www.arlingtoncommunitynetwork.org

I hope the meeting went well tonight. I had to work and couldn't make it. Maybe
Alex could start a new thread and give a synopsis of how the roundtable meeting went. I have gotten so much information from all the input over the last couple of weeks. I'm not sure I'll ever figure out what to do with my "stuff" when I'm ready to sell but I do have some good ideas.

Folks, don't forget, tonight 6.30pm real estate round table at JNJ!

Folks, I am loving this discussion! So much to learn from these guys!

And, I also wanted to confirm that Allison of Red Door Design Works and Joe Lamberti of NE Moves Mortgage will be part of the panel on Monday. This is sure going to be a fun and educational event! See you all on Monday, 6.30pm sharp!

Alex

I can't speak for others involved in this ongoing dialogue but I want to thank everyone who has commented and responded to my questions. To my surprise, I have found that the processes of home buying and then the processes involved in selling a home are some of the most stressful times I've had. I'm glad that I've been able to ask questions on a site like this and get what I consider to be respectful answers. I've appreciated that.

Lynn, we are comfortable having clients consolidate boxes and unused furnishings in a corner of the basement or garage. Another option if you are faced with removing many items but are short on space is to ask a friendly neighbor if they can house your stuff for you for a short time. That worked well for one of our clients. We advise clients that their home should be staged prior to taking photos for the listing and up until the final inspection--the home should look the same throughout all of the buyers' visits.
Allison Carswell and Andrea Canty
Red Door DesignWorks
www.reddoordesignworks.com
617 733 2336

Thanks for the information. I understand a bit more about the staging but not everyone can afford to rent a storage unit to get all that stuff out so it can be staged in a way that a realtor thinks it should be in order to sell. In this economy, I would think it's difficult for many. I thought it would be alright but I was also told not to stack the boxes in the basement either. What are your thoughts for a home owner that really has no options for getting practically everything out of the house so it can be "staged" to sell? If worst comes to worst, are boxes in the basement corner acceptable? Surely, people can look past that if they're really interested, don't you think?

Hello there Nattie and Lynn,
We are a locally-based interiors company that provides home staging services, in addition to more general interior and exterior decor. We've been invited to be members of the panel of the real estate round table Monday. Adam makes many great points about the reason for staging. And Lynn, it is true that some buyers may have difficulty seeing past the sellers' belongings. Effective staging helps illustrate the best use of space in a home that's on the market. It enables shoppers to see where a sofa would fit, what size dining room table will work, how an unusual nook can be employed as a home office, etc. Staging's ultimate goal is to get buyers hooked by the square footage, layout and functionality of the home. To this end, staging's first emphasis is on using furniture to illustrate those layouts and functionality, with the secondary emphasis on the "feel-good" factor of the space. This is achieved through cohesive color scheme and a decorating style that will appeal to the target buyer. One survey of more than 2,000 real estate agents showed the financial payback of staging; done well, the returns of some activities can exceed 500% (http://www.stagedhomes.com/mediacenter/stagingstatistics.php ).
Best,
Allison Carswell and Andrea Canty
Red Door DesignWorks
www.reddoordesignworks.com
617 733 2336

Hi Nattie,
I advise my seller's to "de-clutter" as best as possible. By doing this =
it makes all the rooms and those packed closets seem BIGGER. I also =
tell them to remove all the knick-knacks that often are everywhere and =
to reduce the number of personal items.
If a home is vacant, I often suggest "staging", by adding some furniture =
and personal touches so it doesn't appear to be a cold space.
You only have one chance to make that first impression so I urge =
seller's to make that important "curb appeal" a benefit by either =
paining the porch or adding some flowers, or generally spiffing up the =
front entrance.
Realtor Adam Rosenbaum

I think Nattie and I are in somewhat similar situations... right now, my mother's land is up for sale in South Carolina; our plan is to take the money from the sale of that land and use it as a huge down payment for a home in Arlington/near Arlington. However, who knows when her land will sell, so we're in a holding pattern on the selling end of things. We're looking forward to the buying end, though, because we're going from renting to buying. This market seems to offer buyers a lot of home for their money. :)

When we were selling our last house, the realtors wanted as much "stuff" out of our house as possible so that they could "stage" it for the open house that was planned and for other prospective buyers going through at other times. They didn't even want us to put that "stuff" in the garage. They said it was to give prospective buyers an opportunity to envision how their things would look in the house. I personally don't feel that people going through couldn't envision their own things there while the current families' "stuff" is still in the house. I don't get this trend either.

When selling a home, what are your thoughts on getting most everything out of the house before putting it on the market? I don't quite understand this theory because shouldn't a house looked lived in rather than bare?

Lynn, In Arlington prices have already turned the corner. The upward
momentum should continue this year as more first time buyers enter the
market and demand increases. The last downturn (1990-92) took 5+- years to
rebound to the prior levels of prices. We are in the 4th year of this cycle,
past trends don't necessarily mean that we will follow the same track but it
is an indicator. Mark
--
Mark F Lesses
Coldwell Banker
www.MCMoves.com
www.ArlingtonUpdate.com
617-974-9275

Mark: From any trends that are forming, can you give any estimate as to how long before we begin to see home prices on the increase again? Once I get to the point where I can sell my house and actually put it on the market, I hope to regain some of what I've lost in value from this economic downturn.

I think it's a select few who have the financial freedom to make the investment at this time, but it would be well worth it if the money was on hand. There are so many opportunities available to the right people. The foreclosures in Malden, for example, I'd love to know more about that.

I'm with you lillypad. I would love to invest in the market right now. Our economy is every changing and I think now is a great time to do some investing in real estate. I've always wanted to do this. The timing just isn't right for me right now though.

Boy, do I wish I had the cash on hand to invest in the market. In the long run, I don't think you can ever go wrong with real estate. I wouldn't take out a loan just for the sake of investment nor would I attempt to flip a house right now, but if I had the cash laying around I would certainly go for it.

Nattie,
Your concerns are valid about being uncertain whether to put your house =
on the market now, and consequently being priced out of the market if =
prices reverse direction. Remember, none of us are prophets and no one =
knows when the economy will get better, or where interest rates are =
going, or how will pricing be effected. We do know that there is a =
strong pool of buyers, many of them are first time buyers as Mark Lesses =
pointed out. However, be aware that if you are moving up to a larger, =
more expensive home, the numbers tend to work in your favor. Realtor =
Adam Rosenbaum

Lynn, Guessing where the bottom of any market is tough to determine. Anecdotal evidence is the best indicator to judge where any market is, ie: who is looking, who is buying etc. The evidence in our area shows that a large number of buyers are at open houses and an increasing number of houses that are selling, especially to first time home buyers. The first time buyer is extremely important to this market because of the ripple effect that it has across all home values. This is the beginning of a strong and sustainable recovery that will continue to build this year as buyers take advantage of very low interest rates and a one time $8000 tax credit. As for investing in foreclosed properties or other real estate, the primary factor should be what works for you and your profile as an investor regardless of where the market is. While in theory buying property at foreclosure should be a good thing it often is not suitable for the casual investor due to unknown factors that can be very expensive to fix! I am not trying to discourage anyone from jumping in to the market, it is important to do the homework! Mark

For me, the real estate market is in such a state of flux, I don't know if I can risk any more than I already have. I've wanted to sell and move into a nicer home but I don't know if this is the right time to put my house on the market. I cannot afford to lose any more of its value but I'm concerned if I don't take the chance, prices will start to go up again and I'll again be priced out of the type of house I want.

Hi,
My name is Adam Rosenbaum and I'm a realtor in town with Century 21 Adams (and obviously a Famboogle member). Your question about foreclosures and prices stabilizing or not, revolve to some degree around the particular local market. Here is Arlington we rarely see foreclosures, although we have seen a few short sales. In my opinion, I believe prices are stabilizing here in Arlington and in a few surrounding towns.

At the other end of the spectrum, there are tons of foreclosed houses in Malden and they are selling at very low prices, some less than 200k. Many of them are in pretty rough shape, but they can be excellent values.

With interest rates at record lows, inventory increasing, the $8,000 tax credit for first time buyers, and prices lower than they have been in years, it can be a very good time to buy, but as always, it depends on your particular situation and goals.

Mark: There are those that say this is the time to buy real estate while the prices are low, especially if one can get into the foreclosure market. Do you feel that home prices will still fall or are they beginning to stabilize? How should the answer to that question effect someone throwing their hat into the foreclosure market?