Cambridge & Somerville Real Estate Blog

When do properties sell? March and April and May constitute the heart of the spring market and the busiest time of the year in the Cambridge and Somerville real estate market. The pace of sales slows in the summer months of June and July and August. That said, there is still activity in the market in these months. Indeed, a pool of new buyers who will be at MIT or Harvard often enter the market… more

1. Determine how much to spend. Discover a clear sense of your financial self or selves - Where is your cash and what is required to tap it for a downypayment for a home purchase? - Most buyers will need to secure a loan (a mortgage) to purchase. Get a loan preapproval letter from a bank or mortgage lender or mortgage broker. - Determine your price range. Essential first step. Look to buy A) what you can afford B) and… more

Rich Vetstein has written an excellent blog post about the Massachusetts Home Inspection Process on the Massachusetts Real Estate Law Blog. Check out Rich’s helpful post! If you are interested in buying or selling residential real estate in Cambridge or Somerville, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937.  I am a Harvard graduate, an Inman Square resident and a top broker in the city since 1999. To gain instant access to photos and descriptions… more

The city of Cambridge has created a handy reference for how to read your Cambridge, MA tax bill. Click HERE. For fiscal year 2013, the residential tax rate in Cambridge, MA is $8.66 per $1,000 of assessed value. For fiscal year 2013, the residential exemption is $202,699. The full residential exemption reduces a homeowner’s taxes by $1,755.37 and the CPA by $52.66. The total reduction is $1,808.03. If you are interested in buying or selling residential real… more

What is title insurance? How much does it cost? Do I need it? When do I pay for it? Rich Vetstein has written an excellent blog post on Massachusetts title insurance on the Massachusetts Real Estate Law Blog. Check out Rich’s helpful post! If you are interested in buying or selling residential real estate in Cambridge or Somerville, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937.  I am a Harvard graduate, an Inman… more

5. Understand your price range. Get preapproved for a loan and take measure of your financial situation so that you understand what you can afford and what you are willing to spend. 4. Get connected if possible with your real estate broker online. Log in as a new visitor on your agent’s website for daily updates and to search properties at any time which are currently active, now under accepted offer and recently sold. I… more

Over the years, I have worked with many buyers as a buyer’s agent. Each search has been a journey as a team from first showing to final walk-through and closing. Here is some general advice from me for buyers: Complete the loan preapproval process and develop a true understanding of your price range. Work with a local bank or mortgage broker who knows and understands mortgages and the local market and is reliable. Remember, too, to… more

Many buyers often ask me to review the normal real estate transaction timeline: Buyer gets a loan preapproval letter from an established local mortgage broker such as one of the persons listed under mortgage information here on my website. Search is undertaken with assistance of myself as buyer’s agent. Team effort to find a suitable property. An offer is made. A check for $1,000 (“The binder”) is presented with the offer. Generally speaking,… more

“The binder” is the name used to describe the check which is presented by the buyer at the time the offer is made. In the Cambridge and  Somerville marketplace, the binder is usually a check for $1,000. Generally speaking, the check is made out to the listing broker office for the property, as the listing broker office generally serves as the escrow agent in the transaction – which is to say that they hold the… more

What do you do if you find the perfect place in Cambridge your first day looking? Great question! Every buyer is different. Some need to have seen many places, often more than once, to know their mind and feel comfortable about proceeding with an offer. Others are ready to go if lightning strikes and they find the perfect place manifests itself on the first day of their search. There is no “right way” or “wrong way”… more