Evelyn Doane - William Raveis Real Estate - Cape Cod



Posted by Evelyn Doane on 8/27/2017

Forget the fact that rising housing prices are often used to signal a strong economy. For many house hunters, three or more months of consecutive upticks in area housing prices are too much to swallow. It's not hard to understand why.

Despite signs of economic recovery, new home buyers want low housing prices

Following the Great Recession, homeowners lost a painful sum of money on houses that they were trying to sell. It left some homeowners with no choice except to stay in a house that had become too expensive. This was especially a fact for homeowners who had experienced a job loss or a severe cutback in their work hours.

What happened was that housing prices rose dramatically prior to the housing bubble then sunk, leaving some homeowners responsible for ballooned mortgages. When these same homeowners tried to sell their houses, they either took a loss (as home values tanked) or they found themselves staring at a house that had been on the market for three months or longer.

Housing price costs of stronger economy

Even if the economy continues to get stronger, it could prove costly for house hunters to buy residential property when prices are going up. Slight economic shifts could put these house hunters at risk of defaulting on mortgages they barely afforded when the economy was good. It's why knowing the signs of potential housing price increases is valuable.

As with most real estate issues, a good first pass is to check with local residents. Find out what current homeowners are planning to sell their houses for and why. Do a little research and surface competitive house prices in areas you're thinking about moving to. Also research prices in low costs areas. Stay open to moving to lower costs areas that offer safety, great commutes, education,entertainment and business opportunities. As you conduct due diligence, think about the signs of rising housing prices.

Spot potential increases in housing prices early

Here are some signs to look for if you're in the hunt for a new house and want to avoid buying in an area that's about to experience a rise in housing prices. Although these signs may not cover every situation when housing prices could spike, the following signs do offer clues that you may want to pay attention to as you continue your house search:

  • Professional sports arenas are under development - Ask Brooklyn, New York residents how rents and housing prices can soar after a professional sports arena is constructed in the area. Housing prices rose so much following the opening of Brooklyn's Barclays Center that some long time Brooklyn residents made plans to move from the area so that they could, once again, better afford housing costs.
  • Shopping centers - If retailers expect an area to grow, housing prices could start creeping up.
  • New quality schools - It's not every day that you see new schools being constructed. Should this happen, it might be a sign that developers and investors are planning to sink money into the area.
  • Increasing investor attention - Although investor attention is good, an abundance of investor attention could find current homeowners and housing developing raising prices.
  • Entertainment options are expanding - Similar to professional sports arenas, a growing number of entertainment options could attract more affluent home shoppers. This could cause you to see a spike in area housing prices.

Waiting to see how far housing prices will climb may be the last thing that you want to do if you're in the market to buy a new residential property. Do yourself a favor and look for signs that an area is strengthening and growing. If an area becomes significantly attractive to house hunters and investors, don't be surprised to see area housing prices head upwards.




Categories: Uncategorized  


Posted by Evelyn Doane on 8/20/2017

A home with a small bathroom is a major turn-off for some potential home buyers. However, the reason they are displeased usually isn't about the size of the room itself, it's not being able to fit the features they want inside the room. Considering how many large objects are usually in bathrooms, you would think they would contain a lot of square footage. That's not the case, however, with many smaller homes. In this article we'll go over some tips for making the most of the space in your small bathroom, allowing you to fit more inside without making the room a claustrophobic nightmare.

Vertical space...

Use it. Most people forget that they're only using about half the the space around the perimeter of their bathroom. You can install shelving that extends over your toilet or along the top of one of the walls to store things like towels and extra rolls of toilet paper. Installing a large mirror with storage cabinets is another great way to take advantage of vertical space. You'll get extra storage, save floor space, and create the illusion of openness by having a large mirror in the room.

Sink space savers

The space around bathroom sinks is seldom used to its fullest potential. If you have a wall mounted sink you can install a rack underneath to hold towels, mouth wash, or other bulky items. If possible, use a rectangular shaped sink and mount it in the corner of the room. Narrower sinks open up more floor space, as does keeping it off to the corner.

Omit the tub

I've had an unopened container epsom salt sitting in my closet for years. I've been saying that I'll use the next time I take a bath, but who knows when that will be. If having a bath tub isn't necessary for you, go with a bathroom design that utilizes a stand-up shower instead of a bath tub.

Reach deep with sliding drawers

Instead of reaching behind boxes of Q-Tips and bottles of shampoo just to get your mouth wash, install sliding drawers that bring everything within reach. You can utilize a sliding drawer in any vacant corners or spaces in your room. Are there a few inches between your toilet and the wall? It might be a good place to install an extra storage unit that slides out.

Prepare your battle station

Kitchen design takes advantage of several space-saving and convenient decorating techniques that are often left out of the bathroom. Instead of stuffing your hair dryer and curling iron into a drawer or leaving them on the counter, install a holster rack designed just for those tools. Many good chefs keep their knives stuck to a magnet over the counter. You can utilize this technique in the bathroom as well. If you don't want to have your tweezers hanging on your wall for everyone to see, install the magnetic strip behind your mirror to keep them out of sight.    





Posted by Evelyn Doane on 8/18/2017


253 Skyline Drive , Chatham, MA 02633

Chatham (village)

Single-Family

$695,000
Price

7
Total Rooms
3
Beds
2/1
Full/Half Baths
The Place for Summertime Fun!Located in one of the most desirable areas of Chatham, this is a great place for active people. You will be close to the beaches and charming downtown Chatham and there are deeded rights to Lover's Lake where you can swim, fish and sail. With 3 bedrooms and 2 1/2 baths, there is room for all. You will love the flow of the home from the upgraded kitchen into the living room, dining area and the adjacent sun porch while the back deck is the perfect for barbecuing and admiring the view high above the trees. Being right next to seven acres of conservation land ensures privacy and makes this the perfect place for riding, jogging and walking on the nearby bicycle trail. This is a great opportunity to make this a summer to remember!
Open House
Saturday
August 19 at 11:00 AM to 1:00 PM
High on the hill...a nature lover's delight! 3 bedrooms and 2 1/2 baths in an area of fine homes...and close to town and beaches.
Cannot make the Open Houses?
Location: 253 Skyline Drive , Chatham, MA 02633    Get Directions

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Categories: Open House  


Posted by Evelyn Doane on 8/13/2017

“Short sales” may have one of the most deceiving names in real estate. Any client who is undertaking the purchase of a short sale property will ask, “Why is this taking so long?” Short sales generally happen due to lapsed payments on a mortgage. In the short sale, the owners take a loss on the property, but it saves them from being foreclosed on by the bank. Many of these sales are circumstantial by divorce, or a sudden change in job. The seller asks the bank to take less money than the amount owed on the house in a short sale transaction. 


If You’re Buying A Short Sale Property


If you have made an offer and the seller accepts it, your dealings are far from over in a short sale. The seller’s bank needs to approve the sale. Since the bank is losing money in the deal, this is where the hold up can be in the entire transaction.


The First Step


The seller’s bank must review the short sale package first. The seller needs to submit a complete picture of their finances to the lender. The seller’s credit score will also be reviewed. A bank would not approve a short sale if, let’s say, the seller happened to have a lot of extra cash just sitting in a bank account. The lender needs to protect themselves.


The listing agent should be on top of all of the paperwork that should be done in order to have the transaction approved. As a buyer, you’ll appreciate a good short sale listing agent. 


Make Sure Everything Is In Order


There’s a lot of paperwork to sign in order to get a house. There’s even more paperwork to sign in order to secure the purchase of a short sale. If just one page of the documents are missing or one signature is left unsigned, the entire process can be slowed down even more. As a buyer, you should confirm that all the required documents have been signed and received. 


Another problem that can occur is that documents quickly become outdated. Bank and other financial statements are a good example of this. By the time paperwork is ready to go through the lender, last month’s bank statement could be completely outdated. The lender will then need an updated statement, holding up the process even more. The seller and agent need to be ready for these circumstances. The faster the lender is responded to, the smoother the process will go.          

 

Remember You’re Working With Two Banks


When you’re purchasing a home that’s a short sale, you’ll need to deal with two banks- your lender and the bank handling the short sale. Be mindful of the timelines that each bank has. If you aren’t, you could be approved hours too late to buy the property, leaving you and the seller to start from scratch. 


Buying a short sale is risky because there is always a greater chance the sale will fall through or succumb to foreclosure due to some kind of circumstances beyond the buyer or the seller’s control. If you have the right realtors on both sides of the table, the process of buying a short sale should go as smoothly as can be expected.      





Posted by Evelyn Doane on 8/6/2017

Believe it or not, flood insurance may prove to be a valuable investment, even if your home is not located in a floodplain. Flood insurance covers physical damage to your residence or personal items due to floods. Thus, flood insurance offers added protection for your home and belongings, making it exceedingly valuable for homeowners. As a homebuyer, you may search for residences that are located outside of floodplains. But it is crucial to note that even a few inches of water can cause substantial property damage in a short period of time, and a residence remains at risk for flood damage even if it falls outside of a floodplain. So should you purchase flood insurance for your new home? Ultimately, there are many factors to consider, including: 1. Your Homeowners Insurance Policy Homeowners insurance does not cover flood damage. As such, you likely will need to purchase a flood insurance policy if you want to safeguard your residence against flood damage. Those who reside in designated flood zones will need flood insurance. Meanwhile, flood insurance usually represents a valuable option for those who live in inland areas or away from major rivers as well. If flooding occurs, you'll want to do everything possible to protect your home and assets. And with flood insurance, you'll be better equipped to safeguard your residence and belongings in the event of a flood. 2. Your Umbrella Policy With an umbrella policy, you are able to add liability coverage beyond what is offered in a standard homeowners insurance policy. An umbrella policy also offers protection against major claims and lawsuits to further safeguard your home and assets. Although you might have purchased an umbrella policy for extra liability insurance, this coverage does not apply to flood damage. As a result, you will need to prepare accordingly if you want to insure your home against floods. 3. The Coverage Provided by Flood Insurance Although flood insurance offers value for homeowners, it may fail to deliver full protection for your home and belongings. Federal flood insurance policies commonly provide coverage up to a set amount for your home and possessions. In the event that your residence or belongings are worth more than these totals, you'll only receive compensation from your insurer up to the federally mandated amount. When purchasing flood insurance, it is important to consider the value of your home and belongings. If you feel that flood insurance coverage fails to meet your needs, you may want to consider excess flood insurance to increase your total coverage. Furthermore, discussing your flood insurance options with a real estate agent may be a great idea. This professional will be able to tell you if your new home is in a floodplain and offer tips to ensure that you find a residence that satisfies all of your needs. Floods can cause serious damage quickly, but homeowners who are ready for the dangers posed by these natural disasters can plan appropriately. Therefore, homeowners may want to consider purchasing flood insurance, as this coverage will protect their homes and belongings if flood damage occurs.