May 11, 2020

Save money!

3 WAYS TO SAVE MONEY
WHEN BUYING YOUR NEXT HOME

So you know we're all about helping you find your dream home - so we wanted to share some things that we do to help our clients save their hard-earned dollars when buying their next home.

I know that by sharing these, we can help at least one person save some money on their next home purchase!

1) Don’t make the wrong offer!

What do we mean? This happens when someone doesn’t know the market well and offers too high of a price to the seller.

Real estate agents know the market well & what a reasonable & fair price is for the home. This way, you aren’t overpaying for your home. (PS. If you need some help with this just send us a private message or email us at thebloodteam@kw.com!)

2) Failing to negotiate.

Even if the home is at market value, you want to be able to expertly negotiate the home. Don’t be afraid to have difficult discussions with the seller to save you even more money! If you aren’t negotiating at all, then you may be losing thousands on your purchase.

3) Failing to negotiate the repairs.

After the inspection report comes back, there are specific items that warrant a discounted price in the home - and so many people are missing out on this because they don’t know what’s allowed or not! This means you are leaving money on the table!

These are just 3 of the items that can help you save thousands on your next home, there are many more!

Now tell me, did this information help you with preparing for your next home purchase?

Call us at 978-433-8800 to talk to a knowledgable agent to help answer any questions you may have about the home buying process and or to get started finding your new place to call home!

Posted in Home Buying Tips
April 15, 2020

What the experts are saying about the market!

Posted in Miscellaneous
April 15, 2020

Recession? Yes. Housing Crash? No.

Recession? Yes. Housing Crash? No.

With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate market?

What is a recession?

According to the National Bureau of Economic Research:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

COVID-19 hit the pause button on the American economy in the middle of March. Goldman Sachs, JP Morgan, and Morgan Stanley are all calling for a deep dive in the economy in the second quarter of this year. Though we may not yet be in a recession by the technical definition of the word today, most believe history will show we were in one from April to June.

Does that mean we’re headed for another housing crash?

Many fear a recession will mean a repeat of the housing crash that occurred during the Great Recession of 2006-2008. The past, however, shows us that most recessions do not adversely impact home values. Doug Brien, CEO of Mynd Property Management, explains:

“With the exception of two recessions, the Great Recession from 2007-2009, & the Gulf War recession from 1990-1991, no other recessions have impacted the U.S. housing market, according to Freddie Mac Home Price Index data collected from 1975 to 2018.”

CoreLogic, in a second study of the last five recessions, found the same. Here’s a graph of their findings:Recession? Yes. Housing Crash? No. | MyKCM

What are the experts saying this time?

This is what three economic leaders are saying about the housing connection to this recession:

Robert Dietz, Chief Economist with NAHB

“The housing sector enters this recession underbuilt rather than overbuilt…That means as the economy rebounds - which it will at some stage - housing is set to help lead the way out.”

Ali Wolf, Chief Economist with Meyers Research

“Last time housing led the recession…This time it’s poised to bring us out. This is the Great Recession for leisure, hospitality, trade and transportation in that this recession will feel as bad as the Great Recession did to housing.”

John Burns, founder of John Burns Consulting, also revealed that his firm’s research concluded that recessions caused by a pandemic usually do not significantly impact home values:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).”

Bottom Line

If we’re not in a recession yet, we’re about to be in one. This time, however, housing will be the sector that leads the economic recovery.

Posted in Miscellaneous
April 10, 2020

Prep to sell without leaving home!

What You Can Do to Get Your House Ready to Sell

What You Can Do to Get Your House Ready to Sell | MyKCM

Some Highlights:

  • Believe it or not, there are lots of things you can do to prep your house for a sale without even going to the store.

  • Your real estate plans don’t have to be completely on hold even while we’ve hit the pause button on other parts of daily life.

  • Tackling small projects from cleaning the corners you may normally skip to tidying up your yard are easy and necessary wins if you’re thinking of listing your house and making a move.
Posted in Home Selling Tips
April 6, 2020

Blocked Showing vs Open House

 

We hope this video you and your loved ones doing well during these challenging times. Please rest assured that as the COVID-19 situation continues to unfold, our number #1 priority is the safety and well-being of our clients, staff, and families. In cooperation with CDC recommendations, we would like to share that we are now offering online appointments, agent-led live showings, and virtual tours. In conjunction with our Office adjustments, we are also making some changes to our Open House protocols and switching over to Block Showings during this time.

IMPORTANT NOTE

Blocked showings are different than traditional open houses. With a blocked showing, there is a window set aside for individual appointments to be made. If you are personally interested in viewing the home, you must be working with a Licensed Real Estate Agent who can schedule an appointment.

 Example: If there are blocked showings from 12pm-4pm for a property, your agent could then schedule an appointment for 2:15-2:30pm (pending availability at the time of booking).

Agents must go through ShowingTime to book an appointment.

NOT WORKING WITH AN AGENT?

If you are a buyer and are not currently working with an agent, a member of our team is here to assist you, just give us a call at 978-433-8800.

WHY BLOCKED SHOWINGS?

 The reason for blocked showings over a traditional open house is to keep you, our clients and our team safe as we navigate through these challenging times. Blocked showings allow for a more controlled environment to ensure proper safety measures are being adhered to throughout the entire showing. This also allows for adequate social distancing measures as well. 


VIRTUAL SHOWINGS

YES WE CAN DO THEM! We now offer agent-led live showings to provide even further safety measures. Should you be interested in a property but concerned about physically seeing it, we can arrange to show it to you on your computer or handheld device.


PLEASE REMEMBER

 This is not a traditional open house, and we kindly ask that you do not show up without an agent and a booked appointment. In addition, we ask that you cancel your appointment and reschedule, or request an Agent-led live tour via phone/computer if you feel sick or are experiencing any symptoms whatsoever.

 

 

The Blood Team

PHONE MA: 978-433-8800

PHONE NH: 603-966-0025

EMAIL: thebloodteam@kw.com

FB: @TheBloodTeam

WEB: www.BloodTeamMovesYouHome.com

Posted in Miscellaneous
April 3, 2020

Get pre-approved today!

 If you’re in the position to buy a home this year, Pre-Approval Is a Great Step to Take Today! Pre-approval is something you can still do right now to get ahead in the homebuying process. 

Fill out the form below, email us at thebloodteam@kw.com or call us at 978-433-8800 to get started!

 

We look forward to helping you!

Posted in Mortgage Tips
March 24, 2020

Stock Market vs Housing Market 2020

Why the Stock Market Correction Probably Won’t Impact Home Values



With the housing crash of 2006-2008 still visible in the rear-view mirror, many are concerned the current correction in the stock market is a sign that home values are also about to tumble. What’s taking place today, however, is nothing like what happened the last time. The S&P 500 did fall by over fifty percent from October 2007 to March 2009, and home values did depreciate in 2007, 2008, and 2009 – but that was because that economic slowdown was mainly caused by a collapsing real estate market and a meltdown in the mortgage market.

This time, the stock market correction is being caused by an outside event (the coronavirus) with no connection to the housing industry. Many experts are saying the current situation is much more reminiscent of the challenges we had when the dot.com crash was immediately followed by 9/11. As an example, David Rosenberg, Chief Economist with Gluskin Sheff + Associates Inc., recently explained:

“What 9/11 has in common with what is happening today is that this shock has also generated fear, angst and anxiety among the general public. People avoided crowds then as they believed another terrorist attack was coming and are acting the same today to avoid getting sick. The same parts of the economy are under pressure ─ airlines, leisure, hospitality, restaurants, entertainment ─ consumer discretionary services in general.”

Since the current situation resembles the stock market correction in the early 2000s, let’s review what happened to home values during that time.Why the Stock Market Correction Probably Won’t Impact Home Values | MyKCMThe S&P dropped 45% between September 2000 and October 2002. Home prices, on the other hand, appreciated nicely at the same time. That stock market correction proved not to have any negative impact on home values.

Bottom Line

If the current situation is more like the markets in the early 2000s versus the markets during the Great Recession, home values should be minimally affected, if at all.

Posted in Miscellaneous
March 23, 2020

Housing Market | This Is NOT Like the Last Time

5 Simple Graphs Proving This Is NOT Like the Last Time

5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCM

With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:

“With people having PTSD from the last time, they’re still afraid of buying at the wrong time.”

There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences.

1. Mortgage standards are nothing like they were back then.

During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The Mortgage Bankers’ Association releases a Mortgage Credit Availability Index which is “a summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. As shown below, during the housing bubble, the index skyrocketed. Currently, the index shows how getting a mortgage is even more difficult than it was before the bubble.5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCM

2. Prices are not soaring out of control.

Below is a graph showing annual house appreciation over the past six years, compared to the six years leading up to the height of the housing bubble. Though price appreciation has been quite strong recently, it is nowhere near the rise in prices that preceded the crash.5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCMThere’s a stark difference between these two periods of time. Normal appreciation is 3.6%, so while current appreciation is higher than the historic norm, it’s certainly not accelerating beyond control as it did in the early 2000s.

3. We don’t have a surplus of homes on the market. We have a shortage.

The months’ supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued appreciation. As the next graph shows, there were too many homes for sale in 2007, and that caused prices to tumble. Today, there’s a shortage of inventory which is causing an acceleration in home values.5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCM

4. Houses became too expensive to buy.

The affordability formula has three components: the price of the home, the wages earned by the purchaser, and the mortgage rate available at the time. Fourteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased and the mortgage rate is about 3.5%. That means the average family pays less of their monthly income toward their mortgage payment than they did back then. Here’s a graph showing that difference:5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCM

5. People are equity rich, not tapped out.

In the run-up to the housing bubble, homeowners were using their homes as a personal ATM machine. Many immediately withdrew their equity once it built up, and they learned their lesson in the process. Prices have risen nicely over the last few years, leading to over fifty percent of homes in the country having greater than 50% equity. But owners have not been tapping into it like the last time. Here is a table comparing the equity withdrawal over the last three years compared to 2005, 2006, and 2007. Homeowners have cashed out over $500 billion dollars less than before:5 Simple Graphs Proving This Is NOT Like the Last Time | MyKCMDuring the crash, home values began to fall, and sellers found themselves in a negative equity situation (where the amount of the mortgage they owned was greater than the value of their home). Some decided to walk away from their homes, and that led to a rash of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area. That can’t happen today.

Bottom Line

If you’re concerned we’re making the same mistakes that led to the housing crash, take a look at the charts and graphs above to help alleviate your fears.

Posted in Miscellaneous
March 23, 2020

Covid-19 | Blood Team Open House Protocol

Check out our live video from our CEO/Lead Listing Agent Michael Blood about how we are changing up our Open House protocols during this challenging time in order to continually meet our clients need and continue to provide the service you have come to know and expect from us here at the Blood Team. 

 

Blood Team Realty on Facebook

Posted in Miscellaneous
March 23, 2020

Covid-19 | Blood Team Action Plan

We hope this letter finds you and your loved ones doing well during these challenging times. Please rest assured that as the COVID-19 situation continues to unfold, our number #1 priority is the safety and well-being of our clients, staff, and families.

 

In cooperation with CDC recommendations, we would like to share the following updates with you:

  • Our office location is closed for public traffic until further notice.
  • Most of our team is currently working remotely.
  • Day-to-day business activities are continuing as usual.
  • We are now offering online appointments, agent-led live showings, and virtual tours.
  • Office phones are still available for calls Monday-Friday from 8:30am-5:00pm. You may leave a message or email us at thebloodteam@kw.com after hours, and a team member will respond as quickly as possible.

 

In conjunction with our Office adjustments, we are also making some changes to our Open House procedures.

 

First and foremost, if you are experiencing fever, chills, coughing, sneezing, or any other symptoms of illness, we kindly ask that you reschedule your showing and not attend open houses.

 

For your piece of mind...

  • All surfaces will be disinfected prior to showings
  • Doors will be left open to minimize contact (if possible)
  • 2 Agents from the Blood Team will be in attendance. One agent will be outside to control the number of parties entering the property at the same time, brief you on protocol, and sign you in. The other will be inside and may offer kindly reminders as you tour the property.

 

What we ask of you..

  • Use hand sanitizer BEFORE and AFTER you view the property
  • Do NOT sit on any furniture
  • Avoid touching appliances and opening cabinets, closets, and drawers
  • Minimize all surface contact as much as possible
  • Respect social distancing practices

 

We encourage you to stay current by visiting the CDC's website: https://www.cdc.gov

 

We appreciate your understanding and remain committed to providing you with the same level of quality service you’ve come to expect from the Blood Team.

 

“Alone, we can do so little; together, we can do so much” – Helen Keller

 

Stay safe everyone!

 

Thank You,

Michael & Sandra Blood

 

Posted in Miscellaneous