Flip Sleuth (and other news)
As I close out my files for the past year and look ahead to my spring listing schedule, there are a handful of press mentions worth revisiting and applying to the coming year. Including fix-or-flip before-and-afters and products to perfect your painting, these are five of my favorite features from 2021.
February 2021 is when the market took off, and my early listings were no different — things moved so fast that I nearly missed this Realtor.com piece on “flipped” homes when it was published!
This was an especially fun ask: evaluating photos for clues as to what was done well (or not) in the renovation, and where all that added value came from. House flippers are often maligned for turning a profit on what might seem like easy fixes, but most flips are homes in need of repairs that the average buyer wouldn’t want to take on; investors bring these homes back from the brink, but it’s not always clear to buyers how to identify flips that were well done, compared to quick flips that might not hold up over time. I helped Realtor.com break it down, and their before/after sliders make for fun interaction.
The topic of hidden home buying costs was a popular one for 2021, and a few different outlets asked me about this. My #1 recommendation stands: ask your lender for closing costs estimates early, AND often! Costs associated with your loan will vary based on the specific property and closing timeline, and you should be requesting new estimates every step of the way to hone in on the final breakdown. Avoid surprises, ask often, and read more at House Beautiful (February 2021) and Apartment Therapy (November 2021).
Apartment Therapy also went all in on DIY: in 2021, everyone was getting a little tired of their own four walls, and interest in making modifications was on the rise as the market continued to be mayhem. I answered questions about my favorite products for any new homeowner (July 2021), and about brush combs and painting tips specifically (August 2021); the brush comb concept was so intriguing that this made it to a list of top tips of the year! You can find one for yourself in my Home Depot favorites list.
In February, I launched my first of three 2021 listings on Primrose Street in Roslindale. Primrose Street and Peters Hill generally see low turnover, and the demand for 24 Primrose was exceedingly high, especially because of the stunning kitchen renovation. Though it was only on the market for a few days (with 19 offers, landing $211,000 over asking price), this deep turquoise cabinetry was featured in the Boston Globe, a terrific outcome for my sellers. In November and December, I sold 20 Primrose and 19 Primrose for $1,270,000 and $1,475,000, respectively — setting a record for Roslindale single family sales.
My top priority for my buyer clients is to work creatively to write offers that are compelling, while still mitigating risk as much as possible — and one of the tools I sometimes suggest is an escalation clause. In the Boston area, escalation clauses are currently waning, but in January 2021, we were still using these often, and they were popping up more commonly in historically buyer-friendly markets like New Hampshire, too. These clauses (effectively, eBay rules) are contentious, but sometimes appropriate, and I shared my thoughts with Apartment Therapy. Above all, remember: you have to trust your numbers.
You can find more press from Realtor.com, HomeLight, Modern Money, and more summarized on my site. Stay tuned for more in 2022, and Happy New Year!
All my best,
Kate