Real Estate Tips, Tools & Resources

If you are considering buying or selling a home near Harvard University, I would be delighted to be of assistance. I am a Harvard graduate, Cambridge resident and a top broker in Cambridge since 1999. I can be reached at ccherney@hammondre.com or at 617-733-8937. Over the last ten years I have greatly enjoyed assisting Harvard professors, Harvard students and fellow Harvard alums with buying and selling in Cambridge. I have enjoyed working with Harvardians and their families at Harvard Law School, Harvard Business School, The Kennedy School, Harvard College and at the Harvard graduate schools – all Harvard connections… 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 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 are willing to spend What are the costs of ownership? Loan – monthly payment x 12 Property taxes – In Cambridge in 2011, annual tax rate is $8.16 per $1,000 of… more

Stats for Cambridge residential real estate in 2010 compare favorably with those for 2009, underlining the strength and stability of the Cambridge market. These numbers are for sales of single families, multi-families, and condominiums – the three types of residential real estate in Cambridge. Figures from MLS for MLS sales. Cambridge Residences SOLD: +2% 2010: 850 SOLD 2009: 832 SOLD Days on Market (DOM) in Cambridge: Level 2010: 80 DOM 2009: 79 DOM Average Sale Price (ASP) in Cambridge: +10% 2010 ASP: $620,475 2009 ASP: $559,197 Median Sale Price in Cambridge: +5.4% 2010 Median: $465,000 2009 Median: $440,000 Cambridge Seller’s yield on original list price: PAR 2010: Seller’s averaged 95% of original list… more

Earlier today I posted my Cambridge MA 2010 Fall Market Report on Tumblr. See my report on Cambridge Real Estate on Tumblr. If you are considering buying or selling in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999. To gain instant access to photos and descriptions of all MLS properties now for sale in … more

I have created an online pinboard about Cambridge, MA. You can check it out at www.CambridgePinboard.com. It has been a lot of fun creating this and I look forward to adding to it over time. I welcome suggestions for what to add to the board. Basically, www.CambridgePinboard.com is an online version of the kind of cork board you may have or may have once had in your office, where you would pin interesting things. It’s fun to be able to do this for things found online that are about… more

As a real estate broker in Cambridge, MA, I am on the go throughout the city each and every day. Earlier this year I decided to begin taking photos of Cambridge on my daily travels and to post my photos online at Flickr. I am inspired to add to this photo stream each week as the spirit moves me and time allows. I have created different sets of photos, including Cambridge City Life The Natural Beauty of Cambridge Cambridge Homes Harvard University I recall reading years ago a… 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 frequently communicate via email with buyer clients during the course of a search. I am, of course, available by phone and in person as appropriate…. 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 take stock of your own financial situation and zero in on your true price range. Retain a hard-working buyer’s agent who is value-added to your search. A… 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, the check is made out to the listing broker office for the property. Appropriate loan preapproval letter is attached to the … 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 money until closing. If the offer presented is not accepted, the binder check is returned or destroyed. If the offer presented is accepted but the buyer later… more