Newton Centre Associates

Newton Apartments, Real Estate Sales and Professional Management

1340 Centre St. #202, Newton Centre, MA 02459
p: 617-965-3300     e: mike@nca1.net
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Michael reassured me that it would rent…

June 21, 2016 by admin

I worked with Michael last year when I was looking for a 1031 investment property to purchase for the purpose of renting. It is a stressful process due to the time constraints imposed by the IRS. I found Michael to be very knowledgeable about the rental market and was able to identify neighborhoods which are on the upswing. He also helped me look at each property through the eyes of a prospective renter not only with the perspective of a landlord. He showed me many properties and eventually I purchased almost the first one he showed me which really stood out. He was helpful with the negotiation process with the sellers. I purchased a wonderful condo within the time limits

Due to various circumstances, when it came time to rent the condo, it was not at an optimum time of year and I was nervous about finding a tenant in the winter. Michael reassured me that it would rent and sure enough, we found the perfect tenants who moved into the condo in mid-January! I highly recommend Michael for his cheerful, optimistic disposition and his knowledge of the Metro West rental and real estate market.

Kathleen

Newton, MA

 

Filed Under: Home Buyers Guide, Testimonial

3rd Party Review, From Neighbor/Condo Owner

June 21, 2016 by admin

Loveland Rd. Brookline, MA.

We have known Michael Spurr for eight years, he manages the property attached to our home.  He has been very reliable and cares a lot about the property.  He works hard to find tenants who will be a good fit for the home and makes sure he is thinking ahead about maintenance and repairs that need to happen.  He always responds to questions immediately and is very easy to get in touch with, he takes a lot of pride in doing a great job for the tenants and the property owners.

Please feel free to contact me if you have any questions.

-Meg

Filed Under: Home Buyers Guide, Testimonial

Late Rent?

March 3, 2016 by admin

Image of pink piggy bank and dollar bills near by

Owners/Landlords, if you have a tenant that is late with the monthly rent do not let it slide.  Find out why immediately!  Send a notice of late rent and start a paper trail as soon as this happens. Too often I see landlords let it go and then one month becomes two and you blink and the tenant is six months behind before you put you foot down.  In Massachusetts you as an owner must be very firm on this.  Be firm but fair and you’ll be fine.  If you have questions about this, please email me at mike@nca1.net

Filed Under: News

MA Home Sales Fall…

May 27, 2015 by admin

I saw this coming.  If you reach back into your memory to February, yes, and nine feet of snow, sorry.  Our business came to a full stop for about six weeks because that’s when the snow finally stopped falling and started to melt.  With this, streets opened up enough for us to park and hold open houses.  But for those six weeks there were no offers to reject or accept, no inspections etc. 

So that little hiccup produced an April with few closings.  This is normal because of the extreme weather we had and I’m confident that the market will continue as it should.  If you have questions about the sales market, give me a call.

 

Filed Under: News

Reasons to Buy or Sell in 2015

May 7, 2015 by admin

2015 is the time to make a move in the real estate market; whether you’re a first time buyer or a homeowner, now’s the time to advantage of the current market. There are many reasons to throw your hat in the real estate ring, here are just a few:

1.       Mortgage rates are historically very low. Also, mortgage lenders are becoming more lenient on qualification requirements, which mean more and more people, are being approved for loans, which include people with subpar credit scores and those who cannot afford sizeable down payment.

2.       Renting prices are very high and they will continue to increase. Even if you’re mortgage payment is higher than your current rent payment, the mortgage interest write off on your taxes will be another benefit to making a purchase this year

3.       RE cycles, rise and fall, the current trend is on the rise and should continue to do so.  Don’t get caught buying at the top of the cycle

Still looking for more reasons to throw your hat into the real estate ring? Give Michael Spurr a call today at 617-965-3300.

Filed Under: News

…Mike and his office very helpful…definitely recommend him…

April 7, 2015 by admin

Had a great experience working with Mike at Newton Centre Associates. With his great assistance I was able to find the perfect rental for my family. Before dealing with Mike, we had tried to find a place unsuccessfully with several other realtors. Some of them were difficult to deal with. We found Mike and his office very helpful and would definitely recommend him.  He was straight forward and made the whole experience quick and easy.  He has many years of experience and it shows!

Ellen R

Filed Under: Testimonial

Multifamily Properties Are Sparse- Why Not A Single For Investment Property?

April 1, 2015 by admin

At the current time, there are very few multifamily homes on the market and the few that are go under agreement fast.  Those that don’t, are either over priced or something is seriously wrong with them.

Because of the aforementioned, the price is being driven up.  Why not consider a single family as an investment?  There are more single family homes on the market, and days on market are double that of multifamily properties.  Just like buyers, renters will pay a premium not to share a wall with another tenant.  But-know your market and delead the property before you list it for rent!

Filed Under: News

Take the Lower Offer!? What?

March 31, 2015 by admin

If you are listing your home for sale and have multiple offers, is there any instance where you might want to accept a lower offer instead of the highest bid?  YES!  If it’s a cash offer.  If the offer has no contingencies, i.e. inspection or mortgage contingency.  If the sale is subject to the buyer selling another property first.

If you are considering selling or buying and have questions, I’m happy to give you the answers! Thanks for reading…

Filed Under: News

Avoid Surprises at the Closing!

March 26, 2015 by admin

One thing buyers need to know is that lenders require the new owner to prepay- for one year, home owners insurance.  That can be over $500 added to your closing costs.  Be aware of all the “little things” that may pop up when you buy a home.

Questions -email me anytime!mike.spurr.nca@gmail.com

Filed Under: News

How to Win with Competing Offers

March 20, 2015 by admin

Buying Real Estate

A great house just came on the market and in your price range too.  If you’re looking to purchase a home soon, you may run into a situation where you are competing with other buyers for the same property.  If you’re at an open house with your buyers agent and it’s really busy,  how do you make your offer stand out? You have to expect that other offers will be coming into the sellers agent.  However, I have held open houses that seemed crazy busy and there was only one offer and I have been with buyer clients and expected several offers, but my clients were the only ones making a move. You never know, so I recommend offering the asking price (not above or below) in this situation.  If you’re offer is below and someone offers asking, you lose.  If you offer more than asking you might pay more than you have to.  If there are several offers, the sellers agent will most likely inform the buyer agents of this and ask for best and final offer.   This gives you the option of increasing your offer.  Here are some other tips on making your offer stand out:

  • Prequalified Letter from Lender
  • Cover letter
  • Wave the Inspection or Financing contingencies
  • Cash offer
  • Flexible closing dates

 

Thanks for reading!

 

Michael Spurr, Realtor

Filed Under: News

Multiple Offers & Bidding Wars

March 19, 2015 by admin

The current sales market is strong for sellers because there is more demand than supply.  If you are considering selling in the next few months, there is a good chance you will have more than one offer.  Especially if you prepared the property for sale, staged it well and at the correct asking price with the help of your Real Estate agent.

Your agent should make it known to all buyers agents and buyers that there will be a date/time that all offers will be reviewed and responded to.  If you have more than one offer, look at all aspects of each offer.  Each offer should be presented with a commitment letter from a lender and a check.  Look at each part of the offer, not just the offering price.

Check the timing of the closing.  This may be too soon for you to close if you need to find a new home to purchase.  Check the contingencies, both financial and inspection-are they reasonable or waved?  How much is the down payment?  This is important because if it’s only five or ten percent, will the bank change their mind on the loan?  Of course, what is the highest offered price.  Then a good agent will go back to the ones who offered and request a final and best price/terms.  When this happens the final price often goes above the asking price.  This does not mean the house is underpriced or that the agent listed it too low.  What this means is that for reasons above and beyond reasonable market price, this buyer is willing to spend more for the property. Maybe it’s an investor who owns the adjacent property or a buyer with parents close by to help take care of the kids, you never know.

An example of an offer winning but not being the highest offered price might be a cash offer without inspection or mortgage contingencies.  I would recommend that a cash offer be accepted over one that was $10,000 higher with inspection and financial contingencies seven days a week and twice on Sunday.  This is because the risk of the deal falling through due to some defect or issue from the inspection or if the asking price is well above asking, the lender may require more down from the buyer if the house does not appraise to the agreed selling price.  Take the cash!

 

Thanks for reading!

Michael Spurr, CBR, SRS, Realtor

Filed Under: News

First Time Home Buyers Expo March 25, 2015

March 17, 2015 by admin

First Time Buyers Expo!

Wednesday, March 25th, 7pm

RSVP Required Because Space is Limited!

Email us today!

We are hosting a First Time Buyers Expo at 60 Wells Ave, Newton MA on March 25, 2015. To reserve a space, please contact Michael Spurr at mike@nca1.net. 

Filed Under: Events

Home Buyers’ Guide: Condo Edition

March 16, 2015 by admin

Home Buyers Use Caution! When you purchase a condo, make sure your agent checks for pending or expected special assessments. If not, you may get stuck paying thousands of dollars for an assessment that the seller was responsible for paying. One of the best ways to find out if something is pending…request the minutes from the last 3 condo meetings. Questions about buying a home, email me anytime! (mike@nca1.net)

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Filed Under: Home Buyers Guide, News

Reverse Mortgages

March 10, 2015 by admin

Alternatives to a Reverse Mortgage

Reverse mortgages can give the home owner additional income on which to live, but they are not for everyone.  One of the downsides to these types of mortgages are the fees.  With every type of mortgage, there are going to be fees involved, but reverse mortgages tend to have some of the highest fees.

If you live in a larger home and don’t need the space, often the case, consider renting a smaller place and then renting your home to a tenant.  I know, that sounds like a headache, but if you have a good property manager it can provide substantial monthly income and you control your property and your equity continues to grow and will go to your heirs not the mortgage company.

Newton Centre Associates specializes in this type of management and will answer any questions you have about renting your home to a quality tenant.

Filed Under: News

Does Staging Really Make a Difference?

March 9, 2015 by admin

One of my seller clients asked me, “Does Staging make a difference when I sell my house”?  I said well, in a word, YES!!!  Why do luxury complexes have a “model unit” or two dedicated to showing potential new tenants.  The owner gives up the rental income of a luxury unit, pays to heat and cool it, furnishes and keeps it clean in order to show new tenants the perfect place.  That’s over $50,000 per year, per unit to have a nice place to show people.  Yes, staging and setting up a home for sale is very important.

Filed Under: News

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Newton Centre Associates is dedicated to providing all of our customers and clients with uncompromising Real Estate service. We have built a strong relationship with owners, tenants, buyers and sellers based on our principles of integrity and honesty.

We take pride in our commitment to provide educational seminars and expos to buyers, sellers and landlords.

Office Location

1340 Centre St. 202, Newton Centre, MA 02459
Telephone: 617-965-3300
Fax: 617-965-3321
mike@nca1.net
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