It’s no secret that the Boston real estate market is tight
for Boston homebuyers right now. Home prices are rising and many Boston home sellers are holding out. At the same time, buyer demand is high because
mortgage rates are still near historic rates.
How can you ensure a successful home purchase in a market
with limited availability? Here, I’ve laid out a few rules to follow. In any
case, contact me, your Boston real estate agent. This is not a time to be going
it alone!
1. Find out how much you can afford in a home. This step is
vital, and you should do it before you even start your home search. Look over
your revenue and expenses and find out how much money you have to work with.
·
How much do you have saved up for a down
payment?
·
How much income do you have to work with monthly
for mortgage payments?
·
How much will you have left for your homeowner’s
insurance and property tax expenses?
·
How much will you have left for electric, water
and energy bills?
The cost of a home is about more than your initial
payment and your monthly mortgage. Also, if something goes wrong with the
house, you need to pay for it, such as a new water heater, furnace, lawn mower
or roof repairs. You really need to have a good idea of how much you have to
work with and what you can really afford.
2. Apply for a mortgage loan. Getting pre-approved for a
mortgage is one of the best first steps you can take as a Boston homebuyer.
When Boston home sellers receive multiple offers, it’s common for them to not
even consider a buyer who isn’t pre-approved. Plus, this will help you
determine what your price range is, so we can narrow your search.
3. Stay current and knowledgeable about the Boston real estate market. It’s important to know what homes in your price range are being listed
for and what they’re selling for, and how fast. This will help you determine
how fast you need to make an offer and a ballpark figure of how much. Of
course, having a Boston real estate agent will help a lot with this
information!
4. Remain patient. There is a good chance that once you begin
your home search, you might find a home you love that you need to bid for. You
might lose. Don’t become discouraged. In a seller’s market, it might take some
time for you to both find a home you love and have your offer accepted by the
seller. As your Boston real estate agent, I’m here to help!
5. Remember what you can afford. It’d be easy to get agitated
and make an offer that is out of your league, or to purchase a house that needs
a lot of repairs. It’s important to stick with what you need, what you want and
what you can afford. This will be your home for many years to come, you have to
love it and not regret it down the road!
As your Boston real estate agent, I am here for you every
step of the way, as a book of knowledge and experience, as an advocate, and as a
support system. Contact me with questions or to get started in the home-buying process!
Patti Fine
Phone: 617-642-7585
Email: pf@pattifine.com
Patti Fine Real Estate
Greater Boston Area Homes
Search Greater Boston Area Homes
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