Real Estate Information Archive

It has been a busy Friday here at the office. Not only are renovations well underway, but we just posted a new listing; 52 Grant Road in Belmont is a three level, three bedroom townhouse just outside Waverley Square. Sporting hard wood floors, a multi room fireplace, granite counter tops, and master bathroom featuring a jacuzzi tub and two sinks. There will be an open house this Sunday, July 11, 2010 from 1:30 pm to 3:00 pm. If you can't make the open house this weekend you will be able to access a virtual tour that I will be posting online after its completed, which will most likely be Wednesday to Friday of next week. Feel free to visit our Featured Properties page for pictures I took this afternoon in the mean time.

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Additionally, you may access the MLS Listing Sheet for this property in PDF form by clicking here

It is usually really subtle and the seller doesn't realize it at all, or until it is too late. But there are many instances of brokers or agents buying a seller's listing. The phrase "Buying a Listing" translates in real estate lingo to a broker or agent that tells a seller his house is worth X amount of dollars more than the agent actually believes it's worth. The seller agrees to have the broker list that home to sell because they believe that this broker is better than others based on the false pretenses they will be able to sell their property for more money. Because the real estate "professional" is acting in their own self interest and not the seller's, the broker or agent is acting unethically and if they are a REALTOR®, they are breaking the "code of ethics." On a side note, many state laws regarding real estate across the United States are based on the REALTORS® code of ethics (and for a good reason).

How Unethical Brokers/Agents Buy A Listing

When a seller begins the process of selling their home, its common practice to bring in a number of brokers or agents (around three to four) to present their services and what's called a broker price opinion and or comparative market analysis (an estimate of a properties' value based on comparable properties and condition of the home). While three real estate professionals will tell the seller that his/her property is worth X amount of dollars in a given market, the fourth will tell the seller the property is worth X + Y dollars. Seeing as how the seller wants to net the most amount of money for the property, the seller will choose the fourth real estate agents services despite the fact that agent knows the property will never sell that high.

What Happens To An Overpriced Listing

An overpriced listing sees very little market activity. Market activity includes open house traffic, scheduled showings, offers, & other various inquires. After a few weeks of stagnant activity the seller begins to grow impatient. Even in a slow market (like now) a well priced property will generate some interest. At this time the broker or agent will recommend a price reduction, much to the sellers dismay as it was expected to sell for the amount the agent advised the seller it would. There may be two or three price reductions before the activity increases. By the time the property sells, it will be at or often times below market value; the price the three other brokers/agents said it would sell for. The broker walks away with a nice commission and the seller walks away with six months or more of wasted time, resources, and false expectations. Ultimately these unethical brokers or agents can cost a seller thousands of dollars when the property finally sells. 

Do Not Confuse An Overpriced Listing For Being "Bought"

There are plenty of overpriced listings out there sitting on the market. These listings were not necessarily bought and the listing agents will usually be prominent agents in their respective areas. While it's the duty of a real estate professional to recommend the right price of a property, the seller isn't always interested in coming down from where they perceive their home to be worth. It's understandable. But understand, an overpriced property will sit on the market longer regardless. As long as the agent or broker properly advises the seller, there is nothing unethical about this situation.

How To Protect Yourself From Being Bought

Education is key to protecting your assets and interest. If you're planning on selling your home, call at least three companies up to present their services. After reading this blog post, it should be very evident if someone is trying to buy your listing. If you're following our Newsletter & Market Trends, you will be able to tell if you are being told the truth or if an agents recommendation is backed up by trends and statistics. 

After what seemed to be a endless winter with little market activity, things are finally turning around. We're seeing a ton of market activity on our end and if you don't believe me I'll be happy to show you our calendars. This week we have put four new properties on the market in addition to one last week. We will be featuring these properties by holding five, yes, you read correctly, five open houses this weekend split between Saturday and Sunday. While you will be able to view all the property details by checking out our Featured Properties Page, I have listed the open house schedule below for your convenience along with links to their information & Google Maps.

25 Ashland Street Unit 25, Watertown, MA 02472

2 Bedroom Town House: $410,000

Open House: Saturday, April 10, 2010 11:00 AM to 12:30 PM

61-63 Chester Road, Belmont, MA 02478

2 Bedroom Condominium: $375,000

Open House: Saturday, April 10, 2010   2:00 PM to 3:30 PM

77 Church Street, Watertown, MA 02472

3 Bedroom Town house: $315,000

Open House: Saturday, April 10, 2010   2:00 PM to 3:30 PM

82 Academy Hill Road Unit 1, Brighton, MA 02135

2 Bedroom Condominium; $390,000

Open House: Sunday, April 11, 2010   12:00 PM to 1:00 PM

42 Hurd Road, Belmont, MA 02478

4 Bedroom Colonial: $829,000

Open House: Sunday, April 11, 2010  2:00 PM - 4:00 PM

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218-220 East Cottage Street Unit 3, Dorchester, MA 02125

1 Bedroom Condominium: $212,000

Open House: Sunday, April 11, 2010   12:00 PM to 1:30 PM

21 Holden Road, Belmont, MA 02178

3 Bedroom Condominium: $439,000

There is no open house scheduled for this weekend

279 Common Street has just hit the market. This spacious 5 bedroom 4 Bath Cape has two master bedrooms on two floors. 

There will be an open house Sunday, February 21 from 1:00 p.m. to 3:00 p.m. We hope to see you there!