Kathy Pittore Real Estate Blog

Investing in Real Estate

Kathi Pittore — Sun, 20 May 2012 11:04:33 +0000

Buying property can definitely be a very lucrative investment. However, before you decide on buying and selling real estate, you have to have a good understanding of the markets. In other words, if you are looking to buy so that you can sell down the road to make a profit on your real estate, then you are better off achieving this when the housing market is slow, as there is less demand for buying houses, thus forcing sellers to lower their prices. This in turn will allow you to get a home at the lowest price possible, and then being able to sell it at a higher price once the markets begin to move again.

Of course, investing in real estate is not only about the current conditions of the housing market. In addition, you also have to look at other factors such as the location the real estate will be in, the condition of the real estate, and the reason why the owner is looking to sell. In the end, buying and selling real estate carries the same risks as any other type of investment, and the only way to avoid these risks is through proper research. More importantly, you will be spending a good amount of money on real estate compared to other types of investments, and so you want to make sure that your money is well spent. By keeping these valuable points in mind, you will be able to find the right property to invest in.

Smoke Detector Safety

Kathi Pittore — Sun, 13 May 2012 11:05:05 +0000

Smoke detectors save lives. Many people may be lulled into a false sense of security thinking they have smoke detectors in their home. Smoke detectors that are not installed or maintained properly are not safe. Here are a few tips on what you need to know about buying, installing, and maintaining your smoke detectors:

What should I buy?

The National Burn Institute recommends only buying smoke alarms tested by Underwriters Laboratories (UL). You will also want to make sure the smoke detector has a battery backup. Smoke detectors that don’t work in a power outage are no good. Consider buying a combination smoke detector and carbon monoxide detector, they may be more expensive, but well worth the money.

There are two main types of smoke alarms, which are categorized by the type of smoke detection sensor used in the alarm. They are ionization and photoelectric.

Ionization smoke detectors

Ionization detectors respond quickly to flaming fires with smaller combustion particles. They contain a chamber with two plates that generate a small, continuous electric current. When smoke enters the ionization chamber, the smoke particles disrupt the current flow, which triggers the alarm.

Photoelectric smoke detectors

Photoelectric detectors respond more quickly to smoldering fires. They use a light beam and light receptor. When smoke is present between the light and receptor, the photocell sensor triggers the alarm.

Combination smoke detectors

The best smoke alarms can sense both types of fires (flaming and smoldering). For the highest degree of safety and preparedness, there are combination smoke alarms also that combine ionization and photoelectric detectors into one unit, called dual sensor smoke alarms.

Check with your local fire department to see what kind of detector they recommend.

Installation and Maintenance

Smoke detectors should be installed on each floor, outside of every bedroom and sleeping area and near any air vents. Detectors should also be installed high on walls or on ceilings because smoke rises. Avoid installing detectors near windows, doors or where there are openings where smoke can escape.

Check with your local fire department for specific regulations on the placement of detectors.

Smoke detectors have a lifespan of about seven to 10 years, and it’s important to replace old detectors according to the model’s recommendations. Test your alarm’s batteries monthly and remember to replace all batteries at least once a year. Clean and vacuum the grill of your detector to get rid of dust and debris. Other maintenance includes a monthly testing of the alarm and cleaning with a vacuum hose about once every month.

Is Your Home Underwater?

Kathi Pittore — Sun, 06 May 2012 11:05:12 +0000

Do you owe more than your house is worth? You are not alone. Many homeowners are finding themselves in with a house that they owe more than its current market value. So what should you do?

Here are some options for homeowners with “underwater” mortgages:

Stay and Pay

Compare the monthly mortgage payment, plus carrying costs like repairs, homeowner dues and taxes, to the cost of renting. If you decide to stay and pay, you may be able to get financial help to catch up with payments if you run into a financial hardship. For example, the Emergency Homeowners Loan Program (EHLP) provides interest-free loans to homeowners who have fallen behind on their mortgages. Make sure to check with a HUD-approved housing counseling agency in your area to find out which programs may be available to you.

Refinance

The Home Affordable Refinance Program (HARP) helps homeowners who qualify refinance into a low, fixed-rate loan. The program has been extended through June 2012. For those who qualify, the terms are similar to those of any other conventional loan, but without the steep mortgage insurance that is typically required when there is less than 20% equity in the home.

Loan Modification

A loan modification means lenders lower the interest rate and payment, either temporarily or permanently. Lenders will also typically extend the term of the loan or to allow borrowers to make up missed payments by tacking them onto the end of the loan or spreading them out over the remainder.

The most well-known modification program is the government-initiated Home Affordable Modification Program. The Treasury Department reports that homeowners who were successful in getting permanent modifications on their loans through this program saw a median reduction in their monthly payment of 40 percent—more than $520 each month—amounting to a program‐wide savings for homeowners of an estimated $4.5 billion.

Short Sale

A short sale is when you sell your home for less than you owe. For the homeowner/seller, the goal is to get the lender to approve a short sale and forgive any remaining debt. Lenders do not always accept a short sale. It seems to make sense rather than allowing a home to go into foreclosure, but the red tape involved in a short sale can sometimes be overwhelming. The Home Affordable Foreclosure Alternative program (HAFA) is a government-initiated short sale program.

Foreclosure

According to RealtyTrac, one in every 605 homes received a foreclosure filing notice in May 2011. Foreclosure can have financial, legal and tax implications. For many homeowners, this is their last alternative.

Bankruptcy

If you need to stop a pending foreclosure, bankruptcy may halt a foreclosure long enough to get a loan modification considered. Filing Chapter 13 can help you catch up on payments over five years without interest. You may be able to reduce or eliminate other debts, freeing up more money to pay toward the home mortgage so you can get back to positive equity more quickly. This can be a very serious decision so it is imperative that you talk with a bankruptcy attorney before the foreclosure or short sale is completed.

Chemical Free Homes

Kathi Pittore — Sun, 29 Apr 2012 11:03:59 +0000

Did you know that indoor air pollution is actually worse than outdoor air pollution? Indoor pollution can in fact be 2 to 10 times worse depending on the materials in your home. Many of the materials in your home omit Volatile Organic Compounds (VOC’s). According to the EPA, VOC’s are in the air that you breathe and can have long term health effects, including liver, kidney and central nervous system damage and cancer.

Here is a list of some of the indoor air pollutants that you may want to reduce or remove in order to have a healthier home.

Cleaning Supplies
The things that clean your home may be making you sick. In fact, bleach is one of the biggest offenders. In order to have a truly clean home, remove all of these chemicals and start replacing them with natural ones. Check the labels of everything. Many sheets that are made for your dryer have formaldehyde in them. Some of the most dangerous cleaning products are corrosive drain cleaners, oven cleaners, and acidic toilet bowl cleaners. Corrosive chemicals can cause severe burns on eyes, skin and, if ingested, on the throat and esophagus.

Air Fresheners
Air fresheners may smell sweet but their effect can be anything but. Some air fresheners can send chemicals into the air that contain VOCs. The American College of Allergy, Asthma & Immunology looked at plug-in fresheners and found more than 20 VOCs’ and more than one-third were considered toxic or hazardous. VOCs can increase the risk of asthma in kids. At high enough levels, they can also irritate the eyes and lungs, trigger dizziness and headaches, and even lead to memory loss.

Furniture
Believe it or not the place where you sit or sleep could be harming your health. Furniture is such a big part of our life, we eat on it, sleep and sit on it. Furniture also can emit VOCs. Furniture is often made with flame retardants, finishes, adhesives and foam cushions that give off harmful chemicals.

Paint
You often hear about the dangers of lead paint. You should also be worried about the brand new fresh paint you just put on the walls. Paint, paint strippers, varnish removers and floor stains all emit VOC’s into the air. These chemicals don’t go away once the paint has dried or once it stops smelling. The harmful chemicals can last for as long as two years.

New Flooring
That new carpet smell is not good for you. As pretty as it may look new carpet, wood floors or even linoleum flooring give off VOCs. Purchase flooring produced from renewable materials such as linseed oil, rosins, wood flour and jute. Look for wood flooring that is FSC Certified (it came from a Forest Stewardship Council Certified Forest which helps protect old growth forests from being clear cut).

For more information read about Sources of Indoor Air Pollution on the EPA site.

The Simple Way to Buy a Home

Kathi Pittore — Sun, 22 Apr 2012 11:03:50 +0000

Buying a home can be a scary and confusing process. It is easy to get confused by all of the homes, locations, and what is truly important to you when buying a home.

First you will want to determine what you can afford. To do that you will want to get preapproved. That means a bank; mortgage broker or credit union will determine how much of loan you qualify for based on your income, debt and credit score. They will give a pre-approval letter stating how much you can afford.

Now it is time to pick a real estate professional to help you find the right home, negotiate on your behalf and help you navigate through the process. It is important that you choose an agent that is reputable; you have interviewed to find a good fit and is willing to listen to your needs.

Many buyers often confuse their needs with their wants. Making a list of what you actually need and what you want or your wish list is very helpful when looking for a home. Buying a home is typically a process of elimination. Many home buyers often dismiss homes that perfectly fit their needs in search for one that has their wants. This doesn’t mean you can have your wish list, but home buying is more often defined by your budget than wish lists.

To help with this process it is typically helpful to make a list of needs and wants.

Examples of NEEDS		Examples of WANTS
Reasonable square footage for comfortable living		Paint, carpet, counter tops, accessories.
Bedrooms to accommodate your family		Pool or Jacuzzi (unless for medical reasons)
Adequate number of bathrooms		Wood floors
Eat-in kitchen		Bay windows, skylights
Garage or basement for storage needs		Entertainment centers, moldings, decks and patios
Lot size to accommodate children’s play area		Upgraded lighting fixtures
Adaptation for Handicapped		View
Proximity to a specific school
Single floor living for health reasons

Each individual will have a different list of needs and wants. Your own list will help you evaluate homes as you go through the process. Sharing this list with your real estate professional will also help narrow down your search. The goal is to find a house that includes all of your needs and meets as many of your wants as is practical in your budget.

Single-Family – Millis, MA 02054 now has a new price!

Kathi Pittore — Mon, 16 Apr 2012 22:00:41 +0000

Wonderful expanded Cape loaded with charm. Quiet dead-end street, lovely family neighborhood. Spectacular post and beam family room with free standing gas log fireplace & fieldstone hearth. Large master w/skylights. Large level fenced in backyard.

This is a Cape/Gambrel style home and features 8 total rooms, 1 full bath, 1 half bath, 3 bedrooms, 0.26 Acres, and is currently available for $299,900.

For complete details click here.

Reasons Why You Should Own a Home

Kathi Pittore — Sun, 15 Apr 2012 11:04:19 +0000

The past few years the news has been inundated with bad press about the housing market but the facts remain the same it is still better to own a home. In fact, there are more reasons than ever to buy a home. If you are on the fence about buying you will want to take note of some of the benefits of homeownership.

Pride of Ownership
It belongs to you! That’s right, renovate, update, paint, and decorate to your heart’s desire and you don’t need to ask permission or waste money improving something that you do not own. Your home is your own so plant trees, install a pool, put up a fence, expand the patio, redo the basement or do anything you want. Owning something feels good.

Equity
Homeownership is about building long-term wealth. It may seem that buying a home has a lot of upfront costs but historically homes appreciate by about 4 to 6 percent a year. When you purchase a home, you build equity with each payment. Equity is the difference between what the home is worth and what is owed. Equity can be used to build wealth, save for retirement and even to secure a loan. For example, an $800/month rent payment equals out to be $48,000 over five years with no financial gain to you.

Tax Benefits
Homeownership has huge tax benefits. In the early years of a loan, mortgage interest is the largest part of your mortgage payment. Mortgage interest is fully deductible on your tax return. For example, a homeowner in a 28% federal tax bracket could lower their borrowing costs by almost a third.

Better Living
Studies have shown that owning a home can actually make you healthier, and is better for your family too. The U.S. Department of Housing and Urban Development (HUD) report: says “Homeowners accumulate wealth as the investment in their homes grows, enjoy better living conditions, are often more involved in their communities, and have children who tend on average to do better in school and are less likely to become involved with crime. Communities benefit from real estate taxes homeowners pay, and from stable neighborhoods homeowners create”.

The National Association of Realtor’s Social Benefits of Homeownership and Stable Housing reports homeowners experience:

-Higher educational performance and better behavior of children
-Lower community crime rates
-Lessened welfare dependency among households
-More household participation in civic affairs
-Better household health

Bottom line, it’s a great time to buy! Interest rates are at historic lows; homes are more affordable so go ahead and invest in a safer, healthier, better future for you and your family today.

Single-Family – Medfield, MA 02052 is now new to the market!

Kathi Pittore — Wed, 11 Apr 2012 19:01:15 +0000

Fantastic 4 Bedroom 2 Full Baths, Living Room, Dining Room, Family Room All Completely Remodeled and Ready for the Most Discerning Buyer. This Home has had so many Updates it is virtually a New Home. Set in the Charming Town Of Medfield With An Award Winning School System and Charming Town Center, it is difficult to Beat! Also this Home is Handy to All Major Routes, 27,128, 95, 495, and the Mass Pike as well as the Train to Boston and the Acela at Westwood. List Of Upgrades to be provided.

This is a Split Entry style home and features 8 total rooms, 2 full baths, 4 bedrooms, 0.46 Acres, and is currently available for $349,900.

For complete details click here.

Spring Cleaning Tips

Kathi Pittore — Sun, 08 Apr 2012 11:04:07 +0000

Spring is here and you know what that means…Spring Cleaning! That’s right it time to get down and dirty and get your home spic and span.

Here are some tips from guru Martha Stewart to get you started on your Spring Cleaning.

Clean Windows

Dirty panes are no problem when you use rubber-edged squeegees, which are quicker and more effective than cloth or newspaper. They come in a variety of sizes — and a screw-on extension will let you reach high spots.

To start, dip a sponge into a bucket of warm water and a few drops of mild dish soap. Wet window; rub dirt away. Dampen squeegee; starting at an upper corner, draw it down pane from top to bottom. Repeat, overlapping strokes and wiping rubber edge with sponge after each stroke. (For large windows, ”snake” squeegee back and forth; then touch up edges.) Dry windowsills with a cloth.

Dust Lightbulbs
Unscrew lightbulbs and polish the bulbs with a microfiber cloth dampened with water (avoid wetting the metal screw base). Clean the bulbs in recessed ceiling fixtures with a telescoping lamb’s wool duster.

Wash Your Blinds
Once or twice a year, wipe wooden blinds with a few drops of gentle wood cleaner on a nearly dry sponge. Aluminum blinds can be washed outdoors: Place them on an old sheet on a slanted surface, and scrub with water and a noncorrosive cleaner. Use a hose to rinse well, and then dry the blinds thoroughly with a towel to prevent rust.

Switch It Up
Change the direction of your ceiling fans. While the standard counterclockwise direction provides a pleasant breeze during warm months, you should run the fan clockwise in cold weather. This creates an upward draft, redistributing the warm air hovering near the ceiling throughout the room, thus heating your home more efficiently. Most fans have a switch on the base to adjust the rotation.

Clean Out the Refrigerator
This task is a daunting undertaking; make it more manageable by breaking it down. The first step is to wipe up spills immediately so surfaces won’t become stained. Make it a habit to throw out old food once a week.

Every few months, wash the interior with a solution of two tablespoons of baking soda for every quart of warm water. Wash removable shelves and drawers in the solution (let glass shelves come to room temperature first so warm water won’t crack them). Loosen hardened spills on fixed parts by wetting the area with the solution, allowing the residue to soften.

Use a toothbrush to scrub crannies. Twice a year, vacuum or brush dust from the condenser coils to keep the system from overheating.

Deep-Clean Carpets and Rugs
For synthetic carpeting, rent or buy a shampooer/extractor — a machine that cleans the fibers and removes traces of soap using hot water. Open windows and let air flow to help carpets dry. If you have wool carpets or rugs, or any that are valuable or delicate, contact a professional for cleaning.

Clean Your Curtains
Vacuum and steam-clean curtains or have them dry-cleaned. If you’ll be replacing heavy curtains with lighter ones as the weather gets warmer, it is especially important to remove dust and dirt before putting the curtains away for storage.

Moving Can Be Stressful

Kathi Pittore — Sun, 01 Apr 2012 11:03:50 +0000

Moving can be stressful. The best way to not get overwhelmed is to have an organized plan and a step-by-step timeline. A little preparation will help make the move go a lot smoother.

Here is a checklist to help keep you on track:

60 Days Before You Move

Sort and Purge-Go through every room, decide what needs to come with you and what can go. Make piles of things to throw away and things to donate.
Plan a Yard Sale-Start planning a yard sale to reduce the amount of stuff you need to move. Some extra money for the move will also come in handy.
Hire a Mover-Contact at least three moving companies. On-site estimates are better than over the phone or internet estimates. Get each estimate in writing, and make sure it has a USDOT (U.S. Department of Transportation) number on it.
Create a Moving Binder-Store all of your move-related paperwork (checklists, contracts, receipts) in a binder. You may also want to inventory all of your items with photos or lists.

Six Weeks Before Your Move

Get Packing Supplies-Determine how many packing supplies you’ll need and designate a room where you can begin to store and organize.
Take Measurements-If possible get room dimensions of your new home. Make sure large pieces of furniture will fit. Don’t forget to take measurements for appliances too.

30 Days Before Your Move

Confirm with Mover-Check with your mover the details of your move.
Start Packing-Begin packing out-of-season clothes and unnecessary items.
Label-Make sure to label boxes with what rooms the boxes will go in at your new home.
Start/Stop Utilities-Make arrangements to connect and disconnect your cable, internet and utilities.
Change your Address- Contact or visit your local Post Office to obtain a Change of Address form. You can also obtain this form online at http://www.usps.com.
Make Notifications- Change your address to the following: registry of motor vehicles, banks, schools, friends & family, insurance companies, doctors and specialists, cell phone providers, credit card companies and magazine and newspapers.
Contact Service Providers—Notify landscapers, cleaning services that you are moving, and look for new ones in your new hometown.

Two Weeks Before Your Move

Call Locksmith- Have your new home’s locks changed on moving day or before.
Arrange Services- Have a cleaning company prepare the new home before you arrive and tidy the old home after you leave. Arrange for carpet cleaning too.
Pack the bulk of your items.
Start Cleaning-Begin cleaning any rooms in your house that have been emptied, such as closets, basements or attics.

One Week Before Your Move

Pack Suitcases- Finish your general packing a few days before your moving date. Pack suitcases for everyone in the family with enough clothes to wear for a few days.
Gather Keys- Organize all keys, alarm codes and garage door openers so that you can be prepared to hand them over to the new owner or real estate agent.

A Few Days Before Your Move

Defrost the Freezer- Empty, clean and defrost the freezer at least 24 hours before moving day.
Make Payment Plans- You will need to make sure you have made arrangements to pay the mover and have a tip (usually 10%-15%).

Moving Day

List Contact Info- Write out a list for your movers of things they’ll need: phone numbers, exact moving address and maps.
Take Inventory- Before the movers leave, sign the bill of lading/inventory list and keep a copy.
Walk-Through- Do a walk-through of your new home with your real estate agent.
Layout New Home- Tape names to doors to assist movers in placing furniture and boxes.
Have Director- Arrange for someone to direct the movers at your new home.