Wilson Wolfe Real Estate


Posted by Wilson Wolfe Real Estate on 3/29/2020


 Photo by Gerd Altmann via Pixabay

Property owners got clobbered in the Great Recession of 2008, but that was the exception rather than the rule. Real estate typically weathers hard times well compared to other investments. Still, there’s always the possibility you could get squeezed if property values drop or if your personal or business income takes a hit. Whether you’re an individual homeowner with perhaps a second home or a rental or two, or you have significant investments in many kinds of real estate, here are a few thoughts about readying yourself for a recession.

Preserve and Increase Liquidity

A big recession risk is that your income will decline (either real estate rentals or unrelated income) and you’ll have trouble meeting mortgage payments or other expenses such as upkeep and taxes. You may be forced to sell property at an unfavorable time. Having cash, or assets easily converted to cash, helps you meet your obligations. In addition, there will be others eager to sell and bargains to be had, and if you have cash on hand you’ll be able to take advantage.

If you suspect hard times are on the horizon, consider some these options:

  • Get rid of low-performing assets. This includes selling real estate that produces inadequate return or is at risk of depreciating. It might also be time to rebalance your non-real estate portfolio toward more recession-friendly assets.

  • Defer major expenditures. Put off buying that vacation home or taking that expensive vacation. Don’t get in a position where you hold assets that are hard to turn into dollars.

  • Be prepared to reduce your good tenants’ rent. They may be struggling too, and getting something from them is better than if they move out and give you nothing at all, or if you acquire problem tenants in their place. The goodwill you generate may pay off.

Own the Right Kind of Real Estate

All properties are not equal when the economy retracts.

  • The most hard-hit are vacation rentals, industrial properties, office buildings and hotels.

  • Apartments will generally continue to do well. Also multi-family units such as duplexes, triplexes, and multiplexes. In many parts of the country there are high occupancy rates and demand for your apartments could actually increase. Student apartments in college areas are another good bet.

  • Self-storage units do well when families have to downsize and store belongings.

  • REITs and crowdfunded real estate follow the same patterns. Those investing in apartments and multifamily dwellings are the best positioned.

  • Invest based on cash flow rather than hoped-for appreciation. You may be in for a few years where cash flow is all you get.

When the next recession comes, it’s unlikely that real estate will bear the brunt, but that doesn't mean you can pooh-pooh the risk. However, if you have access to enough cash and own recession-friendly properties, you have a good chance of coming through in solid shape.




Tags: market   Market Trends   recession  
Categories: Uncategorized  


Posted by Wilson Wolfe Real Estate on 3/27/2020

This Single-Family in Reading, MA recently sold for $550,000. This Ranch style home was sold by - Wilson Wolfe Real Estate.


517 Pearl Street, Reading, MA 01867

Single-Family

$539,900
Price
$550,000
Sale Price

6
Rooms
3
Beds
1
Baths
What's sure to be the most "perfect" ranch for those starting out, or for those downsizing! So many wonderful features & amenities are packed into this special home. Many recent updates include complete interior painting, newly finished, beautiful HW floors, new carpet in LL FR, new stainless appliances, new onyx granite counter, refreshed bath with stylish navy vanity, new 200 amp electrical, new CENTRAL AIR, & the list goes on! Just move in and enjoy. Sitting pretty on a half acre corner lot, this home may also be the ideal fit for those seeking to add on in the future. You will love the open feel in the gorgeous front to back LR/DR combo, with a stunning mantled FP & a picture window on each end...letting the sunshine in! The kitchen is a lovely blend of new & classic, with painted cabinets & modern appliances...leading to a most appealing 3 season porch...a place you will want to sit & stay a while! The fin LL lends itself to a FR/mudroom/office...whatever you like! DON'T WAIT!






Categories: Sold Homes  


Posted by Wilson Wolfe Real Estate on 3/22/2020

After you complete a condo inspection, you'll need to make a major decision: Should you move forward with your condo purchase or rescind your offer?

Ultimately, there are several important questions to assess before you finalize your decision on a condo, including:

1. What was discovered during the property inspection?

Study the results of a condo inspection closely. By doing so, you'll be able to learn about a condo's strengths and weaknesses and plan accordingly.

A property inspector will evaluate a condo both inside and out. He or she also will provide honest, unbiased feedback, enabling you to make an informed decision about how to proceed with a condo.

Take into account major and minor condo problems that a property inspector discovers. And if this inspector finds minor flaws associated with a condo, you may want to stay the course and move forward with your initial proposal.

On the other hand, if a property inspector finds significant problems with a condo, i.e. issues that may prove to be costly and time-consuming, you may want to consider rescinding your offer. Or, in this case, you can always ask the condo owner to complete property repairs before you finalize a condo purchase.

2. How much will it cost to perform assorted condo repairs?

The costs associated with condo repairs will vary. However, if you allocate the time and resources to learn about condo problems and the costs associated to fix these issues, you may be able to avoid expensive, time-intensive mistakes.

For example, consider what might happen if a property inspector discovers a defective kitchen light switch in a condo. Although this light switch is a problem, the time and costs needed to repair or replace the faulty light switch likely are minimal. As such, a condo buyer may choose to ignore this problem, or a condo owner may be willing to complete the fix quickly.

Conversely, consider what could happen if a property inspector finds that a condo's furnace is defective. It may cost thousands of dollars to fix or replace a faulty furnace. As a result, a condo buyer may ask the property seller to repair or replace the defective furnace. And if the condo owner fails to do so, a buyer may choose to walk away from the condo purchase altogether.

3. Can I enjoy this condo both now and in the future?

It is essential to consider both the short- and long-term ramifications of a condo purchase. That way, a condo buyer can determine whether a property can serve him or her well for years to come.

A property inspection offers valuable information that a buyer can use to assess the pros and cons of purchasing a condo. Furthermore, a condo buyer who works with an experienced real estate agent can get the support needed to make the best decision possible.

Consider the aforementioned questions as you evaluate your options following a condo inspection, and you should have no trouble deciding whether a particular condo is right for you.




Tags: Condo   Buying a home   buyer tips  
Categories: Uncategorized  


Posted by Wilson Wolfe Real Estate on 3/18/2020

This Condo in Tewksbury, MA recently sold for $377,500. This Garden style home was sold by - Wilson Wolfe Real Estate.


1000 Emerald Ct, Tewksbury, MA 01876

Condo

$385,000
Price
$377,500
Sale Price

5
Rooms
2
Beds
2
Baths
Seldom available garden style condo offers one-level living in a 55+ community. Relax in the living room while sitting by the gas fireplace. Step onto the deck to feel the morning sun. Entertain guests in the dining room while cooking in the adjacent fully applianced kitchen. Enjoy morning coffee at the breakfast bar. The master bedroom has an en suite walk-in closet and large bathroom with a walk in shower. A second full bath is available for the guest room. A washer and dryer are located in the laundry closet. The unit's storage space is just outside the condo door. The nearby elevator takes you to the unit's parking space located in the underground winter heated garage. Other available amenities include a clubhouse, exercise room, and lending library. The community provides many activities and opportunities to socialize. No pets are allowed in the complex. Minutes to shopping, restaurants and major highways.






Tags: Tewksbury   Real Estate   Condo   01876  
Categories: Sold Homes  


Posted by Wilson Wolfe Real Estate on 3/15/2020

Shopping for a home is a long, arduous process. When you finally find one that you love, think you can afford, and spend the time to formulate an offer, it can be crushing when your offer is rejected.

However, getting rejected is simply part of the process. If youíve ever applied to college, you might be familiar with this process. You send out applications that you poured your heart and soul into. Sometimes to get accepted, other times you donít.

Making an offer on a home comes with one big advantage over those college applications, however--the opportunity to negotiate. As long as the house is still on the market after your offer is rejected, youíre still in the game.

In this article, weíre going to talk you through what to do when your offer is rejected so you can reformulate your plan and make the best decision as to moving forward.

1. Donít sweat it

One of the most common fallacies we fall into as humans is to think the outcome is worse than it really is. First, remember that there are most likely other houses out there that are as good if not better than the one you are bidding on, even if theyíre not for sale at this moment.

Next, consider the rejection as simply part of the negotiation process. Most people are turned off by rejection. However, you can learn a lot when a seller says no. In many cases, you can take what you learned and return to the drawing board to come up with a better offer.

Donít spend too much time scrutinizing the sellerís decision. Ninety-nine percent of the time their decision isnít personal. You simply havenít met the pricing or contractual requirements that they and their agent have decided on.

2. Reconsider your offer

Now itís time to start thinking about a second offer. If the seller didnít respond with a counteroffer it can mean one of two things. First, they might be considering other buyers who have gotten closer to their requirements. Alternatively, your offer may have been too low or have had too many contingencies for them to consider.

Regardless, a flat-out rejection usually means changes need to be made before following up.

3. Making a new offer

This is your chance to take what you learned and apply it to your new offer. Make sure you meet the following prerequisites before sending out your next offer:

  • Double check your financing. Understand your spending limits, both on paper and in terms of what youíre comfortable spending.

  • Check comparable houses. If houses in the neighborhood are selling for more than they were when the house was previously listed, the seller might be compensating for that change.

  • Make sure youíre pre-approved. Your offer will be taken more seriously if you have the bankís approval.

  • Remove unnecessary contingencies. Itís a sellerís market. Having a complicated contract will make sellers less likely to consider your offer.

4. Move on with confidence

Sometimes you just canít make it up to the sellerís price point. Other times the seller just canít come to terms with a reasonable price for their home. Regardless, donít waste too much time negotiating and renegotiating. Take what you learned from this experience and use it toward the next house negotiation--it will be here sooner than you think!




Categories: Uncategorized  




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