The lead paint dilemma
Today, Sam Schneiderman, broker owner of Greater Boston Home Team discusses the dilemma regarding lead paint laws, disclosure, and what is happening in the real world of home ownership, buying and selling.
The following language is included in the Property Transfer Notification Certification, most commonly know as "The Lead Paint Form":
"Every purchaser of any interest in residential property for which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning . ……….. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase."
When the law came into effect years ago, many people felt that over time a significant number of homes would be tested for lead paint and hopefully deleaded. Despite the fact that the lead paint laws have been around for years, the majority of sellers claim to have no knowledge about the presence or absence of lead paint. To make matters worse, when researching whether to test for lead paint, they learn that they will be required to disclose the results of lead paint testing to potential buyers of their home when they sell. As a result many buyers or owners decide that they would rather not test for lead paint.
The MLS-PIN Multiple Listing System that is used throughout Greater Boston and other areas allows four responses in the lead paint field:
- Yes
- No
- Certified treated OR
- Unknown
I searched the MLS to see what the responses were in each category. I thought that it would be interesting to see if there would be any statistical difference between the properties that sold and those that did not. I also thought that it would be interesting to see how many of those homes were built after in or after 1978. The results are below. (Results exceed 100 percent due to rounding.)
Current Listings // Sold Properties // Properties that did not sell
Yes .01 percent // .01 percent // .01 percent
No 29 percent // 20 percent // 26 percent
Certified treated .01 percent// .01 percent // .01 percent
Unknown 71 percent // 80 percent // 73 percent
1978+ 40 percent // 32 percent // 39 percent
I assume that a “no” response indicates that a property was built after 1978, but that does not reconcile with the number of homes that indicate that they were built in or after 1978.
I think that the numbers have a lot to say about the success or failure of the lead paint laws in regards to the average single family owner. They even suggest that the market has a clear preference for older homes over recent homes that would have no lead paint.
I find these results shocking. What do you think?
