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      Why Work With a Realtor®

      Code of Ethics

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Realtors® are More Than Agents. Get to Know the Realtor® Difference.


 



Why Work with a Member of MAR?


Code of Ethics

Every Realtor® must adhere to a strict Code of Ethics, which is based on professionalism and protection of the public.

An expert guide

Buying a home requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

Objective information and opinions

Realtors® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property and can use that data to help you determine if the property has what you need.

Expanded search power

Sometimes properties are available, but not actively advertised. A Realtor® can help you find opportunities not listed on home search sites and can help you avoid out-of-date listings that might be showing up as available online but are no longer on the market.

Negotiation knowledge

There are many factors up for discussion in a deal. A Realtor® will look at every angle from your perspective, including crafting a purchase agreement that allows enough time for you to complete inspections and investigations of the property before you are bound to complete the purchase. 

Up-to-date experience

Most people buy only a few homes in their lifetime. Even if you’ve done it before, laws and regulations change. Realtors® handle hundreds of transactions over the course of their career. 

Your rock during emotional moments

A home is so much more than four walls and a roof. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.



Code of Ethics


Realtor® vs. Licensed Broker

Real estate transactions are complicated. They involve the single most expensive purchase a majority of people will ever make. And they involve strong emotions. Think about the reasons for the sale and purchase of property, and ask yourself if you need another worry during this stressful time. It’s wise to have a licensed Broker on your side. But it’s best to have a Realtor® on your side – a licensed Broker who also belongs to a local, state, and national professional development association and follows a strict Code of Ethics.

The Realtor® Code of Ethics is a lengthy document that includes numerous standards of practice that holds Realtors® to a higher standard than Massachusetts license law. It’s also a living document, and because of that, Realtors® are required to attend training on the Code every two years.

Realtor® Code of Ethics At-a-Glance

  • Truthfulness in statements and advertising;
  • Loyalty to and fiduciary (financial and legal) duty to clients; and
  • Cooperation with competitors, including non-interference in exclusive relationships that other Realtors® have with clients


Find a Realtor®


The Massachusetts Association of Realtors® recommends searching for the Realtor® who can help you find your dream home on realtor.com, the official property and agent search of the National Association of Realtors®.

Find a Realtor Website

 




Buyer & Seller Tips


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Buyer Tips

  • 1. Are you ready to buy and own a home?

    This might seem like a simple question, but there is a lot to owning a home. From the actual process of buying the home to the demands of being a home owner, the journey to homeownership is a long road. If you are prepared and owning a home is right for you, then follow these next steps.

  • 2. Get a handle on your credit score

    The vast majority of home buyers need a mortgage loan to buy a home and securing financing can be difficult.  Lenders make their decision on whether to issue a loan based on the likelihood they will be paid back. To do this, they look at your credit score.  The higher your credit score, the better chance you have for obtaining financing. Unfortunately, there can be errors on your credit reports that can impact your credit score. To prevent this, make sure to obtain your credit report and correct any errors prior to applying for a mortgage. 

  • 3. Get pre-approved for a mortgage

    "Pre-approval" means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre-approval letter, which shows your borrowing power and that you have the ability to go through with a purchase. 

  • 4. Determine what you can afford

    While getting a pre-approval letter is an important step, determining what you can afford is a personal decision. Only you know what feels comfortable. Remember, in addition to your loan payment (that includes principal, interest, taxes and insurance) there are also heating and cooling costs, water and sewer bills and potentially maintenance and association fees.

  • 5. Decide what you want in a house

    Make a list of the features and benefits you want in a home. Consider such things as pricing, location, size, schools, amenities and design. Consider your priorities. If you can't get a home at your price with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen or a longer commute for a bigger lot and lower cost? Finally, consider your needs in several years.

  • 6. Get help and consider working with a Realtor®

    A local Realtor® truly knows the local market. They have been in many of the houses that are for sale in the market that you have seen online. They understand why certain homes in certain neighborhoods are priced the way they are.  They are also in the best position to help you find the house that most closely matches what you want in a home. Most importantly, a Realtor® will be looking out for your interests.

  • 7. Make an offer

    Once you have found a house that you would like to buy, you need to make an offer to the owner. In a typical situation, you will complete an offer along with a $1,000 deposit that your Realtor® will present to the owner and the owner's representative. The owner, in turn may accept the offer, reject it or make a counter-offer. The owner’s response will determine your next step. (Please note: In some markets, it is not unusual to go directly to signing a purchase & sale agreement. Working with a local Realtor® will be able to easily guide you through the process

  • 8. Home inspection

    After your offer is accepted, it is routine to have a home inspection. During these examinations, a licensed inspector determines if there are any physical defects and whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single-family home often require two or three hours, and you should attend. This is an opportunity to examine the property's mechanics and structure, ask questions and learn more about the property than is possible with an informal walk-through.

  • 9. Purchase & sale agreement

    Provided you are satisfied with the home inspection, the next step is to sign a purchase & sale agreement. This document details the specifics of the transaction, such as: repairs to be completed; fixtures to remain with the property the property’s status regarding lead paint; and, if a septic system exists, the confirmation of a Title 5 certificate (in Massachusetts).  The closing date is then finalized and a five percent deposit is made (which is held in escrow until the closing). If you have any questions about your legal rights or responsibilities, you should consider consulting an attorney.

  • 10. The closing

    This is the day you become a home owner, but there are several final steps. Prior to closing you will have a walk-through of the home you are buying. This is to make sure repairs (if any) were made and that the house is in the same or better condition than when you made the offer. Most lenders will require that you have a home owner’s insurance binder (proof of insurance) before they will close the loan. Many buyers also purchase title insurance with a one-time fee at closing. Title insurance protects owners in the event that title to the property is found to be invalid. After signing the loan documents, the sellers receive the remainder of the payment from the closing attorney and you’ll be handed the keys. 

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Seller Tips

  • 1. Are you ready to sell your home?

    This might seem like a simple question, but there is a lot to selling a home. From the actual transactional process of selling, to physically cleaning and packing all your stuff up—selling a home is a serious undertaking. If you are prepared and selling your home is right for you, then follow these next steps.

  • 2. Maximize curb appeal

    A house that “sparkles” is likely to sell faster and at a higher price than its shabby neighbor, even if they’re both structurally well-maintained.  Getting your home to its highest aesthetic potential before a showing doesn’t have break the bank, however. Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior appeal. For example, you might trim hedges, cut the lawn, keep your garage door closed and apply a fresh coat of paint to the front door.

  • 3. Maximize interior appeal

    There is a big difference between making minor and inexpensive “polishes” and “touch-ups” to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. In readying your house for sale, consider how much should you spend and put your money where it matters most. Enhance your home’s interior by removing all clutter, repainting dingy walls and repairing cracks, leaks holes and other damage to walls, plaster and tiles. 

  • 4. Find a Realtor®

    Realtors® are professional real estate experts that subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. A professional with this high caliber industry knowledge is essential in a time when home selling has become more complex than it used to be. Your REALTOR® should be able to give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

  • 5. Set the price of your home

    Several factors, including market conditions and interest rates, will determine how much you can get for your home. In other words, home selling is part art, part science, part marketing, and part negotiation. Your REALTOR® will be able to help you determine the selling price for your home.  Additionally, as a seller you can consider hiring an appraiser to give you a full appraisal of your property before to list your home for sale. Otherwise, an appraiser is usually paid for by the buyer later in the transaction after an offer is accepted. 

     

    An appraiser will tell you what your home is worth. Some of the things an appraiser use to determine your home’s worth are the location of the home, the proximity to desirable schools and other public facilities, the size of the lot, the size and condition and recent sales prices of comparable properties, among other factors.

  • 6. Market your house for maximum exposure

    The next step is a marketing plan. Marketing includes the exposure of your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc.  

    Advertising is also a part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. Your REALTOR® will know when, where and how to advertise your property.

    Sometimes, the best marketing comes from experience and networking:  The National Association of REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. A REALTOR® can make sure your home reaches the maximum number of buyers through cooperation, advertising and personal networking.

  • 7. Accepting an offer

    Perhaps the most complex moment in the sales process comes when you get an offer for your home, but sellers who have chosen the right REALTOR®, prepared their home for sale and priced it right are strongly positioned for a smooth real estate transaction. It’s important to note that the highest offer is not always the best offer. If you prefer a lower-priced offer, perhaps with a better qualified buyer or more attractive terms, you can accept that offer instead. Or you can give counteroffers to one or more of the buyers. Your REALTOR® should be your partner and educate you on the terms of the offer and help you understand the offer in the context of the housing market in your area. Additionally, always consult your attorney before signing an offer.

  • 8. Home inspection

    It is routine for the buyer to hold a home inspection after you have accepted an offer. During these examinations, a licensed inspector determines if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single-family home often require two or three hours. Try to leave the premises, be courteous and make agreed-upon repairs promptly.

  • 9. The counter offer

    In Massachusetts, it is common practice for the parties to sign a purchase and sale agreement, typically after a home inspection is completed.  There’s a lot to consider before you sign a real estate purchase agreement. This document details the specifics of the transaction, such as:   repairs to be completed; fixtures to remain with the property; and, if a septic system exists, the confirmation of a Title 5 certificate (in Massachusetts).  

    The typical residential real estate purchase contract is complicated, densely written and packed with legal jargon, but don’t use that fact as an excuse for not reading the entire contract. Take your time and read slowly. Ask your REALTOR® questions about anything you don’t understand. Be flexible and willing to negotiate.  If you have any questions about your legal rights or responsibilities, you should consider consulting an attorney.

     

  • 10. The closing

    At the closing, the buyer will provide funds to buy your home and the settlement agent will review the sales agreement to determine what payments you’ll receive. As of October 3, 2015, new rules go into effect that will change how the closing will happen. The rules, commonly referred to a TILA RESPA Integrated Disclosure (TRID), will apply for all closings where the buyer applied for a loan after October 3rd. New forms will used for the closing and lenders will be required to provide copies of these forms at least three days in advance of the closing.

    The title to the property is transferred to the buyers and arrangements are made to record that title transfer with your local registry of deeds. Once the settlement papers are signed and the house keys are transferred, you’re free to move onto your next home. 

*Disclaimer: These steps are intended to provide a general guideline on how the home buying process works, however every transaction can have its own special situations or circumstances and might not be covered in this document. This publication is intended for educational use only. Opinion or suggestions in this publication do not necessarily represent the official policies or positions of the Massachusetts Association of Realtors®. The Massachusetts Association of Realtors® does not accept responsibility for any misinterpretation or misapplication by the reader of the information contained in this article. The publishing of this material does not constitute the practice of law nor does it attempt to provide legal advice concerning any specific factual situation.  FOR ADVICE ON SPECIFIC LEGAL PROBLEMS CONSULT LEGAL COUNSEL.   



Are You a First-Time Homebuyer?



FTHB-Infographic_Index

First-Time Homebuying

HELOC_Infographic-Index

Home Equity Line of Credit

HOM_Hurdles_Index

Hurdles to Buying a Home

HOM_May_Realtors_Value-of-Homeowership_Infographic_Index

Value of Homeownership


For more information check out the First-time Homebuyer Guide created by the National Association of Realtors®



Market Data


Closed Sales Data:  Executive Summaries

 

Statewide closed sales, price, inventory and more in just two pages.


October 2019 Pending Sales


October 2019 Closed Sales









Gratitude Project


The MAR Gratitude Project aims to recognize the unsung heroes of the Realtor® community. Honorees will receive a personally signed notecard and "Thank You" tile from the MAR President for their volunteer efforts either within their community or for the Realtor® Association. 

Nominations will be screened by a group of Gratitude Project Task Force Realtor® volunteers, who will meet monthly to select recipients. 

Honorees must be Massachusetts Association of Realtors® members and must have engaged in or performed a discernable act of kindness/charity/service outside of their ordinary duties as a real estate professional. 

Nominate a Realtor® you know today!

Nominate a Realtor®



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