ATTENTION!! Oil Burning Heating Systems – New MA Regulations Effective July 1, 2010
If you are selling your home and even if you are buying a home, the folks at Goodwin Realty Group, think you’ll want to take notice of the new heating system regulation for oil burning systems. On July 1, 2010 there is a new regulation (Chapter 453 of the Acts of 2008). In an effort to eliminate costly and environmentally dangerous mishaps, this Massachusetts law is designed to address this issue.
The new regulation requires that all 1-4 family homes with oil feed lines delivering oil to the burner be encased in a protective slee
ve, not underground and not imbedded in concrete. Alternatively a home owner may opt to remedy this by installing an “oil safety valve” coming directly off the oil tank and located at the bottom where the feed line leaves the oil tank. In addition to the above requirements, the law addresses a major change making it mandatory that insurance companies that write homeowner’s policies offer “oil clean up” as an optional purchase for homeowners.
In 1991, new heating and fire regulation codes were upgraded therefore most homes built after 1991 or with heating systems upgraded after 1991 will be in compliance. However homes built prior to 1991 or not having significant heating system updating, will most likely need to be modified.
Unlike regulatory requirements that precede this one, there is no clear idea of who will regulate this new law. It is believed that once in common practice, real estate appraisers, the Fire Department (when checking for smoke and carbon equipment compliance) and insurance companies writing the homeowner’s policy will mandate compliance. Long before these practitioners discover this need will be the savvy real estate salesperson involved in the sale, real estate home inspectors and heating maintenance companies. Given the recent debacle emanating from the BP oil loss in the Gulf, we all should be good ambassadors of our environment! If you are not yet selling your home, please consider a repair of your existing oil system. And those selling, well, please put it on your list of “to do” items!
Pictures have been provided by Niccoli Bros. Oil serving our customers in Easton and Brockton, MA or any town in their greater service area. Niccoli Bros. Oil has also has offered a 15% discount to any individual wishing to make one of the above repairs—be sure to mention Goodwin Realty Group sent you!
Massachusetts Foreclosed Property News Flash
As an owner of MA real estate it’s always important to be an informed consumer—whether you are buying a home or selling a home! On a recent Friday afternoon, I was having a discussion with an Asset Manager from a major national bank. I always question the “pulse” of the market from different perspectives and his conversations always yield good information for Massachusetts real estate owners.
Look for the big banks to bundle real estate properties and sell these at auction through the summer. The motivation is that the big banks are looking to ‘get rid’ of long held properties keeping their inventories high and unmanageable. In doing so, they will be able to concentrate on newer, more marketable homes for sale.
New England, and especially the Massachusetts area, appears to be immune to this inventory sell off – except for some properties long held due to the Ibanez Court decision of 2009. Ten major states account for more than 70 percent of the national total of foreclosures. It is logical to assume that the majority of bundled auctions would take place in these states, of which Massachusetts is not one!
Summer Solstice-Easton MA Real Estate Report
The spring market has passed, tax rebates are behind us, but the Easton MA Real Estate Market is still going strong. Interest rates are at historic lows. Prices for homes are at levels not seen in many years and people want to move on with their lives.
What are we hearing and seeing in the Easton MA Real Estate market? We’ve heard from a local bank that they can’t keep up with the demand for pre approvals, especially when the rates go under 5 %. Many MA home buyers that have sold their homes and have been renting or living with family to save money are back in the real estate market. MA real estate agents, the agents at Goodwin Realty Group, in particular are seeing many, many showings on homes for sale, and some multiple offers on homes properly staged and priced, as well as, multiple offers on quality foreclosed homes.
The biggest disappointment that we keep hearing from Goodwin Realty Group home buyers is that what they are looking for is not available because of the low inventory in Easton and surrounding Towns, but they are certainly appreciative of the interest rates and low pricing. Sellers in Easton and surrounding Towns are disappointed with the current value of their homes compared to 2005. They are anxious to sell, to become buyers themselves and to get on with their lives. Many folks are being relocated to this area which is a positive step for the recovering labor market.
Our expectation for the third quarter 2010 for Easton MA real estate is for the market to remain active. Home buyers want to purchase a home and get settled before the start of the new school year. Sellers in Easton and surrounding Towns that have put off selling their homes will began the process when the statistics for the spring market are publicized and they discover that there is an active market and the recovery is already here for the Easton and surrounding area.
Dont Buy Your Second Home, First!
Stuff happens! While in a hurry to attend a staff meeting, I discovered my car had a flat tire! Generally these “bumps” are distracting but a serendipitous meeting with the mechanic proved that you can turn a distraction inside out.
“Nate” was the AAA mechanic dispatched to assist me with a flat tire. Yes, I could have fixed it myself but that’s another blog! I was grateful for his promptness and his professionalism. A ‘salesperson’ engaging in a conversation is like spreading butter on toast and so we eventually merged our discussion into the field of real estate.
He was particularly discouraged that with his limited purchasing power, he would never find an affordable home. I discussed with him that there has never been a better time to buy an “affordable” home, the inventory is strong with bank owned properties contributing to the mix and the interest rate at a 50 year low makes things “prime” for his first purchase.
Sensing he was a little reserved, I heard Nate say, “I’ve been told not to buy your Second home FIRST”! I answered Nate by saying “I think you’ve got it”! If you take the time to look around, work with a knowledgeable REALTOR that can direct you to homes in your area and you remain dedicated to purchase only what you can afford, you won’t make this mistake.
Given the mistakes of the past, it is important to make sure that as a new buyer you don’t overextend your new home purchase. The goal is to purchase a home that is within your budget and serves your immediate needs. In the future, there will be time to buy a larger home or to accommodate living space to suit your growing concerns.
Stay tuned for “Nate” success story.
Netbook Winner at "Taste of Easton"
At the recent “Taste of Easton” event, Goodwin Realty Group hosted a table and raffled a netbook computer. While we had many participants in this raffle, two young boys continued to check back to our table inquiring about the drawing of the netbook.
Wrapping up the event and packing for the evening, again these two young brothers approached us to find out if they had won. At that point, our group was intent on gathering our belongings and handle any ‘wrap-up’ the next morning. Back at the we took note of the persistence of the two young boys.
Amazingly, when we stirred the bowl and reached in to pick that netbook winner, we were not the least bit surprised that the winner was one of the two boys that continued to visit our table. Six year old Sam Noonan from Easton, the winner of the netbook not only deserves this prize but gives us renewed appreciation in the power of positive thinking!
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How To File a Real Estate Abatement
In a previous article, Bristol County Property Tax Record , it explains how real estate property values are determined. The following paragraphs will help you in the process of applying for a reduction in your real estate taxes.
An Abatement is the application process for reducing real estate property tax. Perhaps your reasoning for applying is one of “fairness”, such that you believe your real estate taxation exceeds others of similar properties or that there is a likely mistake contributing to your mistaken taxation, however, the abatement process is the same. You must adhere strictly to the time mandated by the municipality in which you are filing your abatement.
Here are some steps to follow:
- You must be the owner of record as of January 1 of the fiscal year in which you apply.
- Request the abatement form and application process from the town in which you seek the abatement.
- Do your research! Part of the application process requires that you substantiate your reasoning behind your request for abatement. Property records and sales data should be readily available in the Town’s Assessing office.
- Complete your application in a timely manner. Hand deliver it to the municipality and have a copy date stamped by the Town Clerk’s office. This is your proof of submission.
Once submitted, you will be notified in writing by Notice of Approval or Notice of Denial (G.L. c. 58A. 6), in which no abatement will be granted. There is a further action that can be taken with a “denial”. You have 60 days from the date of the decision by the Assessing Department to then appeal to the state Appellate Tax Board:
Appellate Tax Board
100 Cambridge Street
Floor 2, Suite 200
Boston, MA 02114
(617) 727-3100
Things to remember—Abatement filings and abatement amounts are public records, your application however is not public. While awaiting this abatement process, it is critical that you continue to pay the mandated taxation. Lastly, it is predictable but not necessary, that the municipality will require an interior and exterior inspection of the property under review. If you have, in fact, made significant improvements to your property that the municipality is not aware of, it is possible that your taxes in successive years could be increased to reflect this new discovery.
Click Here to download the necessary form.
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A Sneak Peek Into the 2010 Easton Spring Market
During the 2nd Quarter ending 06/30/2009 there were 45 single family homes sold in the Town of Easton, MA and 14 Condominium Sales. From 04/01/2010 through 05/09/2010 there have been 12 sales of single family homes and 11 condominium sales. In addition we have 42 single family homes under contract and 12 condominium sales under contract.
Single Family & Condominium sales are off the charts!! Looking fantastic for the remainder of of 2010’s 2nd Quarter!
We are out in the market everyday working it and feeling like it is better, but sometimes you have to stop and look at the data to gauge just how good it really is.
The data is not available to know just how many of these sales were impacted by the first time homebuyer and existing home buyer tax credits, but based on our experience in the field it is safe to say the number is significant. If you do not have an offer signed by 04/30/2010 this opportunity is now history. Some pundents are saying there is a possibility of another extension, but most industry experts do not agree.
While this fantastic Spring Market in Easton can not be an indicator of future sales because it was aided by government stimulus, for the most part we are experiencing sellers wanting to move on with their lives and buyers seeing an opportunity for value and low interest rates that has not been available to them for years.
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