David Sampson's archive

Ever heard of the ‘Spring Market’? Well it is back in full force and looks to be stronger than ever this year when pegged against recent memory. Many reasons account for this great optimism about the Spring of 2012. For one, the mild weather has been a massive factor contributing to the heightened interest in property. In another blog post we recently discussed Cape Cod real estate, where the warm winter season has not only made houses show better but has also made people more willing and able to house hunt.

According to Forbes, warmer temperatures during the months of April, May, June and July frequently result in over 40% of all real estate transactions for a year. Contract offers this year have already skyrocketed, and even though the numbers from February were down from January, both months easily surpassed the same comparative numbers realized from the months of 2011. Moreover, this was a 9.2% increase for signed contracts that have yet to close in February of 2012 over the same month for 2011, while an 8.8% increase for existing-home sales or closed contracts in the same month in 2012 over 2011 occured.

As we recently discussed the low inventory levels, especially in Boston, have caused properties to fly off of the market due to the pent up demand levels. Across the nation for the current day in 2012, a 19% decrease in the level of inventory is a drastic change from the availability of homes a year prior. This all results in a five-year low to when the markets were prospering before the economic downturn.

Other notable numbers were that building permits have increased already 5.1% from January to February of 2012. This past February brought forth a staggering 34.3% increase from February, 2011, which also was a 34.7% jump in housing starts. The affordability of housing is also quite attractive in today’s market. Of course, this largely depends on which locale we are referring to nationwide, however at large there have been extremely low interest rates making purchasing a home now seem even more like the fantastic investment that it already is. Foreclosures are also at a high, with 2012 expected to bring roughly a million of these transactions which in turn would be a rise of 25% from 2011 with investors looking to seize as much distressed property as possible.

Boston was even mentioned as one of only three notable cities nationwide that Forbes is certain will experience growth in their home prices. The improving economy and expanding and new businesses settling in The Greater Boston Area will also have a large effect on the real estate market. People securing jobs and a future in and around our city will greatly contribute to the prices and frequency of properties being sold. GDP growth from the housing sector is something that has not come to fruition since 2005, although even this perhaps may change in the coming year. This all summates to 2012 being one where real estate markets not only in Boston but the whole nation begin to flourish once again.

For more information or questions on the Boston real estate market, feel free to call David Sampson directly @ 617-595-5082. Or email David , Dave@BostonResdientialRe.com

Can you imagine a world where the painting in your grand foyer is perhaps more expensive than the house itself? A world where many of life’s answers, strengths and soothing elements can be drawn from simply looking at an array of dancing strokes of paint? Well this might be the very case for one lucky and deep-pocketed individual who set a world record on May 2nd, 2012 for the purchase of a true iconic work of art.

Edvard Munch’s world-famous The Scream painting has been seen by all, recreated by some and even has been the humorous depiction within movies and even Halloween. A painting created in 1895, the one that just sold is seen as the most precious and expensive out of the four versions Munch painted in his lifetime. A world-record setting sales price of $119.9 Million was received from an anonymous telephone bidder, who rightfully should keep his name out of the press! Bidding started at $40 Million and the anticipated sales price was estimated to be roughly $80 Million; a figure was undoubtedly soon blown out of the room.

It seems only fitting for such a famously perplexing piece of art that it once again defies the odds and becomes yet again unexpected with this value an individual put on it. It is still uncertain what the winning bidder wishes to do with the painting, but it is sure to be a hot topic for art enthusiasts and Munch followers around the world over the next few months.

As the painting was spun in from a rotating wall and proudly fronted by two men, it was only viewed for a mere twelve minutes upon which the final bid of the aforementioned $119.9 Million was accepted by the Sotheby’s auctioneer. Out of the four creations of The Scream, this one even includes a hand-painted frame where Munch wrote a poem with such excerpts describing the figure as “shivering with anxiety” and sensing “the great scream in nature.” The sheer shock and awe that must have engulfed this auction room was reportedly immense, as one can only imagine.

It must have felt as though onlookers were passed back through time, were in the presence of not only an inspiring, mysterious and revolutionary painting but were in front of an almost Godly, out of body presence. Now formerly owned by Norwegian businessman Petter Olsen, his father was actually a friend of Munch’s. This momentous occasion will see the money Olsen has earned from this sale go towards funding a new art center, hotel and museum in the town of Hvitsten in Norway where his father and Edvard Munch lived one time as neighbors.

A piece as such is so special in that it can mean numerous things to any individual on any given day, moment or glance into the eyes of that ghostly-looking figure. That is what makes it so great and timeless. Art historians have long searched for its one true meaning and yet throughout the years the meaning truly is in the eye of the beholder, as it always should and will be. The same sense of an unknown aura is evident within the glancing stare of The Mona Lisa as well. It is only the painting of The Mona Lisa that is seen as potentially more valuable worldwide than this superior version of The Scream if it too came to auction for sale one day.

Maybe Petter Olsen would be able to interpret it best in his final interaction with the artwork as the owner. As he stared deeply into the painting for one of the last times before the sale, Olsen declared, “For me, it shows the horrifying moment when man realizes his impact on nature and the irreversible changes that he has initiated, making the planet increasingly uninhabitable.”
An inkling as such that could possibly come from Munch back in the late 1800’s is what makes it increasingly shocking if this vision about our damaging place and deepening footprint on the Earth was already a clear vision. This is inevitably foreshadowing to the core. Agree or disagree with Olsen, there is surely something to be learned from this statement. We can all draw a great deal of self-reflection when looking at this infamous piece of artwork, forever pondering in our own unique and private moments.

Watch the video of the sale of The Scream.

You've made your choice on your new Boston Condo... 
Now its time to make an appropriate offer.

Now that you have found the home you want to buy, your Realtor can now work with you to complete and present an offer. In addition to price, the offer includes other terms such as Financing, Inspections, a closing date and other contingencies that must be completed or resolved prior to closing.

You're offer may be accepted right away, or you may go through a period of negotiations. Your goal as a qualified buyer is to present an offer that demonstrates your seriousness in purchasing the property you choose. Here are some steps that you will be taking at this point.

• Understand and discuss all aspects of the purchase.
• Determine the earnest money deposit amounts, financing options and terms.
• Setting a closing date, place and time.
• Confirm the time allowed for inspections prior to commitments.
• Clarify all improvements and repairs.
• Confirm inclusion or exclusion or non-real estate items or furnishings.
• Get an explanation of all addendum's and contingencies.
• Negotiate through multiple offers, if necessary. Remember, its always better in writing.
• Obtain property disclosures.
• Confirm closing costs to you as a buyer - Appraisal, title work, tax and interest prorations recording fees, transfer tax and more.
• Review all sales statements and agreements.

Good of luck !

For more information on buying or selling a home in Boston, go to my buyer page. 

Your Boston Home Inspection Tips 

• You may find a home inspector on your own but talk with your Realtor®. They deal with many inspectors throughout the year and can often recommend one for you.
• Make sure the home inspector is experienced and credible, and does not have complaints against him or her. You can also check the better business Bureau.
• Your home inspector should be a professional home inspector or contractor. In most states, home inspectors now have to be licensed. Again, check with your Real Estate professional.
• Depending on your objectives, you can hire an inspector who only performs inspections, or one who will provide a no fee service, such as a contractor or renovations expert.
• Septic tank, mold, well water, radon gas and other envirmental factors may not be covered under the usual home inspection. Be sure you understand what will be covered under the normal, basic home inspection. Understand before you begin what will be inspected, the cost and how much each additional test may cost.
• When and how will you receive your written report? You may need that documentation as proof for the current owner as to what may be wrong with certain items. Without it, you have no negotiating power.
• Lastly, understand that an inspector does not “pass” or “fail” your inspection, they only report their findings. 

Here is a quick summary of what a Realtors ® duties and responsibilities may be in a dedicated “Client relationship vs. a “Customer” or “Non-Client” transactional relationship.

In a dedicated “Client Relationship”, the Realtor®

• Works “for” the client.
• Performs ministerial administrative functions.
• Demonstrates fairness, honesty, loyalty (good faith) and confidentiality.
• Discloses material facts
• Obeys the client
• Delivers accountability and advocacy
• Shows care, skill and diligence.
• Provides advice and investigation
• Discloses all agency relationships 

• Works “with” the customer.
• Performs ministerial administrative functions
• Demonstrates fairness and honesty
• Discloses material facts
• Provides good service throughout the transaction
• Provides information on other professional services
• Delivers a review of the real estate process
• Discloses all agency relationships
• Does not advocate.

As you can see from this summary, there are some duties performed that benefit a buyer or seller when your Realtor® is in a “Client Relationship”.

For other tips and information on buying and selling real estate, visit www.bostonresidentialre.com/real-estate-tips or feel free to contact me directly
at 617-595-5082.

Guiding Principles – The standards we follow for buyer and seller representation.

• Communicate early and often. Your Realtor® will explain how offers and counter offers will be handled, as well as the possibility of competing offers.
• The Realtor® advises, but you decide. Decisions about terms, negotiations, and acceptance or rejection will be made by you. All offers must be communicated by your Realtor® who will keep you informed.
• Offers and counter offers should always be in writing, to ensure that the terms, time frames and legal obligations of the parties are understood. Withdrawals of a written offer or counter offer should also be writing.
• The seller decides whether the existence of an offer or competing offer is confidential. Disclosing that an offer has been made, or that an offer may be received, is not confidential information unless the seller asks the Realtor® to keep such information confidential.
• A full price offer does not obligate the seller to accept the offer. Listing property for sale is an invitation from the seller for buyers to make offers. The seller is not obligated to sell the property even if a buyer makes a full price, cash offer.
• No priority is given to offers. The first or highest offer made does not bind or otherwise limit the seller to act upon that offer before considering any other offers.
• Realtor’s ® are NOT attorneys. If in doubt, seek legal counsel from a real estate attorney.

For other tips and information on buying and selling real estate, visit www.bostonresidentialre.com/real-estate-tips or feel free to contact me directly
at 617-595-5082.

The closing is the final exchange of legal documents, title and monies before you take possession of your new home. The buyers, sellers, Realtors® and attorneys for both sides and title company representatives may or may not all be present.

• You will most likely conduct a final walk through of the property with your Realtor® to insure the property has been left just as you negotiated and in “Broom Clean” condition. 
• Bring a valid photo ID, license and/or Passport for identification. You will need to provide evidence of homeowners insurance (pre-paid for a year) to the closing attorney.
• Certified funds are required and personal checks are not acceptable for closing costs. Please be sure to bring a treasures check, cashiers check or certified check for the monies due. Having the exact amount wired through the banks is also a very convenient way of completing a transaction.
• Have your personal checkbook on hand for last-minute adjustments and pro-rations, such as leftover oil in the tank, outstanding water bill, courier or attorney fees.
• Get the keys and start enjoying your new home! 

If your preparing to move, visit www.bostonresidentialre.com and go to the Resources Page for helpful phone numbers and web sites for area utility companies, post offices, government offices and other companies that you may need to contact before you make the a move. An easy PDF is available for you to download and take with you!

A key part of buying a home is the financing and getting a pre-approval by your lender. Sellers and their agents see a pre-approved buyer as a more serious, committed individual than one who shows up without any kind of pre-approval and/or commitment letter from their lender or financial advisor. Be sure to plan ahead and get a copy of such documents.

Before you look at any properties, you, your Realtor® and lender need to evaluate a few things. 

Before someone will lend you money to purchase your next home, they are going to want to know a lot about you….and you’re entitled to know as much about them.

This is important because retaining a mortgage is not just a one-time signing of documents, a handshake and receiving a check. You will be depending on your lender to fund the loan, on time, as promised and over the life of the loan, keeping good payment records, paying your taxes on time (should you choose the option to do so) and many other continuing services.

Talk with your Realtor® about the lenders you have in mind. Experienced agents are fairly familiar with mortgage lenders and banks in your area, and should be able to give you sound advice about the lender/banks reputation, qualifying procedures, and many unique programs and benefits they may offer.

The first thing you should do is have your locks changed. I am not saying your sellers will be stopping by the first chance they get, its just that you never know how many copies of your new keys are out in the world. And besides, the new locks will give you a peace of mind when you lay your head down at night.

In addition, you should place your deed and other important papers from your closing in a fireproof and secure place..preferably a safe deposit box. Even though your homes documents are all filed and on record with the county, its a good idea to know that your original copies are in a safe environment and you have access to them at all times.

Be sure the utilities have been changed into your name so there are no interruptions of service. If your not familiar with the utility companies names, phone numbers and web sites, ask your Realtor for a list of names and numbers to make the process easier for you. For my clients in the Boston area, I provide my buyers and sellers with a quick and easy printable resource sheet like the one found on my web site  @ http://www.bostonresidentialre.com/resources.