Real Estate: Relationship with insurance company a key part of homeowner’s financial security

By Jonathan Priest
MetLife

Most people in this day and age are overwhelmed with life in general.  Of course, 2020 has been one for the record books, but even before this year threw us all for a loop, it seemed like every day there were more things to worry about, more bills to pay, more things that needed our urgent, undivided attention!

Remember that you need to take care of yourself  and all facets of your well-being:  drink plenty of water, eat lots of vegetables, try to get the amount of sleep your body needs, take a (socially distanced) walk and get some fresh air every day.  See your doctor at least annually, and don’t stay quiet if you have questions about a new ache, a suspicious freckle, or other changes in your body!  And if you’re not getting the care you need, don’t be afraid to get a second opinion!

The same thing goes for your relationship with your insurance company… It might seem like a stretch to compare the two but think about it.  You are trusting a large piece of your financial security to your insurance company, so you need to make sure you and your agent are a good fit!  Your automobiles and home are likely your largest physical assets, so it’s important that you have someone you can reach out to.  That might be to ask questions, get clarification on language in your policies, or help you assess your needs so that you aren’t over OR underinsured!

Many people are initially reluctant to even consider shopping for insurance, as they think the process will be confusing, stressful, difficult and drawn out.  It may seem trivial but making that first call will be the hardest (and most important) part!  You will learn a few very important things which you should take note of, including the following:

How long did it take to get a live person?  Did they sound friendly, comfortable and relaxed?

Did they seem knowledgeable?  If you like to be able to meet with your agent in person, are they

local?

How long will it take them to provide a quote/proposal (And as a follow-up, did they get it to you when they said they would)?  Can they share some customer reviews?

When you are ready to make that call, make sure you have your current policy information in front of you.  Everything you should need will be on your Declarations Page(s), which is typically in the first couple of pages of your existing policy.  It will be labeled as such, and will have your name, your address, the dates that the policy runs to and from, your policy number and the coverages you have selected. 

Now is also a good time to make sure your policies are “bundled”… (I’m sure you’ve heard that word more times in the last two years than you have your whole life previously in the constant bombardment of insurance TV commercials, and for that, I apologize on behalf of my industry). 

Why do insurance companies push so hard for that?  Yes, it WILL save you a significant amount of money, usually 15 to 20 percent depending on the company, but why would a company offer you such a savings?  What’s in it for them?  The bottom line is, the more policies you have with your company, the less likely you are to leave, and insurance companies spend a LOT of money to obtain a new customer (again, it goes back to those constant commercials).

However, aside from the savings benefit, it truly does help your agent in building your personalized insurance portfolio if they are aware of the entire “package” you are looking to protect. 

I hope this has been helpful, and please feel free to reach out if you have any questions!

Jonathan Priest is a MetLife property and casualty specialist in Windham. Call him at 207-893-8184 for your home, auto, life or business insurance needs.

Real Estate: Buying Sight Unseen

By Nicole Foster, Broker/ REALTOR

Markets with low inventory and high demand have been experiencing an uptick to the number of offers being placed on homes “sight unseen” during the pandemic and some are speculating this trend is here to stay. All indications show that consumers have become more comfortable with the widespread use of technology which may have helped to shift attitudes and increase confidence in the process of buying and selling homes remotely.  The speed at which the current market is moving has likely been the main contributing factor for the sharp increase, with the combination of record low mortgage interest rates and limited inventory forcing buyers to move swiftly to get into certain areas.

Over the years and during different markets I have represented buyers who did not see their (already existing) new home at all until the building inspection or during their final walk through and as a listing agent I’ve sold homes to buyers who were unable to view the home before making their offer.  It has not been a rare occurrence and there are a number of circumstances which may result in placing an offer on a home that you have not yet personally visited including a relocation with travel, working opposite shifts from your partner or spouse so you cannot both visit or simply not being able to make yourself available while limited showings are being held.

Ideally most people prefer to have the opportunity to step inside of a home personally at least once before making such a large financial decision, but what if you can’t?

Choosing the right buyer agent to act as your “Boots On The Ground” will be possibly be your most critical decision to get the home you need. An experienced broker will be able to connect you with a reliable and efficient team of local professional as needed through the process from showings to beyond the closing. Take the time to ask others you know in the area who they have had positive first-hand experiences with. Talk to several REALTORS and research their business. Make certain they are proficient using today’s technology including 3D tours and video conferencing as well as working with clients who are relocating or buying from a distance. Ask if they will be available to remotely view properties of interest with you in a moment’s notice, especially when looking in a competitive market. Inquire if they have any upcoming vacations scheduled and who will be providing coverage for them while they are away.

Make yourself familiar the neighborhood and area by researching deciding factors such as crime, commute times, school districts and distances to amenities like shopping or recreation. Check with the municipality for any upcoming plans for tax increases, ordinance changes or growth surrounding the property of interest. Check distances to industry, mining, farming operations, transportation (highway, air traffic or train tracks) high voltage stations and other possible disturbances. Determine to the best of your ability the type and volume of traffic your road has, what the speed limit is and who maintains it. If you have a friend or family member who is close enough to visit the property with your agent or is willing to visit at different times of day they will be able to provide helpful feedback, also.

When virtually touring the property with your buyer agent inquire about specific features that photos can often times show differently than in person. Have the cabinets been visibly painted or do they appear to be original? If the home has been freshly painted or has upgrades, does the work appear to be quality? Are any of the sinks, toilets or showers stained? Do the windowpanes appear foggy or cracked or is there flaking paint around the trim? What do you hear outdoors? Do you smell any odors outdoors or indoors? Are there any creaks in the floors, stairs, doors, or cabinets? What do the neighboring homes, yards and driveways contain and how close are they? 

If you are a seller working with an offer from a buyer who has not yet viewed the home, you may feel skeptical, but in my personal experience and observations there has been no correlation between “buyer remorse” and sight unseen offers and it doesn’t necessarily mean the contract will be “shaky”.

Nicole Foster is a Broker with Locations Real Estate Group and a Windham resident who loves people and real estate. <

Real Estate: Current Market Trends

 Per the Maine Association of Realtors®, the number of sales of single-family homes in Maine is down slightly in June but prices remain on the rise. Realtors across the state sold 1,720 homes in June—78 fewer homes than a year ago – a 4.3 percent decrease compared to June 2019. The Median Sales Price (MSP) for homes sold in June reached $249,000, an increase of 4.15 percent compared to June 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

“As Maine navigates COVID-19, our real estate industry has adapted,” says Tom Cole, 2020 President of the Maine Association of REALTORS®. “The June statistics show improvement and indicate that sellers, buyers, and our industry partners are adjusting to Maine’s health and safety protocols and have growing confidence to transact real estate business.

Maine is experiencing a lack of inventory which is driving multiple offer situations and quick sales on many homes. Mortgage rates remain low which is encouraging buyers to turn out as well.

According to Bankrate.com. the average 30-year fixed mortgage rate fell 8 basis points to 3.22 percent from a week ago, a new record low. The 15-year fixed mortgage rate fell 5 basis points to at 2.67 perecent from a week ago.

There are always certain life circumstances that will continue to keep the marketplace active. Working with a local Realtor® who knows the area is critical to having well-informed choices available to you as a consumer and ultimately guiding you successfully through the sale.

 As I have said before, please call a local Realtor® for all your real estate needs no matter how big or small. We are trained professionals here to make your life easier. It's best to surround yourself with the right team of professionals that can continuously give you the right advice for all your circumstances.

Lisa DiBiase is a Broker/Owner. She and her company represent buyers and sellers in the Greater Portland area. For all your real estate needs contact lisa@landinghomesmaine.com. <

Real Estate: Top tips for an inspection-ready home

By Brandon Lussier

Special to The Windham Eagle 

A home inspection gives buyers an unbiased evaluation of the home’s condition. By taking some important steps to prepare the property for inspection, your sellers can avoid some basic problems that might otherwise affect a clean inspection report. Since a home in good condition can command a better price, they will benefit as well.

• Prior to the inspection, repair any damaged steps and walkways and seal cracks in the driveway.
• Re-caulk around exterior doors, windows, check flashing and replace any missing or damaged shingles.

Inside the home, relatively minor fixes can improve the home inspection results.

• Repair leaky faucets and fixtures, and repair grout around tubs and sinks.
• An electrician should inspect receptacles and switches and make any needed replacements or repairs.
• Replace any cracked or broken window glass and loosen any windows that are painted shut.
• Have the fireplace and chimney cleaned and checked by a professional.
• Arrange service appointments for the furnace and central air conditioning so that any issues can be addressed before the home inspection.
• If the home has battery-operated smoke and carbon monoxide detectors, put in fresh batteries and install additional units if any are missing. Hard-wired detectors should be tested as well.

Here are some tips to help the inspection process go smoothly:

• The owner will need to provide keys to any locked areas, and allow access to the attic, crawl space, garage and yard.
• Be sure that the home inspector has access to components such as electrical panels, the main water shut-off and gas meter. Move objects from around the water heater, furnace and central air conditioning unit so that the inspector can reach them unimpeded.
• In cold winter climates, clear walkways of snow and ice for safe access to the home.
• Pets should be taken out of the home or crated for their own safety and that of the home inspector. Dogs in particular can be disruptive, and some may become distressed by having an unfamiliar person in their “territory.”

It’s always a good idea for residents to store small valuables and medications out of sight and in a secure location for peace of mind. One option is for them to simply take these items along when they leave during the inspection.

An inspection-ready home presents itself best for evaluation and makes the entire process go more smoothly.

This article is brought to you courtesy of Pillar to Post Home Inspectors. Contact Brandon with The Lussier Team at (207) 749-3775 for your next home inspection.