The new lead paint law went into effect on April 22, 2010. The law does not have a direct impact on real estate professionals, however, it does affect contractors and renovators by requiring that renovations done on homes 30 years or older be done by a certified contractor. Contractors who continue to perform these renovations without the necessary certification face fines of up to $37,500 per day.
The law does not apply to “do-it-yourselfers” and has minimal impact for realtors. There are no new forms, or revisions to existing forms necessary. Realtors who are also property managers or owners will need to be trained in new lead safe work practices, and be certain that any contractors hired are certified. And realtors need to be aware of the qualifications of any contractors that they refer to clients, especially those with older homes.
The exceptions to the lead paint law as of the current time include the house being built after 1978, the work involved is not extensive and will disturb less than six square feet for an interior or 20 square feet for an exterior, or if the home tests lead free by a Certified Lead Paint Risk Assessor.
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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com
Friday, July 16, 2010
Thursday, July 15, 2010
Residential Private Home Sellers Lower Prices
In the wake of dwindling tax credits of up to $8,000 that ended on April 30 and an end to Federal Reserve bond purchases aimed at lowering home loan rates in March, private sellers of homes are cutting their asking prices again.
Over 20% of the homes on the market by private sellers had their prices cut by a total of $25 billion in April, which was a 1.2 billion increase from March. The discount on the reduced homes averages 10 percent from the original asking price.
The overage of foreclosed properties that have yet to hit the market could further restrict any increases in selling prices, when taken in combination with unemployment rates and the slowly emerging economy in the housing sector.
The average tax credit of $8,000 for first time home buyers, and $6,500 for repeat home buyers, is still in effect for buyers who signed contracts by the April 30 deadline and who will also close by June 30. Though the effect of the ending credit will force home owners to lower their prices in efforts to sell their property, the results of the tax credit expiration won't be visible until the peak home buying season draws to a close in the summer months.
The full article follows below:
http://www.reuters.com/article/idUSTRE64B0MH20100512?type=domesticNews&feedType=RSS&feedName=domesticNews
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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com
Over 20% of the homes on the market by private sellers had their prices cut by a total of $25 billion in April, which was a 1.2 billion increase from March. The discount on the reduced homes averages 10 percent from the original asking price.
The overage of foreclosed properties that have yet to hit the market could further restrict any increases in selling prices, when taken in combination with unemployment rates and the slowly emerging economy in the housing sector.
The average tax credit of $8,000 for first time home buyers, and $6,500 for repeat home buyers, is still in effect for buyers who signed contracts by the April 30 deadline and who will also close by June 30. Though the effect of the ending credit will force home owners to lower their prices in efforts to sell their property, the results of the tax credit expiration won't be visible until the peak home buying season draws to a close in the summer months.
The full article follows below:
http://www.reuters.com/article/idUSTRE64B0MH20100512?type=domesticNews&feedType=RSS&feedName=domesticNews
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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com
Monday, July 12, 2010
Homes for Sale in Rhode Island
PETER M. SCOTTI & ASSOCIATES is a full service Real Estate Company providing property brokerage, appraisal, buyer and tenant representation and consulting services to the Rhode Island and New England marketplaces. Since its founding in 1988, the firm has grown to eight brokers and nine appraisers with supporting staff.
Our brokers have an average experience level of twenty years in the real estate business. Our appraisal staff includes two MAI designated appraisers. The eight commercial appraisers on staff have an average experience level of eighteen years.
Given the diversity and depth of experience of our personnel, Scotti & Associates is able to provide its clients with the highest level of professional real estate services.
We are especially well positioned to assist our clients dealing with diverse and complex real estate requirements.
Our real estate brokerage group has handled all forms of real estate transactions, including residential sales commercial sales and leasing, investment sales, office leasing, retail leasing, industrial leasing, land sales and development. In addition to our brokerage services we offer consulting services which include permitting and development, zoning and expert testimony/witness services.
Our appraisal group handles all property types from single family dwellings to large complex properties. Two of our commercial appraisers have earned the prestigious MAI designation from the Appraisal Institute.
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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com
Our brokers have an average experience level of twenty years in the real estate business. Our appraisal staff includes two MAI designated appraisers. The eight commercial appraisers on staff have an average experience level of eighteen years.
Given the diversity and depth of experience of our personnel, Scotti & Associates is able to provide its clients with the highest level of professional real estate services.
We are especially well positioned to assist our clients dealing with diverse and complex real estate requirements.
Our real estate brokerage group has handled all forms of real estate transactions, including residential sales commercial sales and leasing, investment sales, office leasing, retail leasing, industrial leasing, land sales and development. In addition to our brokerage services we offer consulting services which include permitting and development, zoning and expert testimony/witness services.
Our appraisal group handles all property types from single family dwellings to large complex properties. Two of our commercial appraisers have earned the prestigious MAI designation from the Appraisal Institute.
----------------------------------------
Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com
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