Seaport Real Estate Group Blog - December, 2022

Choosing a Great Agent from a Guy that has Seen Some Things

Sixty hours of class time and a test. That’s the barrier to entry to get your real estate license. The license to help navigate people through the biggest financial decisions of their life. During the class the information presented is valuable, however, it is also equivalent to an elementary understanding of the subject matter. From there, students go to brokerages around the area and “interview the broker” to see if their brokerage is a fit for them. 

All that plays out in my mind in this scenario is the interview scene in the movie “Step Brothers” (Is it Pam or Pan?). In most other professions you go in with a degree, complete an internship, or get some on-the-job experience. Not real estate, we start with no experience, no actual value to add,…

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Five Things to do Before Investing in Commercial Real Estate

Investing in anything requires determination and careful planning. Real estate is no exception. While investing in real estate is an amazing financial opportunity (consistent returns, passive income, and growth potential), it's important to understand that increased reward requires increased responsibility. As always, we strongly encourage you to reach out to a commercial-certified expert (reach out to us for more info), but here are some tips we think you should do before deciding to invest or purchase commercial real estate. 

Determine Goals and Needs

Before jumping into any decision, it's important to know why you're doing it. Are you looking for an investment property? Do you need business space? Are you interested in developing? Determining…

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Why so many real estate agents fail.

There are several reasons why many realtors fail in their careers. Some of the common reasons include a lack of experience, inadequate training, and an inability to adapt to changing market conditions.

One of the main reasons why many realtors fail is a lack of experience. Real estate can be a complex and competitive industry, and inexperienced realtors may struggle to navigate the challenges and pitfalls of the business. In order to succeed, realtors need to have a thorough understanding of the local real estate market, as well as the legal and regulatory frameworks that govern the industry.

Another reason why many realtors fail is inadequate training. In order to become a successful realtor, individuals need to have a strong foundation in real…

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Advantages and disadvantages of residential real estate.

Residential real estate refers to the purchase, ownership, and use of a home or apartment for personal living purposes. This type of real estate can provide several financial advantages and some potential disadvantages.

One of the main advantages of investing in residential real estate is the potential for long-term capital appreciation. Over time, the value of a well-maintained property can increase, providing a solid return on investment. Additionally, residential properties can generate income through rental payments, allowing investors to earn passive income.

Another advantage of residential real estate is the potential for tax benefits. Mortgage interest and property taxes are often tax-deductible, which can help reduce the overall cost of…

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The importance of Flood Insurance

Flood insurance is an important type of insurance for anyone living in an area that is at risk of flooding. Flooding is one of the most common and costly natural disasters, and it can cause significant damage to homes and other structures. Standard homeowners insurance policies do not typically cover flood damage, so it's important for property owners to have separate flood insurance coverage.

Having flood insurance can protect your home and belongings from the financial impact of flooding. If your home is damaged by a flood, your flood insurance policy can provide financial assistance to help you repair or rebuild your home. It can also help to replace any personal belongings that were damaged or destroyed in the flood.

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1031 Exchange. What are they and how can they be of benefit

A 1031 exchange, also known as a like-kind exchange or a Starker exchange, is a tax strategy that allows investors to defer paying capital gains taxes on the sale of a property. This is done by reinvesting the proceeds from the sale into a similar property.

To qualify for a 1031 exchange, the property being sold and the property being purchased must be considered "like-kind," according to the IRS. This generally means that the properties must be used for the same purpose, such as for investment or business purposes. The properties do not need to be identical, but they must be of a similar type or nature.

There are several benefits to using a 1031 exchange. The most significant benefit is the ability to defer paying…

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What is title insurance and should I buy it?

What is title insurance?

Traditional insurance policies protect insureds against future losses. For example, a car insurance policy will protect the driver from future accidents, and a health insurance policy will protect an insured from future health problems. However, title insurance is different because it protects insureds against claims for past occurrences.

Who does title insurance protect?

Two different types of title insurance exist. A real estate owner can choose to purchase title insurance, and lenders can elect to do so. Lenders will require title insurance by mortgagors to secure their security interest in the property. Furthermore, a property owner will purchase title insurance to protect their investment in their property.

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How to increase your chances of getting an offer accepted

Communicating with your client.

Your client needs to be made aware that offers are getting bid up. They should not look at properties at the top of their price range. Search for homes 20% less.

-         Make sure that all the fields are filled in and logical.

-         Cash offers carry more weight.

-         Place yourself in the shoes of the listing agent and seller.

Communication with the listing agent.

Use the phone and have conversations with the listing agent backed by texts, a bomb-bomb video, and then email. Get the agent extremely comfortable with you.

Ask the agent if there is anything important to the seller. I.e., closing date, leaving furniture, etc.

Ask the agent if there is a board form with which they are most…

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Preparing for a home inspection

How to prepare for your home inspection

So, you’ve listed your home, found a buyer, and accepted a purchase price. The sale of your house is almost a done deal, but it’s not quite time to pack the moving boxes yet – you still have to make it through the home inspection.

In a typical real estate transaction, the home inspection occurs after the buyer has signed a purchase agreement and before the final closing date. Most home buyers choose to make the closing contingent on the results of the home inspection, meaning that they can back out of the sale if the inspector finds something that is not to their liking and the seller is unwilling to repair it or lower the purchase price to account for it. As a seller, you will want the home inspection to…

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New London County Multi Family Market Rent/Bedroom

The vacancy rate in the New London Submarket has remained stable over the past year, but at 2.6%, is somewhat below the long-term average. While developers have been active in recent years, nothing has been delivered over the past 12 months. But construction has started back up, and about 340 units are underway, which will substantially expand the existing inventory. Rents have increased by an impressive 7.9% over the past year, which significantly exceeds the average annual growth of 4.0% over the past decade. Investors have been active in the New London Submarket over the past three years. The market price, which is an estimated price of all properties in the submarket, has risen dramatically over that time period and now stands at $152,994/unit.

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