Massachusetts & Southern NH Real Estate Industry News

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July 26, 2021

Sit Down with a Sales Manager - Maria LeBlanc Takes On Greater Boston

 

One of the benefits of working on a team is getting the opportunity to learn from the people that surround you day in & day out. There is so much value in learning from others and hearing about their experiences. As an agent, it’s extremely beneficial to be able to collaborate with other agents, sales managers, or mentors to be able to share stories and hear different perspectives. Everyone has something unique to offer and we believe that’s what makes working on a team so special.

Here at Chinatti, our sales managers are an example of exactly this. Our sales managers have a variety of backgrounds & experiences, and they all offer something different that our agents can directly benefit from. Today, we’re sitting down with our newest sales manager, Maria LeBlanc and learning about what she’s bringing to the table in this role. Maria will be managing our Greater Boston office and we’re so excited to welcome her to this position. What makes this so special for us is that Maria was actually a very successful agent here at Chinatti before moving into this role. Not only that, but her experiences prior to real estate have given her a unique skill set that sets her apart when it comes to helping other agents find their confidence in this industry. 

Meet Maria LeBlanc

Maria LeBlanc didn’t jump right into her real estate career. In fact, Maria has come a long way to get here - literally! Maria is originally from Venezuela and made the move to the US with her daughter for a better life. She started her career in the US in the pharmacy world and spent her time there training technicians and traveling around the country. Eventually, she decided to take a step back to be able to spend more time with her daughter. She took a position as a nanny and was eventually offered a job as a teacher because of the relationships she built in that role. She did teach part-time but decided that she wanted to put herself into a better financial position. This led her to consider real estate, where she could take what she learned from her past experiences and apply them to this new career. 

Maria first joined the Chinatti team as a real estate agent. She quickly established herself as a powerhouse in the industry and a leader in the office. After experiencing success as an agent, Maria’s question was “What’s next?” The team at Chinatti all agreed that her passion & excitement about the industry was just what was needed for the sales manager position.

When we asked Maria how her past experiences will help her in her role as a sales manager, she explained that “Through my background in pharmacy, I learned compassion & empathy. As a teacher, I learned how to be humble and ground myself. I learned to teach without expecting perfection. As a teacher, I just wanted to motivate & let my students know that I’m there for them to help them grow. Finally, my real estate background has given me knowledge of the field and the challenges that agents face on a daily basis. This all combines to allow me to deliver something different as a sales manager.” 

Maria Talks About Passion & Motivation

When we asked Maria what she was most excited about taking on this position, she said that she was most excited about getting the opportunity to help agents grow. Maria remembers being a new agent herself, and how overwhelming it can feel at times. Maria ended up going on to become an extremely successful agent because of her drive & dedication and now wants to see agents here achieve just that. Further, she wants to share what she’s learned along the way with each and every one of the agents here to help them achieve their goals.

What Maria Wants All Agents To Know

Maria explains that anyone can succeed in this job. She refers back to when she started as an agent. She didn’t have any sort of special advantage that allowed her to succeed. She worked hard, learned every day, and had a passion for what she was doing. She points out the streets are paved with gold and if she can do it, anyone can. She reiterates that everyone has something special that they bring to the table and there is nothing stopping them from achieving the success that they want if they’re willing to work for it.

What To Expect From Working With Maria

Passion & motivation - two key things that Maria states that she will bring to the Greater Boston office. Maria is passionate about real estate and also about helping those around her learn & grow. She also wants to instill that passion into the agents that she works with, and get them excited about getting out there every day. She also wants to motivate agents and encourage them to keep pushing themselves to achieve more. Maria is looking forward to sharing everything she has learned in the industry and being able to share what helped her. She knows the challenges that agents will face in their careers and is ready to help them tackle each and every one of them. With Maria, you will have someone who supports you 100% and who has the knowledge and skillset to help you be the best possible agent you can be.

Bottom Line

If you’re just starting out in the business of real estate or if you’re trying to build your career, it’s always helpful to have someone by your side that’s motivating you to get to that next level. Having a sales manager like Maria means that you will have someone that’s passionate and knowledgeable about the industry by your side rooting for you each step of the way.  If you’re a new agent and this sounds like something you’d want in the brokerage that you work with, be sure to bring this up in conversation as you explore your options. We’d be happy to answer any questions about our sales managers here at Chinatti Realty Group! Give us a call at (978) 300-8882.

Posted in join our team
July 22, 2021

New Construction on the Rise

 

 

 

If you’ve been hoping to purchase a newly built home, there may be no better time than right now! Interest rates are still low, appreciation will continue to be strong, and we’re starting to see new construction rev up. 

 

New construction can also give you the ability to customize a home to fit your needs and to make it uniquely yours. Today we’re diving into the trends that we’re currently seeing in the market involving new construction and how you can best get in on this opportunity! 

 

What We’re Seeing

We’re seeing a few indicators that point to an upward trajectory in the number of new construction homes available on the market. First, housing starts have reached their highest level since 2006 in March of this year. You might be wondering what we mean by housing starts. Housing starts refer to the volume of new homes where construction began during a set period of time. Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), Nadia Evangelous, reports that we are currently building 24% more homes than we typically have built during the last couple of decades. Evangelou predicts that housing starts are likely to reach 1.6 million for all of 2021 and rise to 1.7 million in 2022.

 

Additionally, we’ve also seen an uptick in single-family homes permitted. MarketWatch reports that permits for single-family homes increased nearly 5%. Additionally, permits for duplexes, triplexes, and quadplexes surged 25.5%, suggesting that cities are looking to support the demand for housing, particularly in those higher-density neighborhoods. 

 

How to Capitalize on This Opportunity

While all indicators point to an increase in newly built homes becoming available in the future, it’s important to note that you don’t have to wait until the homes are built to purchase. In fact, construction doesn’t even have to start. According to the Monthly New Residential Sales Report from the U.S. Census Bureau, many buyers are jumping on the opportunity to purchase a new construction prior to breaking ground on the home. We’ve included a graph below from Keeping Current Matters (KCM) that depicts the increase in buyers purchasing a pre-construction home. 

 

 

Bottom Line

While the increase in new construction won’t resolve the low inventory issues that we see in this market, it is a new opportunity to be aware of. If you’ve considered a new construction home but didn’t think the availability was there, now may be the time to reconsider. Of course, there are some things to keep in mind when it comes to a new construction build, so be sure to talk to your agent if it’s something you are interested in. We’re happy to answer any questions that you might have. Give us a call!

Posted in Buying a Home
July 19, 2021

Best Spots to Bring Your Pup - Westford Area

 

 

Although we’re about halfway through the summer, there’s still time to get out there and try new things. For those of us with pups at home, we know it’s even more fun to find things to do that we can bring them along for! 

 

We’ve gathered some of our favorite spots to take your furry friends for some fun in the sun (with plenty of available shade & water of course)! Keep in mind, establishments can always change their policies so be sure to double-check the specific rules and regulations before bringing your pup along! 

 

Our Picks for Dog-Friendly Fun! 

 

Drew Farm - Westford

If you’re looking for a great picnic spot or a place to take a stroll amongst the apple blossoms, be sure to check out Drew Farm in Westford. In the fall, you’ll be able to bring your pup along as you pick some fresh apples in the crisp autumn weather. Drew Farm asks that you be prepared with waste bags to pick up after your pet and may verify that you have those with you prior to entry.  

 

Kimball Farm - Westford

Kimball Farm is a great spot to have a fun-filled day with every member of the family. From bumper boats to mini-golf to ice cream, this spot has it all. Even better, you can take your pups along for the day! Keep in mind that they are restricted from the dining areas, private event areas, and the grill & country store. 

 

Grassy Pond Life Course & Trail - Westford

If you’re looking for a laid-back trail to take your pup out on, Grassy Pond Life Course & Trail is a great spot for you! While this trail is relatively moderate, what makes it unique are the exercise stations throughout the park. The area has a ½ mile walking trail around the pond with a ½ mile jogging trail as an extension. This trail is also great for anyone with young kids! 

 

Great Brook Farm State Park - Carlisle

Located near Westford, this 1000-acre park is a great spot for your family to spend the day, pup included! With over 20 miles of trails, you’re sure to get your hiking fix by venturing through open fields and woodlands. When everyone is ready to relax and refresh, there is an ice cream shop nearby as well as a working dairy farm! 

 

Navigation Brewing Company - Lowell

If you’re open for a day of kicking back and exploring local breweries, then be sure to add Navigation Brewing Company to your list! Breweries are a fun spot to try something new or enjoy a day with friends. Even better, your loyal companion is welcome to join in on the fun. Please note that dogs must be leashed and under control at all times. No retractable leashes are allowed and the dogs must be able to play nice with others. 

 

Vietnam Veteran’s Park - Billerica

This park is a great place to get lost in nature. With approximately 2,000 feet of frontage along the Concord River, this park features scenic slopes & lush forest, perfect for a peaceful stroll. If you’re looking for activities, the park features a beach & recreation area which includes a soccer complex, a radio-control flyer area, a BMX racetrack, a children’s play area, and more! For those bringing their pup, it is required that you clean up after them and also keep them out of ponds/streams/vernal pools. The full policy can be found on trailhead kiosks.  

 

Bottom Line

We all want to make the most of summer, and we hope that we were able to make your weekend planning a bit easier with these dog-friendly locations! Stay tuned for future must-do lists on this area and many more around MA & NH!

 

Posted in Community, Parks
July 13, 2021

Want to Add $93k to Your Net Worth? It May Be Easier Than You Think

 

 

Who doesn’t want to build their net worth? It’s something that most everyone works towards and many search high and low for new ways to do so. What if I told you that you could do this just by paying your mortgage? 

 

We’ve said it before, but today we’ll be mapping out exactly how homeownership can directly build wealth and how much investing today will pay off over the years. 

 

A Look At The Next 5 Years

As we’ve mentioned in a previous article, home appreciation is at an all-time high. While we might see that drop a bit over the next few years, home prices will still continue to appreciate. Keeping Current Matters (KCM) predicts that appreciation remains at about 5% through 2022, and hovers around 3.5% through 2025.  

 

If you’re wondering what this means for you, let’s take a look at an example of someone who purchased their home in January 2021 for $350k. Assuming the appreciation rates we discussed, this homeowner will end up increasing their net worth by over $93k by 2026. The infographic below from KCM illustrates how this works. 

Additionally, Dr. Frank Nothaft, Chief Economist for CoreLogic, further explains that due to the record high home price index over the past year, the average amount of equity held by homeowners with a mortgage rose to $216,000 in 2021.  

 

Bottom Line

Everyone loves getting something back for the money they spend. Maybe it’s a coupon in the mail to use on your next purchase as a store or a rebate for the latest appliance you picked out. When it comes to housing, you’re building equity with every mortgage payment you make. By purchasing a home today, you’re making an investment into something that is sure to give you a great return. Down the line, when you decide to make a move or upgrade your home, you’ll be able to cash in on this investment and take advantage of the wealth that you have built up over the year

 

If you have any questions about buying a home to capitalize on this wealth or if you’re looking to sell to cash in and purchase a home that better fits your needs, let us know! We’d be happy to help. 

 

July 12, 2021

Sit Down with a Sales Manager - Colin O’Brien Talks Training

 

If you’re looking to start your real estate career, or just looking to take it to the next level, one of the most valuable resources to have is someone to help you get there. While there are many individuals that can help you with that (fellow agent, mentor, coaching programs), having someone in your office that’s dedicated to helping you be the best agent you can possibly be puts you in the best position to succeed. Sales managers do exactly that! They’ll work with you individually and conduct group training sessions that will help you reach the goals that you have set for yourself. That’s why we love our sales managers here at Chinatti Realty Group! 

Today we’re taking a deeper look at what the role of a sales manager entails and getting to know one of the sales managers here at Chinatti Realty Group a bit more. We’ll share his thoughts on his role as a sales manager, how training enables you to achieve continuous growth and success, and what unique aspects he brings to training that makes agents want to come back for more. 

What is a Sales Manager?

We know that the real estate industry is constantly changing and evolving. There is always something new to learn and, if you are going to be successful, you need to keep up! As an agent, it’s not always easy to do this on your own and keep yourself accountable. This is why having a sales manager is such a huge advantage. Whether you’re new to the industry or have been involved with real estate for a while, having someone by your side to support you and give you the tools to continue growing your business is so beneficial. 

Sales managers provide a number of helpful resources to agents such as training sessions, one-on-one help, business planning assistance, accountability partners and so much more! Additionally, here at Chinatti, our sales managers are not actively working with buyers or sellers, so their time is 100% devoted to helping you succeed. They bring to the table knowledge of the industry and a commitment to working with you to meet those goals that you set for yourself. 

Meet Colin O’Brien

Colin O’Brien recently joined the Chinatti team as our sales manager for our New Hampshire office. Prior to this role, Colin worked as a general manager at a popular restaurant in Somerville, MA. He was in the restaurant industry for 12 years before making the switch to real estate and worked his way up from a server to the general manager during that time. What makes Colin so special is the leadership skills that he’s acquired throughout his career that can be applied in this new position. He brings a fresh perspective and years of experience that will help our agents continue to grow in their business. 

When we asked Colin what he was most excited about as he takes over the New Hampshire office, he explained that it’s his passion to be a part of someone’s development. Seeing people be successful and happy in their careers is what drives him. His biggest win is when someone says that they’re a better person just by knowing you. Here at Chinatti Realty Group, we are big on fostering a culture of support and building each other up. Colin exemplifies exactly that and is dedicated to being that go-to person for all agents as they navigate their real estate growth journey. 

Colin’s Take on Training

As we mentioned, one of the benefits of having a sales manager is that you have access to someone who’s there to give you the tools to help you achieve the goals you set for your business.  A major part of that involves training. Here at Chinatti, training is something that we take extremely seriously and conduct daily training available to anyone on the team to attend for free. Our goal is to provide our agents with all of the information they need to be able to keep up with the ever-changing market and provide their clients with the best service in the industry.

Why is Training So Important?

We asked Colin about his thoughts on training and the importance of having that quality training available as an agent. Colin stated that “One you stop learning, you stop growing. Even if you’ve mastered your craft, there’s always something new to learn.” He explains that even in his previous role, although he had been in the general manager position for a while, any time a situation would arise, he would email his supervisor and ask for feedback on how he could have managed things differently. Colin reminds everyone to put their ego aside. In this industry, the market changes all the time, so what might have worked for you today, might not work for tomorrow. The more you learn, the more you grow, and there is endless opportunity for those who take advantage of that.

What To Expect from Training with Colin

As the sales manager of our New Hampshire office, Colin will be leading the trainings available to agents in that area. We asked Colin what he plans to bring to the table when it comes to training, and what makes his training stand out from the rest. Colin explained that he’ll bring energy and passion to each meeting, and make things exciting. He loves to get agents fired up and understands that no one is excited to go to sessions that are dull and mundane. His goal is to make each and every agent eager to come to the next one and be active participants. Additionally, one thing that makes training at Chinatti stand out is that they are always adaptive. Colin explains “We’ll pivot our training to focus on new objections, changing trends in the market, and any other day-to-day questions or struggles our agents are facing.” This way, the content stays up to date and relevant, encouraging agents to continue to attend to keep up their skills and provide their clients with accurate market insight.

Bottom Line

As an agent, it’s important to create goals for yourself to continuously grow your business. To achieve those goals, it’s always helpful to have someone to turn to to help you identify areas of improvement and adjustments you can make in order to achieve everything you hope for in your career. Having a sales manager means that you have someone in your court rooting for you to succeed, and giving you the tools to do so. If you’re a new agent and this sounds like something you’d want in the team you choose to hang your license with, be sure to bring this up in conversation as you explore your options. 

We’d be happy to answer any questions about our sales managers here at Chinatti Realty Group! Give us a call at (978) 300-8882.

Posted in join our team
July 8, 2021

What Today’s Lending Standards Mean For Current Homebuyers

 

 

When will the housing market crash? It’s a question we receive fairly often. With the crazy amount of demand we’re seeing for homes today, it’s not hard to look back at 2008 and see a similar fate in the future. However, there are many reasons why this is not the case. Today we’ll be focusing on one of those key reasons - lending standards. 

 

Let’s Take a Look Back

One indicator that we like to look at is the mortgage credit availability index (MCAI). This index will tell us how easy (or difficult) it is to get a mortgage at any point in time. The higher the index, the more available mortgage credit is. Let’s take a look back to 2004. At that time, the MCAI stood at about 400. By 2006, that number spiked into the 860s. What followed was the housing crash, and MCAI dropped below 100. Since then, lending standards have eased a bit but today they still hover below 150. When you compare this number to what we saw in 2006, it demonstrates how drastically mortgage credit availability has changed over the years.

 

What Does Today’s Index Rate Mean For Me?

In 2006, just about anyone could secure a mortgage. Lenders were taking advantage of the housing demand and giving out loans left and right, without any real verification that those individuals would be able to pay off their mortgage. One popular loan option at the time was one in which interest rates slowly increased over time. Due to the lack of vetting, buyers ended up not being able to repay their loans once that interest increased. Since then, the U.S. government has implemented new regulations which have made lending standards much tighter. Investopedia explains that many of those riskier loan types are extremely rare today due to those updated lending practices.

 

Additionally, your FICO credit score is a huge factor for lenders today. MyFico explains that FICO credit scores are used by 90% of top lenders when determining if you qualify for a loan. According to an article posted by Experian, 28% of consumers with a credit score in the fair range are seriously at risk of becoming delinquent in the future. The fair range consists of scores between 580-669. Today, there are options available for anyone with a credit score of 620 or higher, but you’ll want to work to get that credit score up for a greater variety of loan programs. The graph below from Keeping Current Matters depicts the number of loans granted to those with a credit score less than 620 over the years. Here, you can clearly see that lenders are looking for a higher credit score in order to approve you for a mortgage. According to Ellie Mae’s Original Insight Report, the average FICO score for loans originated in February 2021 was 753.

 

Bottom Line

Looking at the housing market today, you might think that it’s identical to what we saw in 2006. However, when you look at the lending standards of today vs what we saw then, you’ll see a completely different picture. The risk for lenders and borrowers today is significantly less than what we saw in 2006. Borrowers are having to go through a much stricter evaluation prior to being granted a loan. What this means is that there is significantly less of a risk of delinquency - giving today’s housing market a much better outlook than what we saw in 2006. If you have any questions about today’s lending standards, reach out to us and we’d be happy to connect you with a reputable lender to discuss this further and what it means for you!

 

Posted in Buying a Home
July 5, 2021

3 Things To Consider Before Renewing Your Lease

 

 

We get it, deciding whether or not to renew your lease is a big decision. If you’ve been watching the market for a while, maybe you’re thinking that renewing is the best option for you right now. While there are situations where that may be the case, it’s important to understand that homeownership may be well within your reach, and there are many benefits waiting for you if you can make that switch. We’re here to touch on some of the important factors to keep in mind as you decide what the next best move is for you!

 

You May Be Paying More Towards Rent Than You Would a Mortgage

For many, the idea of purchasing a home seems out of reach. However, it may be more attainable than you think. According to an article by Keeping Current Matters (KCM), renters actually pay a higher percentage of their income towards rent than homeowners pay towards their mortgage. On average, homeowners spend 16% of their income on the cost of the housing whereas renters pay 26%. The graph below from KCM depicts the discrepancy between what many pay for renting vs homeownership.

You’re Building Your Landlord’s Wealth - Not Your Own

Housing is an inevitable cost, whether it’s through renting or homeownership. A percentage of your income will have to go to sustain this. When you rent, your monthly payment goes directly into the hands of your landlord. That money has no chance of turning into anything greater down the road. However, with homeownership, you can think of your money going into a savings account where it can build interest. Your home is going to build equity and when it comes time to cash out, you’ll have something to show for all of your monthly payments. 

According to KCM, MA & NH’s average equity gain over the past year was $49k! Across the US, there was a 6% increase in total homeowner equity over the past year. Wouldn’t you want to put your monthly payments towards this kind of investment vs handing it to someone else to capatlize on? 

 

Your Mortgage Payment Won’t Go Up - Your Rent Might

Rent prices continue to be on the rise, shown by the infographic below from KCM. By renting, you are subjecting yourself to these increases. While an apartment may fit in your budget this year, there’s no guarantee that you’ll be able to afford that same apartment when it comes time to renew your lease. Your payments are entirely subject to the landlord’s discretion. On the other hand, when you lock in a mortgage, your monthly payment will remain relatively unchanged. The only variable that could impact that payment would be if your property taxes or insurance rise. Keep in mind that these variables only make up a small portion of your monthly mortgage costs.

Bottom Line

It may be tempting to fall back to renting, especially in a competitive buying market. However, homeownership may actually be well within reach. Additionally, homes are continuing to appreciate, and if you’re thinking it’ll be easier to make the switch later on, you might want to reconsider.  If you are able to make the jump, we highly recommend making the move today! Homeownership is a huge milestone for anyone, and it’s also the first step to building your net worth. If you’re on the fence, we’d be happy to talk through any questions you may have and the home buying process to help you determine if this is the next best step for you!

Posted in Buying a Home
June 29, 2021

Why You Shouldn’t Put Your Home Search On Hold!

 

 

One thing that we are starting to hear from our buyers is that they’ve decided to put their home search on hold. Maybe they’ve been searching for a while and are getting burnt out. Maybe they just started their home search but are intimidated by the market. We know that it can be tough to persevere if you’ve been met with some of the challenges that this current market presents. However, we’re here today to help remind you of the reasons why persevering is so worth it! 

Start Building Equity Now

While the home buying process may seem overwhelming now, keep in mind that the long-term benefits outweigh any temporary frustration. By purchasing a home, you are making an investment that will contribute to your overall net worth. In fact, Liberty Tree Economics reports that 93% of Americans believe that buying a home is definitely or probably better than investing in stocks. If you are currently renting, start thinking about the money that you are spending on rent vs what you could be spending on a mortgage. As stated in a report by Urban Institute, you can think of these mortgage payments as deposits into a savings account. As you put in more money, it will maintain its value and even grow over time. Compare this to rent where your money is going straight into the hands (and likely right out of them) of your landlord. Not only will you not get that money back, but you miss out on capitalizing on the appreciation. 

These Rates Won’t Be Here Next Year

Okay, so you’ve probably heard by now that the interest rates are a record low. We may sound like a broken record, but that’s just because it’s true! According to an article posted by Keeping Current Matters (KCM), interest rates are projected to rise to 3.2% later this year and 3.7% in 2022. 

 

What exactly does that mean for you? With lower interest rates, your money can go further. Rather than your monthly payments going largely towards interest, you’re able to put more of your money towards your home. For example, let's say your monthly budget is $1,500 a month for a mortgage. To back you into a pre-approval amount, your lender will take into account what you can afford based on the price of the home itself as well as other factors such as principal in interest. If your interest goes up, the only way to stay at that same monthly amount is to drop the price of the home. Meaning, you’ll be spending the same amount but will have fewer options available. If you’re banking on the home prices dropping in order to make up the difference...be sure to keep reading (spoiler alert: they won’t!). 

Home Prices Aren’t Going Down

If you’re waiting to see home prices drop before you purchase...you’ll be waiting a while. According to KCM, experts expect home prices to increase by 8.66% in 2021. Due to the extreme inventory shortage and high demand, appreciation is at an all-time high and those prices are going to keep rising. In the coming years, the appreciation rate may drop a bit, but it will still be an increase! KCM predicts appreciation rates hovering between 3.5-4.5% through 2025.

 

So, if you’re waiting for that house you saw to drop its price in a few years, it’s probably best to take the leap now! You’ll end up getting the home for less than it will be down the road, a lower interest rate, and a chance to build equity in the home. 

Bottom Line

The current market conditions can be frustrating if you’ve been looking for a home for some time now. As much as you may want to throw in the towel, it’s important to stay positive and keep going! The benefits greatly outweigh the challenges you may be facing at the time. Trust us! We know that the perfect house for you is right around the corner and once you find it, you’ll be so glad that you kept going. If you have any questions about the opportunities for you as a buyer in this current market, reach out to us. We’d love to talk!

Posted in Buying a Home
June 28, 2021

Power of the Team - Transaction Coordinators

 

If you're a real estate agent, you know that finding that perfect home is super exciting for everyone! However, you also know that there is still a lot that needs to happen to get the keys. Everyone knows that there are certain steps you need to take to find the house, but not everyone sees all of the behind-the-scenes work that goes on after you get the call that your offer was accepted.

Contracts, negotiations, deadlines, and paperwork are all important elements of what's to come in the weeks following an accepted offer. If you’re new to the industry, these items might feel overwhelming. If you’ve been in the industry, you know that these items can quickly pile up, especially when you have multiple deals at the same time.

So, what do you do when you decide it's time to get some help with this? That’s where transaction coordinators come in and save the day. Today we’ll discuss what transaction coordinators do and how they are a huge benefit in your real estate career!

What is a Transaction Coordinator?

A transaction coordinator is someone who helps the real estate agent with administrative tasks that occur during the buying process. They work behind the scenes to help make the agents' lives a little easier and create a smooth journey from getting your offer accepted to the closing table. Some of their specific duties include:

  • Communicating with clients regarding upcoming deadlines
  • Monitoring the contingency period
  • Ensuring that documentation is submitted on time
  • Assisting agent with drafting necessary documentation
  • Scheduling follow-ups for the agent during the closing process and post-closing

What are the Benefits of a Transaction Coordinator?

As we mentioned, the transaction coordinator can help you with a variety of tasks, especially those time-sensitive items that you may struggle with. If you’re busy with other clients and need to get a document out, the transaction coordinator can step in and help get that done. Transaction coordinators allow you to focus more of your time on your clients and less on paperwork and documentation. This will allow you to help even more families achieve their real estate goals. 

One of the other key benefits to a transaction coordinator is that you have a second set of eyes to keep tabs on everything, ensuring that nothing falls through the cracks. If you’re on your own, there is always a possibility that something is missed - it happens! Having someone else in your court will act as a fail-safe, ensuring the best possible experience for you and your clients.

Bottom Line

Transaction coordinators are a huge help as you navigate your way from accepted offer to the closing table. They’ll be able to manage some of the more tedious work so that you’re able to spend more time building relationships, prospecting, and providing that exceptional  experience to their clients. If this sounds like something that you would find beneficial and you’re currently deciding what agency might be right for you in your career, have a conversation with potential brokerages and see if this is something they offer! We’re happy to answer any other questions you might have about this position or any other support roles we have here at the Chinatti team!

 

Posted in join our team
June 24, 2021

The Home Inspection - Do I Really Need One?

 

You’ve finally found the right home for you. It seems perfect! You sit down with your agent to write the offer. That’s when you’re asked... “What do you want to do in regards to the home inspection?”

Your mind might start spinning. You want to make sure the home you purchase is in good shape with no hidden defects. You also want them to choose your offer on their home and you’ve heard that waiving inspection can help. The house looked fine from what you saw on your showing, so do you really need one and is waiving the inspection an option?

There’s a lot to consider when it comes to deciding how you want to proceed in terms of a home inspection. It’s true that there are different options available to you, and it’s ultimately up to you how you decide to proceed. Keep in mind that each option has its own set of pros and cons. To help get you started as you make your decision, we’ve outlined some of the common home inspection contingencies that we see in this market. Keep in mind, it’s important to have a conversation with your agent about home inspections so they can provide you with assistance based on your specific scenario. 

What is a Home Inspection?

Generally, most people view home inspections as a time where you uncover hidden defects of a home. However, home inspections are not there to simply be the bearer of bad news. In fact, home inspections can be extremely beneficial, especially for first-time homebuyers. Why? Because a home inspector does more than just looking for things that are wrong. They will walk you through each aspect of the home, from electrical, to heating, to plumbing, and much more. They’ll be able to estimate the age of big-ticket items such as the roof or furnace. They’ll also be able to let you know if you should start to budget for a replacement. Ultimately, they’ll show you how to properly care for and maintain your home, which will result in fewer headaches for you down the line and a better payoff when you go to sell. If you have any questions about the property, now is your chance to ask! It’s a great chance to learn about your soon-to-be new home.

What Are Your Options When It Comes to Home Inspections?

Similar to other contingencies, when you’re making an offer on a home, the home inspection doesn’t have to be all or nothing. There are a number of options that you can choose from in order to come up with an offer that fits your comfort level pertaining to inspection.

Full Home Inspection

This is what you probably think of when it comes to having a home inspection. By including this contingency, you have the right to renegotiate your offer or walk away from the deal based on anything that comes up during the home inspection. This can be due to any issue, big or small. Keep in mind that it’s always best not to nitpick - but if there are areas of concern, you have the right to bring these issues up. The main con to this option is that, in this market, it’s not all that competitive. Compared to the other options, this one poses the most risk to the seller but the most protection for you.

Waived Home Inspection

We are seeing this option being utilized more frequently in this current market. Before you decide if this is the right option for you, it’s important to understand what exactly it means for you. By waiving home inspection, you are solely relying on the information that’s been provided to you (via MLS or seller’s disclosure) or that you’ve personally seen during your showing as your guide to what work may need to be done on the home. If you waive your home inspection on your initial offer, you cannot turn around and later change that decision. There is always a chance that issues are discovered down the road after the home purchase is complete. Those issues could be small or be a large undertaking - there’s no real way of knowing if it was not previously disclosed. This option poses the greatest risk to you but the least risk for the seller, which is generally what makes it so attractive in offers. Proceed with caution if you go this direction and be prepared to face some of these challenges.

Home Inspection for Informational Purposes Only Unless Repairs Exceed $$$

This is a very popular option in this current market. It provides a bit of middle ground between the full inspection and completely waiving your rights to one. This contingency allows you to commit to taking on some repairs but up to a certain dollar amount. This will show the sellers that you’re not going to ask for a laundry list of minor repairs but are mainly concerned with big-ticket items. In this scenario, it may be worth consulting a contractor prior to submitting an offer. Let them know what items you are most concerned about (roof, furnace, electrical, etc) and have them provide you with an estimate of how much those repairs would cost. This can serve as your baseline for the dollar threshold that you use in your offer. 

Home Inspection for Informational Purposes Only Unless Structural, Safety, or Mechanical Issues

Similar to the previous example, this option falls somewhere between the full inspection and waiving it completely. In this case, you will have a good amount of protection in regards to issues that most people are concerned about. There is a lot that can fall under these exception buckets, so chances are you will be able to renegotiate if you find something that’s a red flag. However, keep in mind that this is a little broader and may not be as appealing to some sellers as other inspection offers.  

Bottom Line

Home inspections can be incredibly helpful, especially for first-time homebuyers. They will help you find any potential issues and they’ll also help you understand how to properly care for your new home. When it comes to deciding what you should do in terms of inspection contingencies, it’s important to remember there will always be some sort of risk/reward. Know what the risks are so that you are not taken by surprise. Be clear with what you expect to happen if issues are found so that your agent can make sure that it’s properly laid out in the offer. Communication is the key to deciding what the best option is for you. Take time to sit down with your agent and discuss what you’re most concerned about. They’ll help you settle on a solution that will work for you. 

 

If you have any questions about home inspections, reach out! We’re happy to talk through home inspections in more detail and help you decide what makes sense for you.

 

Posted in Buying a Home