The Gift of Home! And it's tax free...

 

December is not only when we give gifts to our loved-ones for the holidays but it's also the time to review tax-saving options for 2020 and plan for 2021 and what could be a better gift than tax-free help with a down-payment for a new home?

Parents, grandparents, aunts and uncles, and even friends can start to pass along/gifting their estates while reducing inheritance taxes and getting to see their family enjoy the benefits of their gift. It can also be used by adult children to help their parents purchase a new home. 

Under current IRS guidelines (please consult your accountant for tax advice and ramifications) each 

parent or relative can give up to $15,000 to each child or relative every year. That would mean that a mother and father can each give $15,000 a year to each son, daughter, and/or grandchild that would amount to $30,000 a year in total per couple for each person that you gift. 

If both sets of parents want to help with the down-payment on a house; each of the parents can give each borrower a gift of $15,000 per year. That would add up to $60,000 for both of you! That is a significant amount of tax-free money to help you buy a home for your family! Of course, a gift can also be less than $15,000, so give what you can.

That amount is per calendar year and not based on every twelve months. That would mean that they could give $60,000 (or more) in December 2020 and an additional $60,000 (or more) in January 2021.

With less than one-month left , this is the time to bring up the subject with your family. What could make them happier than helping you buy a house and saving money on taxes?

For most types of mortgage loans, you will need to have 5% of the amount of the down-payment on your own, however, there are exceptions. To find out the exceptions and details about how gift money can be applied to your down-payment contact a reputable mortgage broker.

More about tax-free gifts and life-time limits: IRS Announces Higher Estate And Gift Tax Limits For 2020

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About the author: Marilyn Messenger, a licensed real estate broker, Certified Residential Specialist, and Accredited Buyer Representative, and Certified Luxury Homes Marketing Specialist is associated with Andrew Mitchell and Company in Concord has been representing home buyers and sellers in Wayland, Sudbury, Maynard, Stow, and Concord MA since 1993. www.MarilynMessenger.com for more. Visit www.marilynmessenger.com to see homes for sale, get the latest real estate market reports, and learn about having your own buyer agent on your side. 

 

Nationally, the median list price has gone up 10.8% over last year. While national data is interesting, all real estate is local and you may be surprised!

Here is the link to my latest market reports for Concord, Sudbury, Wayland, Maynard and Stow including current price trends, July and August sales, year-over-year, and 12 month activity. It is interesting to see how current pricing compares to actual closed sale prices in each town.

You can also sign up to receive my real

time reports and get market trend information for any city or town in the U.S.

Contact me anytime for information about specific properties or town.

Thanks to Mark Imperial for asking me talk about the real estate market in the Concord MA area west of Boston.

 #RealEstate #RealEstateNews #SudburyMA #Concord #Wayland #Stow #Maynard #homesforsale #homebuying #homeselling #Realtor #MarilynMessenger #Boston #realestatemarket

Cheap Money, Low Suppy...What's Going on in the Housing Market west of Boston?

 

Nationally, the median list price has gone up 10.8% over last year. While national data is interesting, all real estate is local and you may be surprised!

Here is the link to my latest market reports for Concord, Sudbury, Wayland, Maynard and Stow including current price trends, July and August sales, year-over-year, and 12 month activity. It is interesting to see how current pricing compares to actual closed sale prices in each town.

You can also sign up to receive my real

time reports and get market trend information for any city or town in the U.S.

Contact me anytime for information about specific properties or town.

Thanks to Mark Imperial for asking me talk about the real estate market in the Concord MA area west of Boston.

 #RealEstate #RealEstateNews #SudburyMA #Concord #Wayland #Stow #Maynard #homesforsale #homebuying #homeselling #Realtor #MarilynMessenger #Boston #realestatemarket

Condo Living - Are Your Ready?

Under Contact! End-Unit at Deer Hedge Run  - 3 Level Townhouse.
Comfort, Convience, Location! Click for photos and details!
Call today!

A condominium is a shared form of property ownership that includes 1) a divided interest - the inside of an apartment, townhouse, part of a duplex, a unit in a mult-family, or detached home; 2) an undivided interest, i.e. roofs, exterior siding, recreational facilities, elevators, etc.; 3) and there can also be exclusive use areas, i.e. parking spaces, decks, balconies, garden areas.

If you are a first time home buyer, you can generally get more living space for the same price as a single-family home, developments tend to be newer, and some offer amenities such as swimming pools, tennis courts, fitness centers.

If you are just too busy or not interested in working around the house, owning a condominium is a good option for you. Exterior maintenance is taken care of by the homeowner association so you don't have to be concerned about exterior painting, landscaping, snow plowing, roof replacement, etc. - the benefits of home ownership without a lot of the work!

SOLD - New Construction at The Regency in Stow
Attached and Detached Townhouses for Adults 55+

A lot of empty-nesters are ready for a change and have someone else take care of things, especially during the winter months! Wouldn't it be nice to just lock the door and go somewhere warm next winter without having to worry about who's going to shovel?

There are a variety condominium options for people over 55+/active seniors in Sudbury, Concord, Wayland, Hudson, Acton, and many of the nearby towns including resales and  new construction. Click here to see condominiums for sale.

Condo living is a great lifestyle if you're someone who wants easy living; doesn't mind having close neighbors; is OK with letting other people make decisions, or is willing to volunteer to be on the Homeowners Association Board of Trustees (HOA), and won't mind trading some personal freedoms in return for convenience.

Buyers know that condominiums/homeowner associations have rules that govern the community. Any offer to purchase a condominium should include a contingency that says the offer is "subject to satisfactory review/acceptance of all documents..." 

Most HOA (Home Owner association) rules are pretty standard, and your attorney can tell you which ones you can expect to find in most places. However, communities can and do amend the rules over the years so rules can vary. Parking and pets and pools seem to be the biggest issues but there may also be rules about holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, rental restrictions - some communities do not allow any rentals. Some associations restrict what vendors you can use to replace the windows and doors... Yes, units owners are often responsible for windows, doors; know what you will be responsible for.

Your lender will review the budget and send a questionnaire asking about the overall well being of the development - i.e. number of owner occupied units, if there are any pending lawsuits, special assessments; but as the buyer, it is really important for YOU to read the rules. Only you can know if you'll be comfortable living by the rules that govern the condo development you'll be sharing; and the best time to do that is before you make an offer. Once you accept the condominium rules (or not) you can move forward and enjoy the lifestyle that's right for you!  

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It has been a pleasure representing condominium (including new construction) sellers and buyers in Sudbury and the nearby towns west of Boston for 25+years. If you are planning to buy or sell a condominium, I would be happy to help you. Call 508-596-3501.

Here are some of the condominiums my clients have bought and sold in the towns west of Boston:

 

Audubon Hill, Acton  - 55+

Oak Ridge Maynard

Ingham Lane West Concord

WestRidge Hudson

Springhouse Pond Sudbury

   

Deer Hedge Run Maynard

Regency at Stow

Home Selling - Price Matters!

Price Reductions Concord, Acton, Sudbury...

The housing market started strong in 2020 with media reports about low inventory, higher prices, bidding wars/multiple offers, crowded open houses, and houses selling in a day or two! And, there were the letters and calls from real estate agents with some even knocking on doors to say they have buyers for your home. Wow, it's a seller's market! So why wouldn't a  home-seller think they could ask whatever price they want?

Pricing is based on supply and demand and clearly we have been having supply shortages for the past couple of years and with COVID-19 inventory is even lower; and yes, there are still buyers ready to buy! The truth is though, that even in a hot seller's market, buyers still have their limit and they will not make an offer on a house that they perceive to be over-priced.

Why? Because people are too polite to make a low offer; they don't want to insult anyone. Or, they assume that sellers expect list price or close to list price and won't be willing to negotiate. Making an offer on a house is a big decision and there is a lot of work and emotions involved. They do not want to be disappointed and they don't want to waste their time. Buyers want to make offers that they believe they have a good chance of being accepted.

What about more marketing? Some sellers will ask their agent to do more marketing - more pictures, more advertising, more open houses - of course, open houses are not an option for now and may not be for a long time. Sure, these activities may help get buyers' attention but ultimately PRICE is the most important part of marketing. Price is what gets a property in front of the right buyers, not just people who are looking...

Home sellers who over-estimated the demand for their property have always had to adjust their pricing even in so-called sellers-markets. 2019 was a sellers market in Sudbury and there were 148 price reductions on single-family properties. In 2018, also a sellers market, there were 150 price reductions, and year-to-date as of 4/23/2020, there have been 32 price adjustments/reductions on 28 homes for sale in Sudbury. Data in Concord and other nearby towns is similar. Click for real-time price reductions.

Pricing a house for the market is not an exact science and although we can look at "comps" - comparable properties that are currently for sale along with sales pending and closed sales, but the data does not always reflect what a buyer would actually be willing to pay. Market conditions are fluid and are always changing. The Corona-virus is certainly teaching us that we can't depend on how markets behaved yesterday, all we can do is adjust.

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Thinking about selling your home? Although no one can predict how future markets will react, there are always things that need to be done to plan for your move. Understanding your options and having a solid plan in place will be the keys to your success when the time is right for you. It's never too soon to start planning, so let's talk soon. Conctact me anytime - marilynmessenger@realtor.com; 508-596-3501. Get the latest market information at www.marilynmessenger.com.

Who's Your Agent?

More often than you’d expect, homeowners refer to the person they bought their insurance from as their agent. It sounds reasonable but it is definitely not accurate. That person is the agent of the insurance company and they legally represent the company, not the customer. Even an independent agent who can place a policy with different companies is still an agent of the company.

A mortgage officer, in most cases is an employee and represents the company. And the same is true for a title or escrow officer. It’s important to understand the actual relationship to know what you can expect from them. Any businessperson who wants to stay in business must treat their customers fairly and with a high degree of service. As a customer, you should be able to reasonably expect honesty and accountability. The difference is that employees owe their loyalty to their employer and agents owe their loyalty to their principal.

An agent owes more than just honesty and accountability. The principal can expect complete disclosure, obedience, loyalty, reasonable skill and care and confidentiality from their agent. This advocacy is very beneficial during the buying or selling process to coordinate all aspects of the transaction. The agent can bring valuable experience to your side of the transaction to provide confidence that your best interests are being represented from start to finish.

Most states have a recognized procedure for the real estate professional to create a formal relationship between themselves and a buyer or seller. This requires a fiduciary/statutory responsibility that places the principals’ interests above the agent’s own personal interests.

In Massachusetts real estate brokers and salespeople/agents are required to provide consumers the Massachusetts Mandatory Licensee-Consumer Relationship Disclosure form at the first personal meeting with you to discuss a specific property. The form explains the types of agency an agent can provide. Although, this has been mandatory for years, many buyers who have looked at properties with other agents often tell me they have never seen the form! Consumers have a right to know who an agent represents.

Additionally, while a home seller is required to sign a written agreement in order to list their home for sale with a REALTOR (member of the National Association of Realtors), it is also in a buyer's best interest to have a written agreement with an agent who is going to represent them as a buyer agent. It clarifies expectations so there are no surprises or misunderstanding about responsibilities and makes for a less stressful transaction. Click for more information about buyer agency

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About the author: Marilyn Messenger is a local real estate broker associated with Andrew Mitchell and Company, Concord. She has been representing buyers and sellers in Concord, Wayland, Sudbury, Maynard, and the towns west of Boston since 1993. She is a Certified Residential Specialist (less than 4% of Realtors have achieved the CRS® designation), an Accredited Buyer Representative and is an active member of the Real Estate Buyer Agency Council. Messenger is also a Certified Luxury Homes Marketing Specialist and a Million Dollar Guild Member. Visit www.MarilynMessenger.com