Claudette's Blog

The much-anticipated extension to the home buyer tax credit has finally been approved.  The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house.  The bill now moves to the President's desk for a final signature. 

First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year's economic stimulus package.  The newly backed program will expand the credit to include existing home owners.  

Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home.  To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30. 

The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers. 

The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have been lobbying hard for the extension and expansion of the tax credit.  NAR claims that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased. 

The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011. 

Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "This is probably the last extension." 

But, is this really true?  When April 2010 comes around and the housing market is still not in full recovery mode, will the politicians be able to let this go and actually come to an end, or could it possibly become a more permanent subsidy? 

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

 Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

Weston Nurseries in Hopkinton, Massachusetts is a local landmark.  It is located on a scenic country road,Route 135 which is most noted for the beginning route of the Boston Marathon. 

Now in its 86^th year of business, the nursery is noted for its exceptional plants and award-winning azaleas and rhododendrons.  This is the place where locals as well as plant lovers from all over the area come to find a huge selection of trees, shrubs and perennials.  

Advice on planting and landscaping is highly sought from the knowledgeable staff of experts on all matters of horticulture.  Local homeowners as well as trade professionals come to Weston Nurseries for their variety of plantings and their ability to help create beautiful and exceptional outdoor living spaces. 

Their best known flower is the PJM Rhododendron which was named after the late founder Peter John Mezitt. 

Weston Nurseries is located at 93 E. Main Street in Hopkinton and serves a wide area of loyal and devoted clients who always return to this fountain of beauty and wisdom in the area gardening.

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

 Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

What is a CMA?

1. A Comparative Market Analysis

2. A Competitive Market Analysis

Actually, both of these definitions apply. 

A CMA is a report prepared by a real estate agent to determine the value of a home.   

When you sell your home, a listing broker will do a CMA to establish what the current value is and what the list price should be.  This is done by looking at homes that have sold recently and weighing them against your home to arrive at a competitive price. 

By the same token, the CMA is extremely valuable to your buyer broker when you are looking at homes to purchase.  It is a highly effective tool that can help you decide on the right price to offer on a property. 

The way a Comparative Market Analysis works is really quite simple.  Your buyer broker takes the subject home, or the home you intend to make an offer on, and pulls up three or more recently sold properties in the same neighborhood with as many of the same characteristics as possible.  Through an examination of the home's style, square footage, number of bathrooms, type of setting, i.e., cul de sac vs. a main street, comparisons are made to the subject property. 

Adjustments are then made for the differences between the subject property and the comparable sales.  If a home that sold has one more bedroom and more square footage than the subject, a deduction in price is made to the larger home.  If the subject has a better setting than the sold home, you would add the price difference of that setting to the home that sold.  A continuation of this process will arrive at a reasonable value and, eventually, to a suggested offer price. 

Depending on the amount of inventory available and the size of the town, the comparable sale should be no more than 90 days to six months old and as close to the subject property as possible. Ideally, the home should be in the same neighborhood; however, that is not always possible. 

Upgrades such as new kitchens, granite counters, finished basements, decks, in-ground pools should all be part of the equation. 

A Comparative Market Analysis is an important step in the purchase of any home.  Be sure the buyer broker you are working with knows how to do one.  It can make all the difference in your home purchase.

Related Posts:

Home Warranties, Are They Worthwhile?

Assessing the Value of a Home

Property Disclosure - Who Has the Burden of Proof?

The Importance of Being Pre-approved

What is Included in a Home Purchase?

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

 Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

Just off of the picturesque country road, Saddle Hill is the community of Hopkinton Highlands. The long, winding and very scenic Greenwood Road and the cul-de-sac that is Everett Circle make up this community of more than 50 distinctive homes. 

The homes were built by the luxury home builder, Toll Brothers from 1999 to 2005.  They range in size from 3,000 square feet to over 6,000 square feet and most feature distinctive brick fronts and estate like settings. 

Each of the residences sits on a lot of an acre or more and many have amenities such as gourmet kitchens, luxurious master suites, solariums, libraries with built-ins, multiple staircases, family rooms with cathedral ceilings, finished lower levels and au pair suites.    

Hopkinton Highlands has a reputation for distinction and elegance and is one of the top choices for relocation buyers entering into the area.  Along with the meticulous neighborhood landscaping and proximity to conservation land, the neighborhood has the convenience of being located close to major Route 495 and the Mass Pike and as well as the MBTA train station. 

Over the past year, the home sales in Hopkinton Highlands have ranged in price from $800,000 to $845,000.   

Best known for being the start of the annual Boston Marathon site, Hopkinton also enjoys the distinction of having an award-winning public school system that has been consistently ranked highly among schools in the Metrowest area.    

If you would like further information on Hopkinton Highlands or any of Hopkinton's other fine communities, please feel free to contact my office. 

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

It is the time of year when tennis must be brought indoors and, if you live in the Metrowest Massachusetts area there are a number of great tennis clubs to choose from.

The Westboro Tennis & Swim Club was voted "Club of the Year" in 2002.  Located at 35 Chauncy Street in Westborough, the club is right off of Route 9 and is convenient to route 495 and the Mass Pike.  Membership at Westborough draws players primarily from the towns of Westborough, Northborough, Southborough, Marlborough, Holliston, Grafton, Worcester, Framingham and Sudbury.  With over 90,000 square feet of indoor space, the club is equipped with indoor hard courts, clay courts as well as a full tennis pro shop.  

An owner operated facility; it offers a full pro staff, lessons, clinics and a host a number of monthly tennis and swim events for adults and children alike. 

The Natick Racquet Club is completely devoted to tennis.  Nine plexi-pave courts - five in a permanent structure and four in an air type bubble which become outdoor courts in the summer serve all tennis needs.  The club is located on 16 Michigan Avenue in Natick and offers a complete range of tennis instruction and tennis play for every age and ability level.  

Now, celebrating its 39^thyear, The Natick Racquet Club offers a myriad of programs for adults, including open court play, adult clinics, drill sessions, weekly Grand prix doubles play, a singles flex league and mixed doubles.

The Wayside Racquet Club is located on the edge of the Sudbury Reservoir in the southeast corner of Marlborough at 80 Broadmeadow Street.  It serves the towns of Marlborough, Southborough, Westborough, Sudbury, Framingham and Hopkinton. 

In operation since 1979, the club has a reputation for excellence and offers a variety of sport type memberships.  Their offerings include tennis, racquetball, aquatics and socializing. The facility includes six all-season tennis courts, four racquet ball courts as well as indoor and outdoor swimming pools.

The Longfellow Club is located at 524 Boston Post Road in Wayland.  Established in 1972, this facility was originally all tennis.  It has been expanded to include squash, swimming, Nautilus and women's basketball.  The club is equipped with 7 hard tennis courts (2 indoor), 2 squash courts, a competition size swimming, free weights and Nautilus. 

Thanks to the many indoor clubs this area has to offer, we can enjoy our tennis - rain or shine!

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

In another sign of the times, a new survey done by The National Association of Independent Landlords shows that 69 percent of landlords are now willing to lower the rent for struggling tenants when asked.  

With money tight many renters are having a tough time making their monthly payments.  Some property owners who are also in difficult situations have a preference for working out deals with  otherwise good tenants to avoid the trouble and expense of finding new renters. 

Since landlords are equal victims of the recession, nearly 32% report that they have lowered rents over the past 18 months.  They too are struggling to pay their mortgages and cover overhead and feel that as long as they have tenants who will pay on time, they are willing to work out arrangements to hold onto to them. 

Of the landlords who are willing to negotiate, 61% have said they would drop their rents up to 5%.  Anther 29% claim they would deduct up to 10% and the rest may even consider deeper discounts. 

This information came from a poll conducted by the association's members from October 7 to October 10, 2009. From the survey, 496 landlords, mostly residential, responded from various parts of the country. 

Often renters who cannot afford to pay all of their rent simply skip it entirely with the hopes that it will just go away.  That approach only compounds their problems and ends up hurting their credit rating.  From the side of the property owner - he does not want to run the risk of having an empty building when he can, instead, have rents coming in.  

This is a time for everyone to be creative. Negotiating a lower monthly payment is one possible solution. 

Another is to look among the many foreclosure properties on the market and perhaps pick up a deal with a monthly payment that may be the same or less than your current rent.  

If your credit is intact you should speak to a foreclosure expert or a seasoned buyer broker who can help you find that diamond in the rough which may, indeed, be the perfect solution to the high cost of rent.

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

Smoke Detectors are a Must When Selling a Home in Massachusetts.  This law has been in affect for many years.

State law requires that all homes must be equipped with smoke detectors.  The burden for compliance falls primarily on the seller.  Prior to any closing, the seller of a property must have the fire department come to the property and inspect their detectors to assure that they are all in working order.  The fire department will issue a certificate of compliance that must be brought to the closing.  Without this certificate, the closing cannot take place.

The law requires that there must be an operable smoke detector on every habitable level, including the basement.  A finished attic must also be equipped.  

• On the first floor, smoke detectors should be placed on the ceiling in a hallway near a stairwell to the second floor.  If there is a bedroom on the first floor there should also be a detector outside the bedroom door.  
• On the second floor, the smoke detector must be placed on the ceiling in the hallway common to all of the bedrooms, normally at the head of the stairs.  This is done so that the smoke will get to the detector before it reaches the bedroom.  
• In the basement, smoke detectors should be placed on the cellar ceiling at the base of the stairs.  In an unfinished basement, it should be on the edge of the joist and never placed at the top of the basement stairs by the cellar door.
• In properties that were built after 1975 it is mandatory to have a hardwired system with battery backups.

New Regulations Beginning in 2010

Effective January 1 of next year, new rules will be in effect with regard to smoke detectors in residential properties. 

Two Types of Smoke Detectors

The technologies currently used in smoke detectors are ionization or photoelectric and they both have their pluses and minuses. 

Ionization detectors operate by having a constant current running between two electrodes.  An alarm is set off when the smoke enters, interrupting the current.  This method is typically faster to sound an alert than photoelectric detectors. The problem lies in the fact that ionization detectors cannot tell the difference between smoke and steam and this has resulted in many false alarms. 

Photoelectric detectors, on the other hand, function through an emission of a beam of light.  Whenever smoke crosses the path of the light beam, the smoke particles cause it to scatter and this triggers an alarm. This method helps to cut down on the amount of false alarms; however, it can take longer to sound an alert. 

Recognizing the strengths and weaknesses of both technologies, the new regulations will require the installation of both Ionization and photoelectric smoke detectors in all residential properties.  The location requirement will remain the same with the exception that, due to the sensitivity of the ionization detectors to steam, they cannot be placed within 20 feet of a kitchen or bathroom which contains a shower or a tub.  

Which properties are affected by the new law? 

All residential buildings that are sold or transferred after January 1, 2010 which are less than 70 feet tall, have fewer than six units and have not been substantially altered since January 1, 1975 must comply with the new regulations. 

Massachusetts takes safety matter seriously. The cost of implementing these systems is well-worth the lives they save. 

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

Presidential Estates in Southborough, Massachusetts is located off of prestigious Sears Road which borders the Marlborough town line.  The neighborhood is comprised of the streets - Presidential Drive, Kennedy Lane and Glennwood Road.  

Homes in this community were all custom built and sit on lots that are 1 ½ to 5 acres with estate like settings in an environment of elegance and sophistication. 

Unlike typical subdivisions where properties are all built in a similar style, the homes in this neighborhood were individually crafted with each property exuding a uniqueness that is distinctly its own.  

Homes in this community range from 4000 square feet to over 6000 square feet, with a few exceeding that size.  Amenities include stunning woodworking, state-of-the-art kitchens, multiple fireplaces,  3-car garages as well as some inground pools. 

List prices in Presidential Estates are currently $1,100,000 - $1,150,000.  

Southborough was recently named Number 31 in the nation on CNN Money's 100 Best Places to Live in 2009, and second in the nation for towns in which income was over $100,000. 

The town's public school system is highly ranked and Southborough is home to the prestigious St. Mark's School.  In addition, the Fay School is the oldest junior boarding school in the country serving grades 1 through nine on its 35 acre campus. 

Southborough is one of the most convenient locations in the Metrowest area with an MBTA Commuter Rail station as well as its proximity to Routes 495 and the Mass Pike. 

For more information on any of the neighborhoods in the Southborough area, please call my office at 508-881-6230.

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

Whether chains are rattling, the floor is shaking or there is simply the knowledge that an evil deed was committed on the premises, you could possibly be dealing with a haunted house, or a "stigmatized property" sale. 

Since liability issues on these types of transactions vary from state to state - what is the guiding principal for selling a haunted house? 

In 1991, a case in New York provided some legal precedent on the matter. 

Stambovsky v. Ackley

The owner of a house, Helen Ackley had reported the existence of numerous poltergeists in her home and had, in fact, publicized these occurrences in Reader's Digest and a local newspaper on three occasions. As a result, the home was placed in a five-home walking tour in the city and received an enormous amount of publicity.  She even referred to the home in a article as a "Riverfront Victorian with ghosts." 

Some of the interactions Ms. Ackley described to reporters included ghosts waking her each morning by shaking her bed.  When spring break arrived she loudly proclaimed to the spirits that she did not have to wake up early anymore.  On this, she insisted that they listened to her requests and the bed immediately ceased all shaking.  

Despite the local notoriety, an unknowing buyer, Jeffrey Stambovsky signed a contract to purchase the home. On an agreed upon price of $650,000 he made a $32,500 down payment.  Since Mr. Stambovsky was not from the area he claimed to have ignorance of the widely known haunting tales. 

When the buyer subsequently learned of the haunting stories, he filed for a request of the rescission of his contract for the sale and also sued for damages citing fraudulent misrepresentation on the part of Ackley as well as the Realtor®. 

In ruling on this case, the court stated that since the existence of ghosts in the home had been widely reported, as a matter of law, the house was haunted. 

However, the court dismissed the fraudulent misrepresentation action and stated that the Realtor® had been under no obligation to disclose the haunting to any potential buyers. The court affirmed that the law of caveat emptor (let the buyer beware) applied in this case so the buyer did not prevail. 

Mr. Stambovsky subsequently appealed the case and won a reversal. 

On appeal, the court stated that a "haunting" was not a condition that a buyer could fairly be able to ascertain  through even the most thorough of home inspections.  In this case, "the most meticulous inspection would not reveal the presence of poltergeists at the premises or unearth the property's ghoulish reputation in the community."

It further stated that the seller had taken unfair advantage of the buyer's ignorance.  Since she had taken it upon herself to inform the community at large of numerous spirits roaming rampantly throughout the home, she owed no less to her perspective buyer. 

The judge then rendered a somewhat entertaining opinion using the following phrases:  

"In his pursuit of a legal remedy for fraudulent misrepresentation against the seller, plaintiff hasn't a ghost of a chance," I am moved by the spirit of equity," "In this instance - who you gonna call?" and "The notion that a haunting is a condition which can and should be ascertained upon inspection of the premises is a hobgoblin which should be exorcised from the body of legal precedent and quietly laid to rest." 

I have no knowledge of whether or not the parties in question had any appreciation of the judge's sense of humor. 

However, Mr. Stambovsky was finally let out of the deal and had his deposit fully refunded. 

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446  - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough

In Hopkinton, Massachusetts, the streets -  Bullmoose Run, Rough Rider Ridge, Roosevelt Lane and Cubs Path make up the subdivision known as Roosevelt Farms. 

This picturesque cul-de-sac neighborhood is popular for its location which is convenient to the train station, Route 495 and the Mass Pike as well as its proximity to the Hopkinton Country Club.  

The homes in this community were built from 1992 to 1997 and range in size from 2200 square feet to 3500 square feet.  Each home is built on a ¾ acre lot.  Many of the lots are wooded and have a fair amount of privacy.  

The residents at Roosevelt Farms enjoy a close community feeling with their frequent block parties, golf outings and holiday gatherings. 

There are currently two homes for sale in wonderful Hopkinton subdivision.  They are both located on Bullmoose Run.  

Features in these homes include: spacious kitchens with granite counters, cathedral ceilings in the family rooms, crown molding and wainscoting, tray ceilings in the master bedrooms, lovely master bathrooms and a wooded, private lot.  

The price range on these properties is $549,900 to $569,900. 

If you would like information on Roosevelt Farms or any other community in Hopkinton, please call me at 508-881-6230.   

I look forward to helping you with your move to the Hopkinton area.

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Copyright 2009 - Claudette Millette, Broker, Owner, TheBuyersCounsel - 800-392-1446 - E-mail    

Learn More about Massachusetts Home Buyer Representation - Greater Boston and MetroWest Massachusetts -  Serving Massachusetts Home Buyers Since 1992 

Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough