Real Estate Information

Steps to a Successful Home Purchase

Step 1: Find an experienced and trustworthy Boston, MA Realtor -  Did you know the top 20% of agents sell 80% of all real estate? An amazing statistic, but really demonstrates how important experience is when buying what is most likely your largest investment. Choose a full time agent that knows the market and is a market leader working for a reputable company. You don’t want someone ‘learning’ from their mistakes when it’s your wallet!

Step 2: Talk to a mortgage banker about your pre-approval – A pre-approval is an essential step in the home buying process in the Back Bay and needs to be done as one of the first steps. No Back Bay seller will look at any offer without a pre-approval letter and some sellers will not even allow scheduled showings! Talking to a mortgage banker for a pre-approval does not lock you in to using them so don’t worry about mortgage rates or closing costs at this point. Once you go under contract for your Back Bay home, then that is when it is time to compare rates and closing costs as banks rates change on a daily basis. 

Step 3: Calculate your down payment – As part of the pre-approval process, you will need to start to think about how much you are looking to put down. You can purchase a home for as little as 3.5% down (Or 0% for Veterans) and the down payment can come from many sources including gifts from family. You can even borrow against a 401k for your down payment. An important percentage to keep in mind is 20%. With a down payment of 20% a home owner does not have to pay for Private Mortgage Insurance (PMI) and can make a difference in the monthly mortgage payment.

Step 4: Figure out your comfort range & Narrow down your search area(s) – It is a mortgage banker’s job to tell you want you can afford, but it is your job to  figure out what you are comfortable affording when purchasing a Back Bay home. Remember to factor in insurance, property taxes and condo fees into your estimate. Figuring out your comfort range will help you narrow down the areas and neighborhoods that are available to you. Keep an open mind is some of the best advice that can be given!

Step 5: Go house shopping – This is the fun part! If you like HGTV then you are going to love this. In 2011, according the National Association of Realtors, the average home buyer looked at 12 homes over 12 weeks before finding their dream home. Figure out what your ‘must have’s’ are, but more importantly figure out what the ‘absolute no’s’ are. Some buyer’s find their home the first time they are out and others it can take a month to year. There is no ‘right’ amount of time when it comes to your home search.

Step 6: Making an offer – This is when it gets very real… It is when ‘pen hits paper’. Remember that the offer price is not the only thing to be considering in the offer phase. Other aspects of the offer that will need to be considered are: The amount of down payments put into escrow, how long the offer will be good for, the Purchase and Sale completion date, when you would like to take ownership of the home (closing date)  and whether you are planning on doing a Home, Pest, Radon and Lead Paint Inspection. If you are purchasing a condo then you will also want your offer contingent upon a review of condo docs and condo budget. It is important to discuss all of these issues with your Back Bay Realtor as different situations (multiple offer situations) can impact an offer dramatically in order to make it more attractive.

To read the rest of this article and see all the steps of a home purchase, visit www.MoveWithChubb.com/Blog/A-Successful-Home-Purchase .

Step 7’: Home Inspections

Step 8: Choose Your Financing

Step 9: Purchase & Sale Agreement

Step 10: Closing on Your Home

 If you are thinking about buying or selling a home in the Back Bay or looking to move up to a bigger home, then it would be a true pleasure to have the opportunity to sit down with you. Give me a call at 617-480-2600 or contact me by email at Jeff@MoveWithChubb.com.

Give the #1 RE/MAX Agent in Boston a call at 617-480-2600 or visit him online at www.MoveWithChubb.com.

Click Here to View All Back Bay Homes For Sale

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How to Buy A Home In South Boston, MA

Step 1:   Find an experienced and trustworthy Realtor -  Did you know the top 20% of agents sell 80% of all real estate? An amazing  statistic, but really demonstrates how important experience is when buying a home in South Boston which  is most likely your largest investment. Choose a full time agent that knows the South Boston market and is a market leader working for a reputable company. You don’t want someone ‘learning’ from their mistakes when it’s your money and home at risk!

Step 2:   Talk to a mortgage banker about your Pre-Approval – A Pre-Approval is an essential step in the South Boston home buying process and needs to be one of your first steps. There is no seller in South Boston that will look at any offer without a pre-approval letter and some sellers will not even allow scheduled showings! Talking to a mortgage banker for a pre-approval does not lock you in to using them so don’t worry about mortgage rates or closing costs at this point. Once you go under contract for your home;  that is when it is time to compare rates and closing costs as banks rates change on a daily basis. 

Step 3:    Calculate your down payment – As part of the pre-approval process, you will need to start to think about how much you are looking to put down for your South Boston home purchase. You can purchase a home for as little as 3.5% down (Or 0% for Veterans) and the down payment can come from many sources including gifts from family. You can even borrow against a 401k for your down payment. An important percentage to keep in mind is 20%. With a down payment of 20% a home owner does not have to pay for Private Mortgage Insurance (PMI) which can make a big difference in the monthly mortgage payment.

Step 4:   Figure out your comfort range & Narrow down your search area(s) – It is a mortgage banker’s job to tell you want you can afford, but it is your job to figure out what you are comfortable affording. Remember to factor in insurance, property taxes and  condo fees into your estimate.  Figuring out your comfort range will help you narrow down the areas and neighborhoods that are available to you. Keeping your mind open is not a bad idea! In South Boston we have a couple different neighborhoods that you may be interested in. Many people divide South Boston by the East and West side. On the East Side you will find City Point which is below East Broadway and runs to the beach and Castle Island. Don't forget Telegraph Hill as well as the Neighborhoods by Andrew Square and the Broadway T Stop. 

Step 5:   Go house shopping – This is the fun part! If you like HGTV then you are going to love this. In 2011, the average home buyer looked at 12 homes over 12 weeks before finding their dream home. Figure out what your ‘must have’s’ are, but more importantly figure out what the ‘absolute no’s’ are. Some buyer’s find their home the first time they are out and others it can take a month to year. There is no ‘right’ amount of time when it comes to your South Boston home search.

To read the rest of this article and see all the steps of a home purchase, visit www.MoveWithChubb.com/Blog/A-Successful-Home-Purchase

Step 6:  Making An Offer

Step 7’: Home Inspections

Step 8: Choose Your Financing

Step 9: Purchase & Sale Agreement

Step 10: Closing on Your New Home

Thinking of buying or selling  a home in South Boston? Give the #1 RE/MAX Agent in Boston a call at 617-480-2600 or visit him online at www.MoveWithChubb.com.

Click Here to View All South Boston Homes For Sale

Click Here to View All 2 or More South Boston Homes For Sale

Click Here to View All South Boston Homes For Sale up to $400k

Click Here to View All South Boston Homes For Sale for $400k or More

Mortgage Relief For Sandy Victims

Relief is coming to homeowners hit hard by Super-storm Sandy. Government agencies and major lenders are rolling out plans to offer victims breaks on mortgage payments and other types of financial assistance.

Earlier this week, Freddie Mac and Fannie Mae told the companies that service their loans that they can offer assistance to borrowers whose homes were damaged or who lost income as a result of the storm.

Freddie said it will allow some borrowers to delay their mortgage payments for up to one year, according to Tracy Mooney, a vice president at Freddie Mac. Fannie, meanwhile, will suspend or reduce homeowners' payments for up to 90 days if the storm has affected their ability to make payments or caused their property to lose value.

The two mortgage giants, which back about 70% of all U.S. home loans, also offered up other types of assistance, including waiving late fees, postponing foreclosures for up to 12 months and not reporting late payments to credit bureaus.

If you have family or friends who have been effected by Sandy we thought this may be information vital info to share, and maybe helpful in this very difficult time. 

A Pre-Approval is one of the first steps when it comes to buying a home. It would be a pleasure to speak with you and go over the different mortgage programs that are available to you. The conversation and pre-approval is with no obligation. I look forward to speaking with you.

Give Jason Bonarrigo, a Mortgage Banker at Wells Fargo a call at 617-363-4617 or email him at Jason.Bonarrigo@Wellsfargo.com . 

Half A Million Dollars - Tax Free!

We all pay our dues to live in Club America, but did you know that owning a home offers one of the best financial shelter allowable by law? America has always supported the dream of homeownership and in 1997; congress passed the Taxpayer Relief Act which is credited with having a significant role in keeping real estate one of the best investments available.

When you sell most investments like a stock in the stock market, you are subject to a capital gains tax (unless the asset is in another tax shelter like a 401k). But when you own a home it can be a different and much more profitable story. You may be able to sell that home tax free. That’s right, up to a HALF A MILLION DOLLARS… TAX FREE!

The federal law says when you sell a home, if you qualify you can keep tax free up to $500,000 if you are married filing jointly, or $250,000 for single taxpayers, or married taxpayers who file separately. It is a pretty simple requirement in   order to qualify for this law. The home must have been your primary residency for at least two of the prior five years in order to qualify for this tax savings.

The best part of this tax benefit is that it is not a one-time deal. This benefit is one that you can use again and again – provided you qualify meeting the owner-occupied requirement of living in the property two out of the five years. You can even do this if you own two houses! All you have to do is make sure that you have lived in both two for 2 out of the 5 years.

Some confusion steps in when you start factoring in short term capital gains as the tax rates change based on the time an investment is held. If you purchased a property to ‘flip’ or end up selling the property within 2 years without an unforeseen event then any money made on the property will be taxed at the current capital gains rate.

If you are worried about a job relocation, then the tax code has thought of that! There are special provisions that are available if an unforeseen event such as a job relocation, illness, death of a spouse or divorce force someone to sell before the two year residency requirement. For these unforeseen circumstances a homeowner is able to prorate the $500k/$250k exclusion. For   example, should a relocation happen and you have owned a home for only one year, then you would be able to use half of the exclusion ($250k for a married couple and $125k for separate filers).

The Capital Gain shelter also takes into account selling costs a seller will accrue with the sale of their home. The gain of a home is the selling price minus deductible closing costs and the cost basis of the property.

The cost basis is the original  purchase price plus capital     minus any depreciation (So don’t throw away your receipts!).

Deductible closing costs consist of Real Estate broker’s fees, title insurance, legal fees, administrative costs and inspection fees. Selling costs include items that would be considered as repairs which include painting, planting flowers, maintenance provided they are completed within 90 days of the sale of the home and were completed in order to make the home more sale-able.

It is always important to check with a tax professional about your specific circumstances about the tax benefits that come with selling a home. 

If you are thinking about buying or selling a home in the Back Bay or looking to move up to a bigger home, then it would be a true pleasure to have the opportunity to sit down with you. Give me a call at 617-480-2600 or contact me by email at Jeff@MoveWithChubb.com.

Give the #1 RE/MAX Agent in  Boston a call at 617-480-2600 or visit him online at www.MoveWithChubb.com.

Search All Back Bay Condos Currently For Sale

Search All Back Bay Condos Up to $1m For Sale

Search All Back Bay Condos Up to $1m+ For Sale

Steps to a Successful Home Purchase

Step 1: Find an experienced and trustworthy real estate agent -  Did you know the top 20% of agents sell 80% of all real estate? An amazing statistic, but really demonstrates how important experience is when buying what is most likely your largest investment. Choose a full time agent that knows the market and is a market leader working for a reputable company. You don’t want someone ‘learning’ from their mistakes when it’s your wallet!

Step 2: Talk to a mortgage banker about your pre-approval – A pre-approval is an essential step in the home buying process and needs to be done as one of the first steps. No seller will look at any offer without a pre-approval letter and some sellers will not even allow scheduled showings! Talking to a mortgage banker for a pre-approval does not lock you in to using them so don’t worry about mortgage rates or closing costs at this point. Once you go under contract for your home, then that is when it is time to compare rates and closing costs as banks rates change on a daily basis. 

Step 3: Calculate your down payment – As part of the pre-approval process, you will need to start to think about how much you are looking to put down. You can purchase a home for as little as 3.5% down (Or 0% for Veterans) and the down payment can come from many sources including gifts from family. You can even borrow against a 401k for your down payment. An important percentage to keep in mind is 20%. With a down payment of 20% a home owner does not have to pay for Private Mortgage Insurance (PMI) and can make a difference in the monthly mortgage payment.

Step 4: Figure out your comfort range & Narrow down your search area(s) – It is a mortgage banker’s job to tell you want you can afford, but it is your job to figure out what you are comfortable affording. Remember to factor in insurance, property taxes and condo fees into your estimate. Figuring out your comfort range will help you narrow down the areas and neighborhoods that are available to you. Keeping your mind open is not a bad idea!

Step 5: Go house shopping – This is the fun part! If you like HGTV then you are going to love this. In 2011, the average home buyer looked at 12 homes over 12 weeks before finding their dream home. Figure out what your ‘must have’s’ are, but more importantly figure out what the ‘absolute no’s’ are. Some buyer’s find their home the first time they are out and others it can take a month to year. There is no ‘right’ amount of time when it comes to your home search.

Step 6: Making an offer – It gets very real when ‘pen hits paper’. The offer price is not the only thing to be thinking about in the offer phase. Aspects of the offer that will need to be considered are: The amount of down payments, when you would like to take ownership of the home

Colder Weather Won’t Slow Down Southie

It’s that time of year again… Kids go back to school, leaves start changing colors, the weather starts turning cooler and the South Boston Real Estate Market starts to HEAT UP!!! Did you know that the Fall is one of the best times to buy or sell a home in South Boston? And there is no better time than now if you are a homeowner in South Boston.

This has been a historic year in South Boston. While other markets around the country are just starting to get their feet under them we have been going full steam ahead. Buoyed by the low interest rates and suppressed demand, we are on track for a record year in 2012!

As of the end of August in 2012, there have been 407 condos sold compared to 306 last year. That is nearly a 25% increase in home sales! Other great news is that in 2011 the average sale price in South Boston was $382,323 compared to our YTD average of $417,884. That is an 8.5% increase in sales prices for condos in South Boston. I bet you don’t see those type of numbers reading about the national market!

Why the red hot market? A major factor for the increase in sales prices is the limited amount of inventory. At the end of August this year, there were only 60 condos for sale in South Boston. This is compared to August 2011 when we had 176 homes for sale. That is a 66% decrease in houses that active buyers are able to choose from year over year.

Another major factor are current mortgage rates. When purchasing a home and being locked in at 3 to 4% it equates to a financial windfall over the life of the loan. Potential home buyers have realized the value of having a payment that is locked compared to the ever increasing rent payments that we are seeing in the Boston housing market. A fixed payment is always easier to budget around!

It can be a confusing world when buying or selling a home, so hiring the best can really make a difference and help you net more on your real estate transaction. Whether you are buying or selling then give the #1 RE/MAX Agent in  Boston a call at 617-480-2600 or visit him online at www.MoveWithChubb.com.

To Rent or Buy, That is the Question...

Deciding whether to buy or rent depends on several factors. Among them: where you live, how long you plan to stay in your home and how home prices compare to rents in the area.

Zillow crunched the numbers to figure out how long a new homebuyer would have to own their home before it would make better financial sense to buy. It's at this "breakeven horizon" that total rental costs would exceed the total cost of home ownership and in three-quarters of the U.S., that horizon is three years or less, according to Zillow's chief economist, Stan Humphries. In some markets like New York and San Francisco, home prices are so high that it takes much longer than that -- five years or more. In those cases, it makes more sense to rent.

And the breakeven point can vary wildly within metro areas. In the Boston metro area, for example, it can range from just over two years in the town of Lawrence to a decade in suburbs like Concord and Brookline.

What does all this mean?  NOW is the time to research buying a property!  Home prices and rents locally are starting to climb again and rates are still incredibly low!

It’s my job to work with you, review your situation and provide you with the knowledge, advice and resources so you can make the best decision for your individual needs. Working with the largest mortgage lender provides me the capability to do more and provide you with more options and more competitive rates. Give Jason Bonarrigo of Wells Fargo a call at 617-363-4617 to get the most competitive mortgage rates and the best mortgage advice. You can also reach him by email at Jason.Bonarrigo@Wellsfargo.com. 

The Numbers Lie...

It seems that the dust has settled and the doom and gloom of the real estate market has finally been put behind us. The story that was never being told was that the doom and gloom had been put behind the Back Bay Real Estate market some time ago!

A quick glimpse at the Back Bay Real Estate Market numbers would point to a different story then what is really going on year to date. If you were comparing YTD average sold numbers then the Back Bay real estate market would actually be showing a negative home price appreciation. As we all know, the devil is in the details, so let’s take a look at what is really going on.

In all of 2011 there were 433 Back Bay condos sold with an average sale price of $1,127,384 which was 93.3% of the seller’s asking price. These units had an average asking of $832 a square foot with the average sale of $788 a square foot. Of the 433 units, 170 homes in the Back Bay were sold above $1 million. These units had an average of 2009 square feet of living space and sold for $975 a square foot which was 93.1% of the seller’s asking price of $1,047 a square foot.

Looking at the YTD numbers we can see how deceiving these numbers are. In 2012, we have sold over 20% more units than we did in 2011 with 359 units in 2012 vs. 286 last year. This surge of sales in the Back Bay is coupled with the decrease in the average sale price from $1,175,555 in 2011 to $1,138,599 in 2012. The deception of these market averages is that the smaller Back Bay condos have been the engine of growth in the market. In 2012 the average square footage for a condo sold is 1,263 square feet compared to 1,683 square feet. This is a 25% decrease in the actual size of a unit sold which is obviously going to affect the average sales price! A far more accurate barometer of the price appreciation would be the average price per square foot sold. For the first 8 months of 2011 it was $790 a square foot compared to $808 in 2012 which is a 2.3% increase.

We have not seen the surge in buyer activity in the higher end of the Back Bay real estate market. Looking at all condos that sold over $1 million we see that there has only been a 4.2% increase in activity from 116 units last year to 121 units for the first 8 months this year. The average size of the luxury condos selling have not varied from the 2,082 square feet in 2011 to the 2,085 square feet in 2012. The great news for this luxury market is that we have seen the price per square foot increase by 6.3% to $1,023 per square foot compared to $969 in 2011. This price per square foot increase has been largely due to the increase in the average sales prices with 95.2% in the first 8 months of 2012 compared with 92.2% in 2011.

Another market factor has been the decrease in inventory that is currently on the market. An analysis in the beginning of September shows that the amount of condos currently on the market has gone down by 52.5% compared to the same time last year. There were 204 condos on the market in 2011 vs. the 96 condos currently on the market today. Both segments have seen the decrease in inventory with the under $1 million dollar segment seeing a reduction in inventory of 57.5% and a reduction of 46.5% for condos over $1 million dollars.

If you are thinking about buying or selling a home in the Back Bay or looking to move up to a bigger home, then it would be a true pleasure to have the opportunity to sit down with you. The market has not been this favorable to both buyers and sellers for years and now may be that golden opportunity! Give me a call at 617-480-2600 or contact me by email at Jeff@MoveWithChubb.com.

Give the #1 RE/MAX Agent in  Boston a call at 617-480-2600 or visit him online at www.MoveWithChubb.com.

Tips For A Successful South Boston Home Sale

Selling a home in South Boston can be a challenging task, but selling a home successfully and maximizing its value is an even tougher one! My dad taught me to abide by the 5 ‘P’s in life. ‘Proper Planning Prevents Poor Performance’ and when it comes to selling a home… He couldn’t be more right!

Remove Clutter From Your Home: Less is more when it comes to selling your South Boston home. Go through your home with the mind set of what you are planning on keeping. Anything that you do not plan on keeping then throw away. This rule includes basements and garages.

Tables, desks and countertops should be mostly clear to provide the feeling of as much surface space as possible.

Remove family photos from walls, shelves and fireplace mantles. We need buyer’s to picture themselves in your home, not pondering your happy memories of living in South Boston.

Remove any unnecessary furniture and clothing in closets while using Jeffrey Chubb’s complimentary moving truck to put it into storage.

Improve Your Curb Appeal: Even in South Boston we still have to look at ‘curb appeal’. If you live in a condo, it is very important to make sure the public areas leading up to your unit are clean and well kept.  If it’s not in the association’s budget, then you may want to put a fresh coat of paint on the complex door and do some touchups in the hallway as a minor investment can provide some maximum returns. Be sure to also look at common light fixtures and replace light bulbs when needed.

Fix problems around the house: Go through each room of your home and note all the little things that need fixing. Even the little things matter. If you noticed it, then a potential buyer will too!

Choose The RIGHT Agent: Experience matters when it comes to hiring someone to sell your South Boston home. Hiring the best doesn’t cost you anymore, but can end up saving you $THOUSANDS in the end. Give the #1 RE/MAX Agent in Boston  and one of the top 10 agents in New England a call at 617-480-2600 or visit him online at www.MoveWithChubb.com.

Tips When Looking For a Mortgage in South Boston

Finding an affordable house is no longer a problem but qualifying for a mortgage can be. Six tips to getting a mortgage and a good rate.

Put your credit on ice: The higher your credit score, the lower your rate: The best rates go to those with a 760 or more, says credit-score expert John Ulzheimer.

So keep that plastic in your wallet (and don't apply for new cards or other loans) for at least three months before you go loan shopping. One large balance -- even if it's paid off at the end of the month -- can ding your score by 20 points or more.

Ask for time: Most sales contracts give you only 10 days to nab a loan or the seller can move on. Negotiate for an additional five to 10 days to give you some room to shop around.

Get 2-3 quotes: Rates on a 30-year fixed conforming loan can vary at least as much as a quarter of a percentage point. Get quotes from national lenders and find out what your local credit union or regional bank is offering as well. Inquire about fees; while lenders aren't required to give you a good-faith estimate of closing costs (which average 2% of the loan balance) until you actually apply, some will provide it if you ask.

Match the lock period to the loan: You now need 60 days or more to close a loan, says Wharton professor and mortgage expert Jack Guttentag of mtgprofessor.com, and getting an extension on a lock will cost at least a couple hundred dollars. Ask your lender how long it's taking to close loans like yours -- and don't lock for less.

​Wondering what your home is worth??? Visit www.MAPropertyValue.com for a Market Analysis delivered to your inbox. 

Awesome 4 bedroom, 2 full bath single family hone that sports numerous updates throughout and is in one of South Boston's most desirable locations. On the East side, just 2 blocks from the beach you will find 691 East 7th Street which spans over 1800 square feet and has a serene outdoor space. Own a single family for the price of a condo!

Click Here To View More Photos of This Home

If you are thinking about buying or selling a home in South Boston then give Jeffrey Chubb, the #1 RE/MAX Agent in Boston a call at 617-480-2600 or visit him on the web at www.MoveWithChubb.com. 

The books have closed and the people have spoken... As of the first half of 2012, RE/MAX is the #1 Real Estate company in South Boston for the sale of condos and single family homes.

It might not come as a surprise to many that RE/MAX is the #1 Real Estate company in South Boston as it is also the #1 Real Estate Company in the world and was the recipient of the coveted JD Power & Associates award for working with both buyers and sellers in 2011. RE/MAX agents bring a local knowledge and international exposure to clients that is second to none and that is why No One Sells More Real Estate then RE/MAX.

If you are thinking about buying or selling a home in South Boston, then give Jeffrey Chubb of RE/MAX Select a call at 617-480-2600 or visit him on the web at www.MoveWithChubb.com. He is the #1 RE/MAX Agent in Boston and ranked in the top 10 of all RE/MAX agents in New England. When it comes to buying or selling a home, your most important move is giving Jeff a call today!

All statistics are deemed reliable, but not guaranteed and are compiled from MLSPIN on 7/9/2012.

South Boston Real Estate

“My name is Jeffrey Chubb and I am the owner of RE/MAX SELECT and actually ranked one of the top 10 RE/MAX agents in all of New England. I am talking to you today about the South Boston Real Estate Market and the fantastic story we have going on. As of the End of May 2012 we actually only have 110 homes that are currently on the market. This is compared to the 267 homes that we had on the market at the end of May of last year.

While we have seen a decrease in sellers, we have seen an increase in buyer activity has made the South Boston Real Estate market into a seller’s market.

In the month of May alone we saw 56 homes sell with an average sale price of $403,946 which was 97.63% of the seller’s asking price. This was compared to the 36 homes that were sold in May of 2011. If you have any questions about the South Boston Real Estate market or you are thinking about buying or selling then I would love to talk to you. Please feel free to give me a call at 617-480-2600 or visit me on the web at www.MoveWithChubb.com. And always remember, when you buy or sell a house with me, then you get to use my moving truck for free.”

Jeffrey Chubb is the #1 RE/MAX Agent in Boston and is ranked in the top 10 of all RE/MAX Agents in all of New England. His expertise on the South Boston market helps both buyers and sellers reach their real estate goals. If you are a seller wanting to know how much your home is worth then give him a call or visit www.MAPropertyValue.com.