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All posts tagged Sales

Meet Your Mattapan, Hyde Park & Roxbury Real Estate Expert

Denisha McDonald is your local real estate specialist for Roxbury, Dorchester, Mattapan and Hyde Park areas. She has a deep understanding of the community, it’s people and the real estate in these particular neighborhoods. Watch Denisha’s short introduction video!

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What’s Up With Woburn Real Estate? Check Out These #’s

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents?

Here are Woburn’s multifamily sales and rental market statistics over the last 6 months of 2016.  

Total Multi-Family Listings SOLD: 9

Average Living Area by Square Feet: 2,594.00   

Average Listing Price: $521,735   

Average DOM (Days on Market): 37.87 Days 

Average Sales Price: $515,880

Average Rent for 1 Bedroom Units: $1,238

Average Rent for 2 Bedroom Units: $1,879

Average Rent for 3 Bedroom Units: $2,274

Average Rent for 4 Bedroom Units: $2,422

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!  

Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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Is The Dorchester Multi-family Market Cooling Off? Check Out These Numbers

If you know anything about Dorchester real estate, you probably know it’s been on fire for the last couple years…especially the 2-4 family buildings. But is the market cooling now? Are we at the peak? Check out the sales and rental numbers over the last 6 month and determine for yourself.

Here is Dorchester’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 104

Average Living Area by Square Feet: 3,362

Average Listing Price: $599,789

Average DOM (Days on Market): 51.58 Days

Average Sales Price: $593,745

Average Rent for 1 Bedroom Units: $1,645

Average Rent for 2 Bedroom Units: $1,972

Average Rent for 3 Bedroom Units: $2,211

Average Rent for 4 Bedroom Units: $2,564

 
I Want To Know My Home’s Value!

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!

Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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South Boston’s Multi-Family Sales Are On The Rise. Check Out These Stats!

South Boston Multifamily Sales & Rental Market Report   

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?
Here is South Boston’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 24

Average Living Area by Square Feet: 2,958.00

Average Listing Price: $1,308,736

Average DOM (Days on Market): 49.11 Days

Average Sales Price: $1,256,778

Average Rent for 1 Bedroom Units: $2,189

Average Rent for 2 Bedroom Units: $2,828

Average Rent for 3 Bedroom Units: $3,616

Average Rent for 4 Bedroom Units: $4,178

 
I Want To Know My Home’s Value!
 

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!

Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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Malden 2-4 Family Sales Are On The Move… Just Look At The #’s

Malden’s Multifamily Sales & Rental Statistics

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success. Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?

Here is Malden’s multifamily sales and rental market statistics for the last 6 months.
Total Multi-Family Listings SOLD: 87
Average Living Area by Square Feet: 2,640.00
Average Listing Price: $543,735
Average DOM (Days on Market): 43.11 Days
Average Sales Price: $534,782
Average Rent for 1 Bedroom Units: $1,453
Average Rent for 2 Bedroom Units: $1,854
Average Rent for 3 Bedroom Units: $2,138
Average Rent for 4 Bedroom Units: $2,345

I Want To Know My Home’s Value!

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!
Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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Secrets to Paying Off Your Mortgage Ahead of Time

 While the American dream may be to own a home, my dream is to own a home FREE and CLEAR. Although a process and a long term goal, the benefits far outweigh the disadvantages of paying off your mortgage early. Even if you are not making $100,000/yr, any additional money you put toward your principal helps you in the long run. You may not see it initially but trust me… it matters over the life of the loan. 

Did you know that less than 20 percent of U.S. homeowners have paid down 50 percent or more of their mortgage?   This does not have to be your statistic. By making a few simple changes you will soon be on the road to becoming mortgage-free!

Set Attainable Goals

Decide how fast you want to pay off your mortgage. How soon can you afford to pay it off? Knowing how soon you want to pay it off will allow you to figure out how much money to add to your monthly payment to accomplish that goal. Knowing the additional money needed helps you figure out what expenses you can cut from your life.

Create a Budget

We all  know that we need a goal, a plan and deadlines to succeed. I do not know of a successful person who just goes through life “doing.” There is usually always a goal and a list of items/plan to complete in order to accomplish the goal. Once you set the goal of paying off your mortgage in “x” years, we need need to create a budget to achieve the goal. Figure out your monthly income and your monthly expenses.  See where you can free up money by reallocating some things. Then, figure out how much more you can add to your monthly mortgage payment. Be sure to write that the extra goes toward your principle or else they will put it toward your interest which defeats the purpose. 

Cut the Fat

We all hate when we have to live on the bare necessities but in order to build wealth and pay down your mortgage, sacrifices need to be made. I would much rather make the sacrifice today in not having my daily coffee or show subscription in exchange for paying off my mortgage early. Let’s say I am able to pay off my mortgage in 15 years if I live “broke” on purpose. That means, in 15 years I could buy all the shoes I want with the extra money I’m saving by not having a mortgage. Sacrifice $200-$1000/mo now  to essentially earn an extra $2000 for life later?… I’ll take that ALL DAY!

Large Payments

Tax season comes every year without fail. Most of us anticipate a refund check. Most of us also have that money “spent” before we receive it for things such as vacation, new TV, Car down payment… Invest in your future and use that lump sum toward your principle. You will be happy you did sooner than you think. We are a society of immediate gratification, we need to think long term if we ever have a chance at building wealth. 

Refinance

Refinancing gives you the ability to obtain a better interest rate. Even if you have the same interest rate… you could potentially lower your monthly payments by virtue of the fact that you are now redistributing your loan repayment period to 30 years. For example, you purchased at at $200,000 and your mortgage was $1,500. Now you owe $150,000 with a refinance, your payment decreases to $1,100. All you did was refinance. Since you were able to afford $1,500 initially, now you should pay $1,100 with an additional $400 toward your principal. Couple that with any extra money you were able to save due to cutbacks…. your mortgage will be repaid in no time. 

Want more tips on how to pay off your mortgage? Send us a message to be connected to loan officers who can advise on your options. 

Contact Us

 

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The majority of Bostonians hate writing a check to their landlord every month, particularly if you live in Roxbury, Jamaica Plain, and Lower Mills areas. Sometimes you are cursed with noisy neighbors, or a super strict landlord who is looking for any reason to push you out so he can get the next highest paying tenant.

If any of the above applies to you, you probably want to buy a home…yesterday! Wanting to buy a home and being ready to do so are two different things. Are you financially ready for the monthly mortgage payment and budgeting for repairs?

Here are five signs that you’re not ready to buy a house just yet. But don’t fret; even if you are struggling with these financial issues, you can still become a homeowner. You’ll just need a bit of patience and improved financial skills.

Buying a home is expensive. You’ll need money for a down payment. If you are buying a home with an FHA loan, you’ll need a down payment of 3.5% of your home’s final purchase price, depending on your credit score. For a $300,000 home, that comes out to a down payment of $10,500. Thanks to Mass Housing, we have a 3% down payment program, but that still equates to $9,000. These numbers do not include closing costs, moving costs and other miscellaneous costs associated with moving into a new home. 

Closing costs are the fees that mortgage lenders, title insurers, attorneys and others charge you to originate your mortgage loan. We generally tell people plan for an additional 2% to cover these costs which equals $6,000.

It’s true that you can get help with some of these costs. You can use gift money from relatives, for example, to pay for all or part of your down payment. You might be able to convince a home’s seller to pay for all or part of the closing costs. In our current market, sellers are not inclined to do closing cost assistance unless you plan to purchase well above asking. 

What to Do

It’s best to start searching for a home only after you’ve saved enough money to cover a down payment and your estimated closing costs. Another option would be to look into programs available by your municipality that encourages home ownership by providing financial assistance. There are also some non-profits and other organizations that allow you to purchase with 0% or a rate lower than industry standard. (NACA.com)

Sign 2: Your Credit Score Is Bad

Your credit score is a key number when you’re applying for a mortgage. The best interest rates go to individuals with the best credit scores (above 740). The lower your score, the higher your interest rate and subsequently, the higher your monthly mortgage payment. You can purchase a home with a 580 credit score according to FHA guidelines but there are only a few lenders willing to accept a score this low. 

What to Do

First, order at least one of your three credit reports from AnnualCreditReport.com. You are entitled to one free copy of each of your three credit reports — maintained by the national credit bureaus of Experian, Equifax, and TransUnion — once every year. Once you get your report, read it carefully. It will list how much you owe on your credit cards and how much you owe on student loans and car loans. It will also list whether you have any late or missed payments during the last seven years. Those late or missed payments will send your credit score tumbling.

Next, order your FICO credit score. You can do this from the credit bureaus, too, but you’ll have to pay about $15 to do so. If your score is low, and there are negative marks on your credit report, it’s time to start a new history of paying all your bills on time. You also need to pay down as much of your credit card debt as possible. Both of these actions will steadily increase your credit score, though it could take months or even more than a year before your score recovers enough to make you a good candidate for a mortgage loan.

Sign 3: You Have Mount Everest of Credit Card Debt

Your debt-to-income ratio is another key number when it comes to buying a home. Lenders want your total monthly debts, including your estimated new mortgage payment, to equal no more than 43% of your gross monthly income. If your debt-to-income ratio is too high, you’ll struggle to earn approval for a mortgage. Some lenders will go as high as 50% due to the high cost of rent but generally, they want to see that you are not up to your eyeballs in debt.  

What to Do

I would say pay off your credit card debt but if you could have, you probably would have by now. I will STRONGLY recommend you always make more than your minimum monthly required payment. 

Sign 4: You Routinely Miss Your Monthly Payments

Making late payments, or missing payments completely, is a sure sign that you’re not ready for the financial responsibility of owning a home.

If you miss a mortgage payment by more than 30 days, your credit score will fall by 100 points or more. If you miss enough, you could lose your home to foreclosure. This is not like a landlord where you get warnings before it affects your credit… this is immediate. 

What to Do

Learn better financial habits before you apply for a mortgage. Set up reminders on your phone or computer alerting you when bills are due or use my favorite method… automatic payment. You could set aside one day each month dedicated to paying bills if you prefer the old fashioned paper method. Don’t apply for a mortgage until you’ve broken the habit of regularly missing your monthly payment due dates. 

Sign 5: You Don’t Have a Stable Job

You’ll need a steady, reliable stream of income if you use a mortgage to finance the purchase of a home. If you’re worried that you’ll lose your job, or your income is sporadic with no real pattern, you should probably NOT purchase a home. Generally, you need 2 years of full time work history. If you are self employed, you will need other documentation to help qualify you for a loan. 

What to Do

Find a job that is reliable and that pays you a stable income each month. Don’t take the risk that everything will work out. You don’t want missed mortgage payments on your credit reports. And if your job is unstable? You’ll greatly increase the risk of these red marks. If you are self employed or you operate on seasons… then you should think of yourself as a chipmunk… get good at storing away for the slow months. 

I hope this advice was helpful. We strive for our clients to be responsible home owners and want to ensure you will not be putting your home up for sale due to foreclosure. We want to help you BUILD WEALTH THROUGH REAL ESTATE!

 

For More information, please contact one of our agent specialists for your area or connect with us on… 

Dorchester Real Estate Agent

 

 

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In our next topic of conversation with Elizabeth Newcombe, we asked her what the first step in the home buying process is. Liz is involved in this process on a regular basis so getting her perspective on the topic is very beneficial. For anyone looking to purchase a home in the near future, this is a great short video on how to get started with the home buying process and what to expect throughout.

For more information on homes for sale in Attleboro, contact Elizabeth Newcombe at 413-834-8052

 

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Recently we sat down with our very own Elizabeth Newcombe to cover a series of topics. One of these topics was about what is happening currently in her local real estate market, Attleboro. As most of you know, the real estate market for the greater Boston area is very competitive right now and it is even making its way down to Bristol and Norfolk counties. Liz provides a firsthand look into everything you want to know about the market in Attleboro right now.

For more information on homes for sale in Attleboro, contact Elizabeth Newcombe at 413-834-8052

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10 Must Do’s Before Selling Your Boston Triple Decker

Are you preparing to sell your multifamily property (2+ units) and want to make sure you earn top dollar from the market? The best way to maximize the resale of rental apartments is to get buyers to fall in love with the building. Here’s a list of 10 things you can do to ensure buyers open up their wallets.

1. Inform your tenants of the sale:
A multifamily seller’s tenants can often make or break a transaction. If the tenants are non responsive to showing requests or provide damaging information to prospective buyers it could instantly mean a lower sales price or possibly no sale at all. The best thing to do to avoid trouble is to have a conversation with your tenants about your intention to sell. You’ll need to inform them that potential buyers are going to be viewing their living space and they will need to make themselves (or their unit) available during certain scheduled times. Let them know you’ll be respectful of their living quarters but will need access for potential buyers soon. If there are any complaints that have yet to be resolved, now would be the best time to handle these issues.

2. Prepare the property financials:
When you’re selling a multifamily home you need to consider your potential buyers and their wants/needs. Many multifamily homes are purchased for investments purposes. If you’re perfect buyer is an investor, they’re going to want information on the buildings operating expenses. You should gather this information and be prepared to show it to potential buyers during the selling process. Operating expenses include: Taxes, Insurance, Water/Sewer, Common Area Cost (Heating & Electric), Utilities, Trash Removal, General Maintenance, and anything else needed to keep the building running smoothly. They are costs your potential buyer will need to consider during the purchase.

3. Provide details on your systems:
When were the heating systems installed? When was the roof installed? What is the age of the hot water tank(s)? How old are the windows? Any electrical or plumbing upgrades recently completed. Have your real estate agent provide you with a check list of home systems so you can make sure you’re fully prepared to answer questions the buyer or investor has.

4. Get a home inspection done:
Home inspections are just for buyers. As a seller you can also have a home inspection done for the property prior to placing it for sale. This proactive approach will cost you a few extra bucks, but it will also allow you to see exactly what your potential buyers are going to see. The more issues you can resolve prior to the buyers home inspection, the less you’ll have to negotiate and the more the buyer will pay.

5. Bring your rents to market value:
If market rents for a two bedroom apartment in your area are $1500 a month (but you’re a nice lady) and you’re charging your tenants $1100 dollars per month, you’re hurting the value of your property. Charging tenants less than market value is what many landlords do to keep good tenants in place. They think to themselves that they don’t want to upset things and force the tenants to move out. While there is nothing wrong with this strategy, landlords are not helping the resale value of the building. For example, if you have two triple deckers side by side with one landlord collecting $1100 ($3300) per month while the other landlord is collecting $1500 ($4500) per month, all else being equal, the multifamily with the hire rental income is going to have a higher value. Put yourself in the buyer’s shoes. If I have the option to purchase two identical income producing homes, why would I pay the same price for a building producing less income than its counterpart? I wouldn’t. If you’re timeline allows, it may make sense to increase the rents a few months prior to selling your property to show the increased income. Consult your realtor about this strategy and make sure to properly assess the current rental market.

6. Assemble your real estate team:
Do you have a real estate agent? Does that agent understand the local market, the investment business and what potential investors are searching for? Do you have a good real estate attorney to represent you during the transaction? Your attorney will help work out the details in the purchase & sales contract which you and the buyer will sign. Have you spoken to your CPA or tax preparer? Do you fully understand the (if any) tax consequences for selling this investment property?

7. Have leases and tenant documents available:
Have your tenant leases and security deposit information available to show potential investors. Once both parties are in agreement on a selling price, and an offer has been accepted, your buyer will want to see leases and ask about deposits you have in place. This is important to them as these will be the documents they will need to honor after the property is in their name.

8. Make necessary repairs to the property:
If you’ve done a pre-sale property inspection, you now have a good list of what the property will need to avoid any buyer concerns. Now is the time to take care of these issues. Ask your realtor for local contractors and handy men and have them take care of what’s necessary. Making these proactive repairs will help deter the buyer from requesting a discount and help you achieve top dollar during the sale.

9. Have a Realtor provide the home’s value range:
Your home’s value isn’t determined by a real estate agent, the bank or an appraiser. All of these people (or entities) can provide you with opinions of value based on their market knowledge, but the true value of your property is always going to be determined by the open market (buyers). Your building is only worth as much as someone in the market is willing to pay for it. When buyers determine what to pay for a particular property they review what other properties have sold in the neighborhood similar to the one they’re considering. They do what’s called pulling “comps”. They “comp” or compare your house to other sold homes in the area. When determining a value, your real estate agent will do the same and provide you with this information. They will sit with you and go over other recent sales in the neighborhood and determine where your property lines up.

10. Brush up on the current real estate market:
Are you operating in a buyer’s or seller’s market? What’s happening within the local economy and is now a good time to sell? Your real estate agent will be able to help you answer both of these questions. It’s important to know if the current market benefits you as a seller or does it work in the favor of buyers. A sellers market is anytime inventory (amount of homes on the market) is really low, but there are a larger number of buyers looking to make a purchase. This is the best time for you to sell. In a perfect world you’ll have multiple buyers bidding for your property and driving the price upward. A buyers market is a condition when there are more homes available than willing and able buyers.
The local economy should also play a role in your sales decision. Is there development going on in the area? Are interest rates good and loans readily available for buyers? If money is tight and buyers aren’t able to find lending, you’ll have a tough time finding a suitable taker for your property.

Contact me directly to learn more about how The Mandrell Company can help you sell your multi-family for the most money in a reasonable time frame.

Willie@Mandrellco.com or 617-755-4938.

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Roslindale Real Estate Is on FIRE! Here’s What’s Selling…

Are you in the market to buy, rent or sell property in Roslindale? Before you make a move, understanding the local market condition can make all the difference. We’ve outlined below exactly what’s happening with Single Family, Multifamily, and condos in the area. All these number reflect what’s taken place over the last 6 months. 

Single Family Listings

Total Homes SOLD: 72

Average Living Area by Square Feet:   1,897.04

Average Listing Price:    $488,750

Average DOM (Days on Market): 40.15                                 

Average Sales Price:  $491,923   

Condominium Listings

Total Condos SOLD: 97

Average Living Area by Square Feet:   1,196.04

Average Listing Price:    $372,240

Average DOM (Days on Market): 25.15                                 

Average Sales Price:  $374,938

Multifamily Listings

Total Multifamily Buildings SOLD: 26

Average Living Area by Square Feet:   2,808.04

Average Listing Price:    $583,240

Average DOM (Days on Market): 65.15                                 

Average Sales Price:  $588,327  

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641,  for custom reports or questions about the data provided.

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It is no surprise that the Boston Real Estate market is HOT! Luxury condo buildings are on the rise, as are rental prices and demand for housing. The Boston Inclusionary Development Policy hopes to keep a place in the city reserved for low and middle income families. 

Some affordable housing activists say changes to the policy is long over due as the last substantial update was in 2007.  Updates are set to take effect in January 2016. The new guidelines would require developers to construct a greater number of affordable housing units or pay more to opt out of on-site affordable units in many neighborhoods. The goal of these efforts is to help keep home ownership within reach for Boston low- and middle income families as current prices are not realistic for achieving home ownership. 

The new IDP shifts will take effect zone by zone. Roxbury, Dorchester, Hyde Park, Mattapan, Roslindale and West Roxbury comprise Zone C. The IDP team aims to encourage middle class housing construction here. There is no increase requirements for developers in Zone C as it is difficult to develop here currently. 

Currently. rental units must be affordable to those making up to 70% of the area median income, earning $62,000 for a family of three. The BRA will allow developers in Zone C, to provide units to those making 100% AMI, earning $88,650 for a family of three. This concerns community members as they believe this is still out of reach for residents of the community. Many believe this will make the area more affordable to those from outside these neighborhoods rather than incentivising community members to become homeowners or remain renters. 

We are sure this will continue to be a topic of discussion in the coming year as we (The Mandrell Company) strive to increase home ownership in these neighborhoods. We work with sellers of the community and also educate potential buyers on the home buying process and provide resources to help make it more affordable for them to own in their community. 

 

For more information on our upcoming home ownership and investing in multi-family seminars, please email us at contact@MandrellCo.com and we will provide an updated schedule of events for 2016. 

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It is no surprise Boston rents have skyrocketed it seems over night. Some areas have seen increases as much as 25 percent over the past few years. Salaries are not keeping up with the pace of housing costs. This fact hurts middle to low income tenants but provides great benefit to landlords and young professionals with cash to burn for convenience. 

The hub is one of the most expensive markets in the nation. Overseas investors purchase properties without seeing them, they simply want somewhere to park their money and earn a great return on that investment. The Boston market is ideal because we are the educational hub, young professional and business hot spot.

Not only do we have oversees investors, but also new investors who want to own a property and have tenants help pay their mortgage. In the short term, the owner’s “rent” is cheaper as tenants pay the bulk of the mortgage. In time, as property values appreciate and owners take advantage of the many tax benefits of owning real estate, it becomes a more profitable and solid investment. If the market crashes, your home may lose value as far of sale price but your income from the property is stabilized and you are not financially affected if you are a responsible landlord. 

In addition to owner occupant investors, we have young professionals who are looking to diversify their portfolio by adding a little local real estate. They do not reside in the property but rather use it as a generator of additional income. Boston’s market is very strong and has weathered most of the financial downfalls of the nation so it is seen as a more safe investment.

Jamaica Plain and Roslindale are hot beds for hipsters and young professionals, and investors know this. Adding amenities and converting triple deckers to condo units is extremely lucrative and they are cashing in on the trend. Investors can spend full price on a triple ($600,000), convert each floor to a condo and sell each unit for upwards of $400,000 each unit. 

The benefits of buying a multi-family is very apparent to oversees investors and becoming more popular with young professionals. If you are interested in purchasing or selling your multi-family, please email us at Contact@MandrellCo.com.

One of our multi-family focused agents will be in touch and can walk you through everything you need to know, whether a buyer or a seller.

Contact us TODAY: Contact@MandrellCo.com 

 

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On December 12th, Fannie Mae will go live with their HomeReady program aimed at credit-worthy buyers who need a little extra flexibility on the debt to income ratios, down-payment source and monthly mortgage payment verification after purchase. 

A crucial part of mortgage underwriting is evaluating your debt-to-income ratio. With student loans, car payments, entry level job salary, lenders may view your debt as too high and only count the loan applicants income. With the new program, Fannie Mae will also consider the income of anyone living in the home as “non-borrower” contributors, or parents who help pay your mortgage or gift you the down payment. 

With the ever changing dynamics of a traditional home, lenders understand that many homes consist of extended and blended families which makes it hard to qualify if you have people assisting with the bills but no real way to document it. Twenty-five percent of Hispanic homes are multi-generational, 20 percent of African Americans and 17 percent of Asians. The traditional home is no longer mom, dad and children.

To help bridge the gap, the HomeReady program offers the following:

  • Down payments as low as 3%
  •  No minimum contribution from you toward the down payment on a single family home purchase
  • You can add income of one or more household residents to strengthen your income qualification but not be considered borrowers on the loan.
  • When non-occupants are part of the picture, the minimum down payment increases to 5%
  • The Program allows you to count income from in-house boarders (someone who rents a room)
  • Everyone who qualifies for the program will need to complete an online home- purchase education course.

The new program is set to take effect on December 12th but feel free to reach out to us and be connected to a lender who already understands the program and can help you get pre-approved today!

Email us for inquiries at Contact@MandrellCo.com

 

 

 

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Are you in the market to buy, rent or sell property in Hyde Park? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the multi-family in Hyde Park over the last 6 months. Take a look at the numbers and see where you fit in.

 Multifamily Family Post

Total Homes SOLD: 26

Average Living Area by Square Feet:   2,590.04

Average Listing Price:    $467,208

Average DOM (Days on Market): 80.15                                 

Average Sales Price:  $460,923   

 

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641,  for custom reports or questions about the data provided.

 

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Price to Sell and Still Make a Profit

Many people think selling a house is a piece of cake. You list for the price you want and the buyers come running, or scrambling to have a bidding war on your property. Truth is, bidding wars occur on homes that are priced accurately based on the current market. The asking price you set for your home significantly affects how much you will profit and how long your home will sit on the market. Our agents understand their markets and what’s selling- or not selling. This knowledge will be invaluable in helping you determine the price. The objective is to find a price that is competitive to receive immediate offers yet wont leave money on the table.

Here are a couple points to consider:

Time

Time is not on your side when it comes to real estate. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. The reason being, everyone rushes to see a new house on the market and if the market does not warrant your price, then they keep looking for the next house on the market. Because all these buyers passed on your home, now you are forced to decrease your price to draw in a new crowd at a lower price point or attract the previous interests with the decreased price. Once potential buyers see you decrease your price, their next thought is… how low will you go? On comes the low ball offers. Therefore, if your goal is to make money, think about a price that will encourage buyer activity.
Value vs. Cost.

Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you not confuse value with cost – in other words, how much you value your home versus what buyers are willing to pay for it. Don’t place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants an in-ground pool or hand crafted railings. While there are people who really want these features and are willing to pay for it, you have now drastically reduced your buyers pool to those specific buyers. Quick real estate sales cater to the general buyer than a specific clientele because more people want what you have to offer. Dorchester is not ideal for a pool, but creating additional parking is a definite win, considering New England Winters.
Keep it simple.

Because time is of the essence, make it easy for the buyers. Remain flexible on when we can schedule showings.  Let’s Schedule a meeting, there are a lot of alternative options that can get you the most money for your home and accommodate your needs. It takes open communication, an open mind, flexibility and patience.
For more tips on selling your home and staging/decorating ideas, Be sure to connect with one of our agents in your area

 

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Key Facts to Selling Your Home (Part I)

When selling your home, there are several important facts to consider when working with your real estate agent beyond just listing your home and waiting for offers to roll in. Below is a BRIEF overview. For detailed outline of the process, please contact us.
Define your needs.

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what is my ultimate goal after the sale?” For example, a job opportunity in another city may necessitate your move, a growing family may prompt your need for a larger home or conversely children moving out may signal it is time to downsize. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Together, we can map out the best path to achieve your objectives and set a realistic time frame for the sale.

Name your price.

Your next objective should be to determine the best possible selling price for your house.Currently, the Roxbury Market is booming, you want to price your home to get the most traffic.  Setting a fair asking price from the outset will generate the most activity on your home. We know what comparable homes are selling for in your area and the average time those homes are sitting on the market. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced above their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. 
Prepare your home.

Most of us don’t keep our homes in “showroom” condition. If you have kids, at any given moment, it can look like a bomb exploded in your living room. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. As your real estate firm, we can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. We can provide feedback on inexpensive things if you are on a tight budget. You want buyers to envision themselves in “their new home” NOT Your current home.
Get the word out.

Now that you are ready to sell, we will implement the marketing strategy specifically designed for your home. There are many ways to get the word out, including: The Internet, Yard signs, Open houses, Media advertising, Agent-to-agent referrals, and direct mail marketing campaigns. In addition to listing your home on the MLS, we will use a combination of these tactics to bring the most qualified buyers to your home. We also host monthly seminars to help potential buyers get pre-approved to purchase a home. We cover a range of topics with the goal of helping attendees improve their credit, earn a higher income, and understand the home buying process from start to finish. We are also very active in and around the community. Our Roxbury real estate consultant Terrance Moreau can be seen mingling with community members in Dudley Cafe, speaking with home owners and providing feedback to homeowners because he is passionate about his community.

Be sure to check back for Part II of this series.

For questions, feel free to contact our office at 617-297-8641 or email us at Contact@MandrellCo.com.

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**Your lender decides what you can borrow but you decide what you can afford.**

When you make the decision to purchase a home, it is worth your time to consider total expenses and mortgage payments in your decision.
Lenders are careful, but they make qualification decisions based on averages and formulas. They do not take into account the nuances of your spending patterns and responsibilities. So, leave a little room for the unexpected, as well as the obvious new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.
No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.
Deciding how much you can afford should involve some careful attention to how your financial profile may change in the coming years. In the long run, your own peace of mind and security will matter most.
If you or your spouse suddenly became unemployed, would you be able to cover your mortgage and other expenses?
Would you be able to maintain your current lifestyle with your new mortgage payments?
Would you be able to pay your mortgage with the addition of a child?
Would you have money for emergencies (car troubles, broken heater)?
These are all things you need to think about when deciding to purchase a home. It is an investment into your future and you want to make a wise choice. To learn more about investing in real estate visit BostonWealthBuilders.com or schedule a no obligation consultation today!

 

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As the Seller, You Need to Understand Your Buyers

As the seller, you control three factors that will affect the sale of your home:
* The home’s condition
* The asking price
* The marketing strategy
However, it’s important to note that there are numerous other factors that influence a buyer. The more your home matches these specifications, the more competitive it will be in the marketplace. When The Mandrell Company represents you, we will advise you on how to best position and market your home to overcome any perceived downsides.

Factors Affecting Property Value
Location
Perhaps one of the most influential factors for buyers is something you can’t control: location, location, location. According to the National Association of REALTORS, neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.
Size
Home sizes continue to increase but do not be dismayed… smaller homes typically appeal to first-time home buyers and “empty nesters,”or couples whose children have grown up and moved out. There is always a right way to market your home, no matter the size.
Amenities
If your home lacks certain features, you can renovate to increase its appeal, but be sure to consult your agent to ensure you are updating to what the typical buyer wants. Using market conditions and activity in your area as a gauge, we can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.
Together, we can work together to make your home appealing to typical buyers and get you strong offers from DAY ONE!
Feel free to contact us today!

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Want to know what your Cambridge home is worth?

Are you in the market to buy, rent or sell property in Cambridge?  Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the multi family of Cambridge over the last 6 months. Take a look at the numbers and see where you fit in.

Condos & Multifamily Family Post

Total Homes SOLD: 56

Average Living Area by Square Feet: 3,187.96

Average Listing Price: $1,305,354

Average DOM (Days on Market): 34.25

Average Sales Price: $1,324,373

Closing –

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Are you in the market to buy, rent or sell property in Quincy?  Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the condos of Quincy over the last 6 months. Take a look at the numbers and see where you fit in.

Condos Post

Total Homes SOLD: 145

Average Living Area by Square Feet: 1,091.35

Average Listing Price:     $291,886                                         

Average DOM (Days on Market):   58.96

Average Sales Price: : $288,768   

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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How Do I Make More Money Selling Real Estate?

Make More $$ Selling Investment Properties! Sales Agents Wanted (All of Mass & RI)

Local Boston Real Estate Office Looking for New & Experienced Agents! Starting with 70% commission splits for experienced agents & 65% for newly licensed agents!

Our office is unique in that we focus on Multifamily & Investment Real Estate Sales. Real estate investors are “repeat” buyer and sellers and building long-term relationships with local investors is our top priority. Right now we are busy and looking for new agents. Our office is in Boston but we’re in need of agents North, South, & West of the city as well as RI.

You can read more about The Mandrell Company by visiting http://www.MandrellCo.com

You can also learn more about building a sales business by working with investors at http://www.SellMoreBostonRealEstate.com

We employ a virtual sales model. No floor time required. Most of our agents work from home or out of their private office spaces.

We do an extensive amount of marketing and will provide leads but will also train agents on how to build your own business connections. Part time or Full time.

Send resume to contact@mandrellco.com to schedule an interview.

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Are you in the market to buy, rent or sell property in South Boston?  Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the condos of South Boston over the last 6 months. Take a look at the numbers and see where you fit in.

Condos & Multifamily Family Post

Total Homes SOLD: 370

Average Living Area by Square Feet: 1,149.28

Average Listing Price: $611,837

Average DOM (Days on Market): 44.65

Average Sales Price: : $615,976 

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Are you in the market to buy, rent or sell property in Dorchester? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the Condos of Dorchester over the last 6 months. Take a look at the numbers and see where you fit in.

Total Homes SOLD: 223

Average Living Area by Square Feet: 1,165

Average Listing Price: $378,863

Average DOM (Days on Market): 45

Average Sales Price: $382,174

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Are you in the market to buy, rent or sell property in Milton? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happen in Milton over the last 6 months. Take a look at the numbers and see where you fit in.

Total Homes SOLD: 10
Average Living Area by Square Feet: 2,737.10
Average Listing Price: $583,140
Average DOM (Days on Market): 50.90
Average Sales Price: $585,620

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. We can provide you similar data for any town or city in the commonwealth.
Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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