Article 1 (It is a Great Time of Year to Buy & Sell Real Estate!) Article 2 (10 Ways A Realtor® Can Help Sell Your Home) Article 3 (Q&A with Michael Merrill)

It is a Great Time of Year to Buy & Sell Real Estate! By Sara Rosenfeld, Sr. Vice President, Brookline Office of Hunneman-Coldwell Banker It is that time of year again when all of us are focused on the Holiday Season! You can accomplish other things besides attending parties and shopping! Remember that 1998 New Year's resolution? Wasn't this the year you were going to make that big move... buying your first home or maybe moving into that larger home so you could really entertain comfortably next holiday season? It is not too late to meet that 1998 resolution just in time to take advantage of some of the lowest rates of the year and a great selection of homes to choose from in your price range! Now you say, " I don't have time to look for a new home, especially this time of year!" My response to you is that if you are working with a local real estate professional that is carefully selecting homes suitable for you to view, then you have already saved time! You could easily fit in an appointment to see property before or after work, shopping, or even holiday events! Most importantly, what are you going to do with all of that extra time that come after the celebrating is over? Some of us take this time of year to get organized and ready to file their 1998 tax return. How much tax are you going to pay this year? Look carefully at your housing expenses, especially if you are renting! How much money could you have saved if those monthly expenses has some tax benefits? If you are renting an apartment for $1,500 per month and if that rent payment was a mortgage payment, you could have been receiving approximately $6,000 in tax savings for 1998! Call an accountant and check those figures based on your income and see! An extra tax savings bonus could come in handy. It is not too late to receive some extra tax benefits for this year! If you are reading this article at the beginning of December, call a mortgage representative. If you move quickly, you could even close on a purchase before December 31, just in time to be able to write off those closing costs for your 1998 tax returns! Even if you are not ready to move this quickly, you can start the process of looking at property, reading about various communities, educating yourself to the market, school systems, public transportation access, and any other important factors that will affect your move. Yes, it may take more time for you than others, but the most important part of the process is to START! If you have a home to sell, it is a wonderful time of the year to have your property on the market. One of the highest percentages of "Listings Sold" to "Listings Taken" occur during this time of year since winter prospects are more serious buyers! Many of us put in a great deal of energy cleaning our homes and getting ready for holiday guests. Add a few seasonal decorations and your home never looked so good! Why not show it off to prospective buyers at the same time? Sellers need to remember that they can restrict showings during their personal holiday plans and have their home shown to the buying public while they are out shopping, attending other holiday events, or maybe taking a vacation! Just remember that it is a fabulous real estate market. Now is one of the best times to buy or sell. call me today for more information. (617) 731-2447

10 Ways A Realtor® Can Help Sell Your Home By Jay McHugh of RE/Max Affiliates Today, more than ever, selling your home can be a complicated transaction requiring a great deal of time, effort and involvement. More and more sellers are realizing that the surest, most effective and, consequently, most profitable means to selling their homes are achieved by enlisting the services of a REALTOR. And, taking that one step in hiring a REALTOR will put you much closer towards the purchase of a brand new home. Only a real estate professional who belongs to the local and the National Association of REALTORS may call himself or herself a Realtor. A REALTOR is bound by a Code of Ethics and is pledged to protect and promote the interests of the seller by providing fair treatment for all parties involved in the transaction. REALTORS offer invaluable assistance and expertise in a variety of ways in helping you sell your current home. Consider that: 1 REALTORS know the market and will give you the quickest exposure to the maximum number of buyers. 2 REALTORS screen and "qualify" prospects as to their affordable price range and housing needs. 3 REALTORS free you from the problems associated with showing your home; REALTORS handle phone inquiries, appointments, showings and negotiations of the contract. Your home is shown only to serious, qualified buyers. 4 REALTORS know current real estate values and help you to set a realistic, competitive price. They are skilled professionals who know how to merchandise you home effectively. 5 REALTORS are familiar with the local home-loan market and can help you determine whether seller-assisted financing may expedite your sale. 6 REALTORS figure the net proceeds from your sale, taking into account your outstanding loan balance, closing costs and possible owner financing. 7 REALTORS tap an even larger market through referrals and marketing techniques. 8 REALTORS maintain objectivity in presenting offers and counter-offers. 9 REALTORS familiarize you with the closing procedures by explaining all of them in advance. 10 REALTORS owe you a fiduciary duty: they represent you as the seller, not the buyer, in all aspects of the transaction. As your agent, they are obligated to keep confidential any information you give them (which is not deceptive to the buyer, of course). Their duty includes looking out for your best interests - trying to get the most possible within the shortest amount of time.

Q&A with Michael Merrill of Merrill & McGeary, a real estate attorney. Q: I recently made an offer to purchase a Condominium unit. The offer was accepted at just below the listing price. I retained a home inspector to conduct an inspection of the unit and common areas. The inspector discovered items in both the common areas and the unit which need repair. Now that I have this information I am not sure what I should do. Will the Seller fix the items or reduce the purchase price? What should I expect from the Seller if I ask for a price reduction? Are there any time deadlines which affect my negotiations? T.A., Boston, Massachusetts A: Generally, offers to purchase homes and condominiums are conditioned upon the Buyer obtaining a satisfactory inspection. A portion of the offer to purchase usually in a separate paragraph will state that the inspection must be conducted by a specific date. Thereafter, the Buyer has an obligation to inform the Seller on or before a second date whether or not the property contains serious structural, mechanical or other defects which would cost the Buyer more than a certain amount to repair. Most offers do not contain an amount, but some state $500.00. The intent of the condition is to provide the Buyer with an opportunity to cancel the offer to purchase and obtain the return of his deposit if the Buyer discovers that unforeseen repairs to the property are necessary. Notwithstanding the right for the Buyer to cancel the offer in many instances the Buyer and Seller negotiate the inspection issues. Depending upon the situation the Seller might agree to make minor repairs or reduce the sale price to some degree. However, the Seller could cancel the offer, return the deposit and move on to the next Buyer. I recommend you speak to the real estate broker and/or your attorney before you take a position with regard to the inspection issues. In the real estate business there are generally accepted methods to deal with these issues, and there is no substitute for good experienced advice. Michael W. Merrill Q: I just accepted a new job with a somewhat higher salary than my previous job. As a result I have additional income which I would like to invest. I am relatively young and I thought I might purchase a two or three family house and move into one apartment rather than continuing to rent. I am somewhat concerned about real estate values, would you say the market is at its top? What factors should I consider in determining whether or not this is a good idea? Could I join with someone else if I need additional cash to make this deal happen? How would that work? I know this is a mouthful. Do your best. A.C., Cambridge, MA A: Of course, I am biased. I recommend real estate as a good investment and home ownership as the way to go long term. I agree that the real estate market is at an all time high. However, the market constantly fluctuates over a period of years. The last down cycle was in the last 1980's through 1992 or 1993, and then the market began to turn more favorably toward owners and Sellers. As an owner you will have to ride out turbulent periods. If your investment horizon is short, real estate probably is not the best investment strategy. Nonetheless, you need housing and with a purchase you are building equity. Each real estate investment stands on its own merits. The quality of the property and building, location, price, rental values and financing terms are all factors to be considered. I recommend a thorough analysis of the entire deal before signing a purchase and sale agreement. If you need additional cash you can take on an investor either as an equity partner or merely as a lender. This relationship could affect your financing options. If you join with someone else, I recommend a written agreement be signed by the parties to clearly define the rights and obligations of the parties. The agreement does not have to be complicated, but it should touch all of the bases including capital contributions, management, distribution of profits, termination of the partnership, compensation of the partners and the like. Good luck. Michael W. Merrill