Well folks, the sleigh ride is over. For the first time since 2019, last year concluded on something of a mixed note for the Cape Cod Real Estate market. Cape homes set a new record 12-month high of $679,750 in December of 2023, up an eye-watering 66% from $410,000 in December 2019. But if we look closer, we see that prices from November [...]
Whether you are buying, selling, or renting your home, one of the most important decisions you will make is who will represent your interests during the transaction. Those representatives should always be experienced local professionals with strong relationships in the community. I recently closed a transaction that perfectly illustrated just how important those relationships may end up being. Take a look:
Three days before closing on a seller client’s home the buyer’s attorney discovered two title issues which were going to prevent us from closing: an undischarged mortgage and an outstanding right of first refusal from the original developer. Title issues are always trouble but this was particularly troubling because my sellers were using the funds from their sale to purchase another home on the same day – a delay on the sale would cause serious complications for everyone involved. But my clients had done the right thing – they had carefully selected a team of experience professionals with strong connections in their respective professional communities. Here’s what happened:
We were in a rush so the attorney asked me (as the seller’s agent) to work on the right of first refusal while she and the sellers dug in on the mortgage. Because of my local knowledge, I happened to know who the developer was, and that he had retired and sold his business about 15 years ago. I also happened to know who he sold the business to, and have a working relationship with that person. So I called him up and got the contact info for his predecessor. I then spoke with the developer who sent me to his attorney here in Yarmouth. I called the attorney, with whom I have closed dozens of deals and asked for a favor. That afternoon the document was prepared and signed. First problem solved.
But what about the second problem? The mortgage on the home had been paid off for 10 years, but the bank never recorded the discharge. [Editor’s note: this happens ALL THE TIME. Always call your bank to make sure they recorded the discharge after your last payment to avoid this issue yourself]. The mortgage was, sadly, with a large national bank, so my sellers’ tearful trip to the branch was useless. So they regrouped and, on a lark, called their financial advisor. At dinner time on a weeknight. He picked right up. They explained the situation and he said, “You know what, I know someone who works in the mortgage department at that bank’s headquarters. Let me reach out to him.” By noon the next day they had satisfactory documentation of the discharged mortgage in hand, thanks to their finance guy’s local relationship within the bank.
We sent the completed file to the buyer’s attorney, the transaction closed as scheduled on Friday, my clients bought their new house that afternoon, and everyone walked away happy. Disaster averted.
So what was the trick? Local relationships. My clients had carefully selected a team of local experts and it paid off big time. Think about it like this – what if their Realtor hadn’t been local? Would the seller’s attorney have known and trusted him to solve part of the problem, or would she have had to extend the closing date to give her time to do it herself? Would the agent have known immediately who to call to track down the long-since retired out of state developer? Would the developer’s attorney have been willing to do the agent a favor by rushing the file? What if their financial advisor had been a nameless associate at a large firm who they couldn’t reach after hours? Or who didn’t have personal local relationships within the industry? Would they have still closed on time? Maybe. Maybe they would have gotten lucky. But why leave it to chance? Real Estate is a team sport – when you assemble your team, make sure to pick local professionals who have the experience and relationships in their industries to give you the best representation possible.
Every few years it is worth evaluating the costs and benefits of paying off your mortgage early. We'll discuss four scenarios with a home purchased for $450,000, 20% down and 2.75% interest on a 30 year fixed rate mortgage. For the purposes of this exercise we will be calculating principal and interest payments and not including mortgage [...]
We hope this finds you all hale and hearty in these trying times! We are thankful to still be open for business and meeting the real estate needs of our clients, for a little more detail on how we are managing this please see our previous blog here. Today we wanted to share the first of a few ideas for how to improve your home to add value (since you may have spare time these days), whether you are thinking of selling this year or in the future.
W
e always recommend that you undertake upgrades that will make you enjoy your home more! If you can afford it, don't wait 20 years to replace a bathroom you hate, improve and enjoy it now while you are living in your home. Some sellers stress about doing these improvements just before selling and often don't reap monetary benefits as a results (see our blog about recouping investment on upgrades here). You can even undertake very inexpensive projects that improve the overall look and livability of your home that - while mostly intended for you - also make your home more appealing when selling. See the after and before photos (before has the mess of wires on the right) of a quick organization of home electronics. This makes your home more livable for you and, by being tidy and neat, can improve buyers' first impressions. A visibly clean and orderly home with very few 'punch-list' items implies that the owners are taking care of larger, invisible maintenance items -- this can have significant positive impacts by attracting higher and earlier offers when selling
If you are considering listing your home, please give us a call to put two generations of tradition and three decades of experience in your pocket. For some more tips for homeowners check out our blogs tagged here.
Buyers are looking for homes that sparkle. Some homes for sale on Cape Cod have been recently renovated and benefit from fresh paint, new floors or carpets, and updated appliances in the kitchen, bath or both. A home with newer updates is definitely more appealing to buyers (but worth it? Please see our thoughts here) and with our simple trick you too can make your home look its best without spending thousands of dollars.
Ready? Vinegar, warm water, elbow grease. No kidding. Too often we see homes that are, quite simply, dirty. Many sellers do a decent job cleaning their homes by sweeping, vacuuming, and mopping floors. What so many people miss are the walls! Spend a little time with some diluted white vinegar and wash every surface in your home. You will be amazed at how much grime can appear on a rag from, what you thought was, a 'clean' flat wall. Spend a little extra time by beds, furniture, paintings, and anywhere that people touch (light switches, around door knobs etc...). Haven't you noticed that light discoloration on the wall when you move the bureau? When your home is empty and that bureau is gone, every potential buyer walking through will notice it as well. Another great tip: use a 'Magic Eraser' or similar product for larger marks, but be careful, these can change the texture of paint which is very visible in certain light.
If you are trying to squeeze every ounce of potential value out of your homes consider this inexpensive way to make it more appealing to buyers. When someone walks in and can see everything that is wonderful about your home without the distraction of dirty walls, you give yourself a great shot at a higher sale price!
If you are considering listing your home, please give us a call to put two generations of tradition and three decades of experience in your pocket. And to see a few houses that don't need this treatment take a look at some of our listings here. Or for some more tips for homeowners check out our blogs tagged here.
It's that time of year again, winter. After a fairly temperate holiday season, it is easy to get a little lackadaisical about preparing your home for the fury of winter. For this edition we checked in with Ned, who heads up our home watch services, about some winter hazards and how to get your home ready. The point he stresses more than any other is the benefit of having a neighbor or qualified and insured business keeping an eye on your home.
Winter on Cape Cod is not kidding around. At the time of writing it is the beginning of 2020 and approximately 40 degrees outside. But ol' Jack Frost knows better than anyone how to lull homeowners into a false sense of security. Ned's tip? Turn off your water and drain your pipes. Ned is fanatical about this and will even shut off his water in the summer if he leaves for a few days. Here is his explanation.
"With your water off at the main line, a freezing incident (or broken pipe) is never as catastrophic. All that can happen is the amount of water sitting in the pipes leaks out of the break, but no more! If you leave your water on and a pipe breaks on Friday, by Sunday this could be gallons of water pouring onto your wood floors and destroying your drywall. With a well winterized home including drained pipes, a shut-off main, antifreeze in strategic locations, and human eyes walking through habitable spaces, you greatly reduce the possibility of damage as well as the amount of damage that does happen. The horror story is a former sales client had, over several months, tens of thousands of gallons leak out of a broken pipe before anyone noticed. Please have your house checked."
Cold outside is cold for everything, including animals that like to be warm and fed. If you winterize your home we recommend removing all food items, even those in plastic packages and bags. Mice will eat through bags of rice or popcorn and make a mess in your pantry. Also chimneys are a consideration if you don't need them for venting a furnace since raccoons, opossums and plenty of other animals can make homes in them over the winter leading to messy cleanup come spring.
Storm DamageAs always Nor'Easters are a very real threat to property here on Cape Cod. With hurricane force winds battering trees and roofs, these storms can drop branches or entire trees on your home. We recommend some simple things to get ready for any storm here, and particularly where landscaping is concerned. The main idea, remove large trees and limbs from the area immediately surrounding your house. Old pitch pines are particularly susceptible to breaking off near the top and dropping heavy and damaging tops on houses, so pay close attention to these when assessing your landscaping.
Be prepared this winter and add the peace of mind of having a person walk through and around your home by contacting Chatelain Real Estate today. With our house watch service you don't need to wait until April to discover a problem that has been ongoing since January.
The Cape Cod real estate market has heated back up this fall as many second home owners list their homes after the beach season. Here is our list of 5 things to do before you list your [...]
With the 2019 hurricane season in full swing and the memory of the bizarre July Tornadoes still fresh in our minds, preparing for a storm should be a concern before winter hits. Late summer and fall hurricanes do pose serious concerns for the Cape, winter Nor'easters are often just as damaging with the additional possibility of freezing [...]
July Review:
Compared to this time last year, July saw only slight variation in four of the six metrics we investigate for this blog (pictured at right). Days on market was up significantly compared to this time last year; however it was down compared to June. Additionally the number of new listings was down nearly 15% compared to last [...]
Owning a septic system can be a new experience for many homeowners. Here are the ins and outs of owning a septic system on Cape Cod including helpful information and links.
Put simply it is an engineered system that, along with your modern plumbing, safely removes waste water from the home. In their simplest form [...]