient location near parks,beach,downtown restaurants and commuter rail .Ocean Views from the deck and Master Bedroom suite . Take advantage of the close proximity to Front Beach for swimming and sun bathing or Millbrook Meadows where you can sit and relax while listening to the soothing sounds of the waterfall!New staircase to 2nd floor master bedroom suite with new full bath and laundry!!! Newly renovated first floor bath and kitchen too!!!
Immaculate Colonial !1650 Antique with all the modern updates you would want. This charming home has ample room for multiple lifestyles .Nice large rooms with enchanting fire-placed living room.Large Master bedroom suite with fireplace. Many improvements ,new furnace , exterior paint and fence just to name a few . Fire-placed Kitchen. Formal dining-room ,family room and up to 5 bedrooms. This is a great value. The land is a beautifully cleared 2.1 acre pastoral/farm land suitable for Horses or gardening.Large country barn w/ workshop and horse stalls.Private well for outside irrigation. Take advantage of the great schools and easy access to major routes while still living in a country setting! Well worth seeing!
Location, Location, Location: this Beverly Cove home has water-views & is on a dead-end street which abuts the ocean. At the end of Woodbury Street, you will find Woodbury Beach and the public way. Just picture yourself strolling along the public way alongside the water over to Lynch Beach located at Lynch Park. Take this opportunity to live in this highly sought after neighborhood. The home is well maintained, with a new addition added in 2006 increasing the main-level living space and adding an awesome 2nd floor master bedroom suite with 3/4 bathroom (tiled shower). The heating system has been upgraded as well from oil to gas in 2012. Home offers in-home office with separate entrance, 1st floor bedroom & full bath, fire-placed living room, mudroom w/pantry, and extra living space on the lower level. Woodbury Street is part of the Cove School district-Does it get any better?
This is a Colonial style home and features 12 total rooms, 3 full baths, 4 bedrooms, 0.16 Acres, and is currently available for $775,000.
For complete details click here.
OMG, 75 buyers during an open house? This is not what we have been seeing over the past years. Believe it or not, we are in a changing market. If you want that house, you need to act fast to get it; especially if it is a good price in a good location. Ask your REALTOR shorten up the response time, so other offers don’t come in while you are waiting to hear back from the seller’s agent. If another offer does come in during this time, everything gets just that more complicated! Complicated is not what you want.
If you need more advice regarding this matter, our team is here to work for you!
And, if you are interested in learning about the real estate market in these cities or towns:
Call us today!
Joseph Militello, over 28 years of experience! (978) 815-3877
Kathleen Militello, 7 years of experience! (978) 500-1480
Very few situations stump us–use this to your advantage!!!
1. It Costs Less- With record low interest rates, and low home prices a mortgage payment on a house can be less than a rental payments.
2. Equity -If you own a home rather than rent you are building equity. If you pay rent you have nothing to show for it. If you own a home you are building equity. Even if housing prices stay flat part of your mortgage payment goes towards the principal balance and eventually you will own the home.
1. You Could Get a Better Money Return-A home may not be the best return on your money. You may find a better return on capital in the stock market. If you are just looking at it in a strictly financial way there are better investment strategies. Historically, the S&P 500 has returned an average of 13.4% — 4.8% higher than the 8.6% average return on housing.
2. It is a Big Commitment-You can’t just sell your house and move quickly. It is a long term decision. If you job requires frequent moves this can be a significant consideration.
Now that you have seen some of the pros and cons the decision is ultimately up to you and what is best in your circumstance. The pros cannot be disputed. Low rates and prices almost make buying a no-brainer if it fits within your financial situation.
Manchester MA ListingsManchester, MA - $664,900
128 Old Essex Road - Single-Family - Contemporary - Rooms:9 - Beds:4 - Baths:3/16 hours agoManchester, MA - $558,500
121 Pine St - Single-Family - Colonial - Rooms:8 - Beds:3 - Baths:1/115 hours agoManchester, MA - $619,000
26 Tappan Street - Single-Family - Ranch - Rooms:5 - Beds:3 - Baths:3Manchester, MA - $575,000
47 Raymond Street - Condo - Garden - Rooms:4 - Beds:2 - Baths:1Manchester, MA - $449,900
6 Butler Ave - Single-Family - Bungalow - Rooms:10 - Beds:5 - Baths:3
Gloucester MA ListingsGloucester, MA - $1,100,000
80 Commercial Street - Commercial - Year Built:1955 - Acres:0.738 hours agoGloucester, MA - $499,000
7 Land's End Lane - Land - Acres:0.4610 hours agoGloucester, MA - $279,000
9 Lloyd St. - Single-Family - Colonial - Rooms:5 - Beds:2 - Baths:112 hours agoGloucester, MA - $395,000
4 Harvard St - Single-Family - Victorian - Rooms:7 - Beds:3 - Baths:212 hours agoGloucester, MA - $339,000
6 Concord St - Single-Family - Colonial - Rooms:10 - Beds:4 - Baths:214 hours ago
Ipswich MA ListingsIpswich, MA - $595,000
28 Topsfield Road - Condo - Townhouse - Rooms:11 - Beds:5 - Baths:3/12 hours agoIpswich, MA - $499,000
13 Town Farm Rd - Single-Family - Contemporary - Rooms:6 - Beds:4 - Baths:35 hours agoIpswich, MA - $1,350,000
10 Long Ridge Ln - Single-Family - Contemporary - Rooms:12 - Beds:4 - Baths:3/39 hours agoIpswich, MA - $334,900
14 Ipswich Woods Dr - Condo - Townhouse - Rooms:5 - Beds:2 - Baths:2/19 hours agoIpswich, MA - $239,000
117 High - Condo - Townhouse - Rooms:4 - Beds:2 - Baths:1/111 hours ago
- Worcester's Pay-As-You-Throw Trash Removal Saves City $10-20M April 15, 2014Worcester's Pay-As-You-Throw trash removal system has saved the city an estimated $10 to $20 million dollars in the past 20 years, according to a recent case study published by WasteZero, the company that has produced and distributed the yellow bags for trash collection since January 2006.
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- Windover Construction Breaks Ground at St. John's Prep April 11, 2014Windover Construction is pleased to announce construction has officially begun at St. John's Prep in Danvers on a 74,000 square-foot, five-story academic building to house the school's Computer Science, Mathematics, Science, and World Languages departments.
- Lenox Sets 2014 Town Meeting Warrant April 10, 2014The Board of Selectmen have set the warrant for the annual town meeting on May 1. The warrant would set budgets of $6.1 million for town expenses and $11.4 million for school.
- Worcester's Pay-As-You-Throw Trash Removal Saves City $10-20M April 15, 2014
- Institution For Savings To Merge With Rockport National April 16, 2014The Institution for Savings in Newburyport will acquire Rockport National Bancorp in an all-cash deal slated to close in the fourth quarter of this year.
- Unemployment insurance cost freeze near April 15, 2014Gov. Deval Patrick has vowed to sign a bill sent to his desk yesterday that freezes the unemployment insurance rate that businesses pay, but a top Republican told the Herald that real reform is still a long way off.
- NMFS proposed rules to implement spiny dogfish management plan April 12, 2014New rules have been proposed to manage the spiny dogfish fishery. The National Marine Fisheries Service of the National Oceanic & Atmospheric Administration announced in the Federal Register of Thursday, April 10 that it is proposing changes known as Amendment 3 for the Spiny Dogfish Fishery Management Plan.
- 'RoboClam' hits new depths as robotic digger April 9, 2014A digging robot inspired by the unique mechanisms employed by the Atlantic razor clam has been created by a group of researchers in the US.
- Institution For Savings To Merge With Rockport National April 16, 2014
- Institution For Savings To Merge With Rockport National April 16, 2014
- Harvard Business Review Press e-Books Now Available April 15, 2014EBSCO Information Services and Harvard Business Review Press have extended the availability of Harvard Business Review Press products to EBSCO Corporate, Government and Hospital users.
- Random House, LLC. eBook titles now available through EBSCO eBooks April 10, 2014EBSCO Information Services is now offering popular fiction and nonfiction e-books published by Random House, LLC. , the world's largest general trade book publisher.
- Maine farm to host 1860-style baseball game April 10, 2014Pettengill Farm in Freeport is going to be hosting a vintage baseball game in which teams will play and dress like players out of the 1860s.
- Institution For Savings To Merge With Rockport National April 16, 2014