Park Square Realty Blog

Park Square Realty was pleased to adopt a family again this Christmas.  This year we adopted a family of six and it was really great as everyone pitched in to give the family a great Christmas!

 

1. People looking are more serious buyers.

2. Serious buyers have fewer houses to choose, so you have less competition.

3. Houses “show better” with Holiday decor.

4. Buyers are more emotional.

5. Buyers have more time to look during the holiday.

6. Many people will buy by year-end for tax reasons.

7. January is the month for transfers. Transferees cannot wait until spring; you must be on the market!!

8. Western Massachusetts sold listings have proved to be up August – December.

9. You can sell now, but specify a delayed closing or extended occupancy until Early next year if you desire.

10. By selling now you have an opportunity to buy during the spring, when Many houses are on the market.

BOTTOM LINE:

By having your property on the market now, you may have fewer actual showings, but more qualified buyers. THE REASON: You have less Competition.

 

Ted Cassell, Broker/Owner

Ted Cassell, President of Park Square Realty and Manager of the Feeding Hills office, is very pleased to announce the Feeding Hills top producing agents for the third quarter of 2011.  The agents to gain this recognition for the months of July, August and September are Dee Cyr, Kim Landry and Jeffrey O'Connor.

Barry Boccasile, Director of Growth and Development and Manager of the Westfield office is pleased to announce the Westfield office top producers for the same time period.  The 2011 third quarter standouts in Westfield are Sue Bergeron, Luiza Berman and Kris Cook.

Dee Cyr	Kim Landry	Jeffrey O'Connor
Sue Bergeron	Luiza Berman	Kris Cook

These special agents can be reached at 789-9830 in Feeding Hills or 568-9226 in Westfield.  They can also be contacted by clicking on their name or photo to get to their personal web page. From their web page, you can contact them via email or via the Park Square web page, parksquarerealty.com.  Park Square Realty is a locally owned company with over 50 agents and 2 locations in Feeding Hills and Westfield.

 

 

Why You Should Buy Rental Property Now

 For most people, their home represents their single largest asset at retirement.  How many times have you heard someone say, “I bought this house thirty years ago for $50,000 and now it is worth $250,000”?  Think for a minute if that person had bought one more single family house and rented it out.  At their retirement, they would have a second asset that would also be worth $250,000 that would have been paid for in large part by their tenants.  That asset also generates regular income which would be great for your retirement.  

 Owning property does require more involvement and management than a stock, bond or certificate of deposit.  There is the widespread perception that being a landlord is that you receive endless calls in the middle of the night about clogged toilets.  Speaking from experience, you do receive calls as a landlord about necessary repairs but the majority of calls come during the day.  The perception that you need to fix every problem yourself is not true either.  The other perception is that dealing with tenants is a nightmare.  While there are certain documented cases of bad situations, there are many, many good tenants out there who want a clean, safe place to live and raise their family. 

 Good landlords become educated as to their rights and responsibilities. (Call my office for a free Massachusetts consumer guide to Landlord Rights and Responsibilities brochure)  There are also great websites that allow landlords to check tenant’s credit and criminal background so property owners can make a wise tenant selection.  The website I use is called www.registry-saferent.com which is run by a company called Core Logic Safe Rent. 

 As a landlord, you want to have a list of trusted contractors that will help you when repairs are necessary at your property.  These contractors include plumbers, electricians, carpenters, painters, exterminators, an attorney and a handyman.  The handyman can do a variety of small repairs that other contractors don’t want to do and the handyman will save you a lot of money as well.  Developing a relationship with these contractors by using them regularly and paying them quickly will pay dividends when you need their help.  While paying contractors does take away from the profits, most smaller landlords often have other careers, family and other obligations.  So it makes sense to pay someone who is good at the given repair get the job done quickly and effectively.  And it is a business expense as well.

 The way a lot of people get started is they buy a home and live in it for several years.  By living in the property as a primary residence, you can lock in a lower 30 year interest rate and come up with a minimum down payment at time of purchase.  When they are ready to purchase their new home, rather than selling their first home, they convert it to a rental property.  Some lenders may require experience in renting properties and there are landlord classes available that would help meet that requirement.  Lenders will want you to be able to afford both mortgages and they will take the rental income into consideration.  It is recommended to have reserves available if there are vacancies and repairs on the property.  A good Realtor, lender and attorney can help guide you through the process and make sure the numbers will work for you.

 As far as choosing the type of property you want to rent, there are a lot of different options.  Due to many people losing their homes to foreclosure or short sale, there is a strong demand for single family housing.  Single family homes are manageable for most people.  Others choose a condominium unit but you need to make sure the Condominium Association allows units to be rented.  The benefit of the condo is you pay the condo fee and all the exterior maintenance is taken care of for you.   Some people choose multi-family properties.  It really comes down to personal preference and considering what the rental market is like in your area.

There has never been a better time to get into rental property.  Prices are attractive and should continue to be in the short term.  Interest rates are also very low right now.  They key is to do your homework, put a game plan together and go for it!

 Ted Cassell

Rental Property Owner

Broker/Owner

Park Square Realty