The #1 Reason to Buy a Boston Home in 2013!

Happy New Year! How did you ring in 2013? Were you celebrating inside your Boston home, at a local establishment or at First Night Boston? I hope you enjoyed yourself and that you came up with a fantastic New Year’s resolution.

If you’re a renter in the Boston, MA area, as a Boston real estate agent, I have the perfect resolution for you. Buy a Boston home this year. Why? It’s the better investment.

While home prices are quickly rising in the Boston, MA area, rental prices are rising even faster! Boston.com reported that asking prices rose 4 percent from December 2011 to December 2012. In comparison, rental prices rose 6.4 percent! Specifically, a one-bedroom median rent in 2009 was just under $1,500 and is now $2,000. A two-bedroom rent was $1,985 in 2009 and is now $2,500.

The math speaks for itself. As a renter, you should buy a Boston home as soon as you can! With home prices and home sales predicted to continue increasing this year, houses will cost more the longer you wait, and the options on the market might decrease. But mortgage rates are still historically low right now, which really helps to make owning a home affordable. 

How can you prepare to buy a Boston home this year? Here are some steps to take. When you’re ready, contact me, your Boston real estate agent! I’ll be looking forward to your call!

1. Schedule a meeting with a lender to find out what your credit score is and how much of a loan you can receive, based on your credit score, credit history, employment, residence, savings and numerous other factors. This first step is a must, because only then will you know what your home affordability is and what type of homes and price ranges to look at. Plus, home sellers want a buyer that is already pre-approved. It shows that you are serious about buying.
2. If you’re credit score is less than ideal, do all you can to bump it up. Use credit cards regularly, but pay them off as often as possible. If your income level is on the low side, find a second job to increase what you have set aside for a down payment. Cut back on dining out, brew your own coffee at home, host game nights and do whatever you can to save. Every little bit helps!
3. Once you’re ready to start looking, head to my website to browse the Boston real estate market. Contact me, so I can find you homes that are in your price range and in your ideal location. We can visit showings and open houses, negotiate prices, schedule inspections and come up with a closing agreement. As your Boston real estate agent, I’ll be with you every step of the way!

Patti Fine 

Phone: 617-642-7585

Email: pf@pattifine.com

Patti Fine Real Estate

Greater Boston Area Homes

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Setting an Asking Price for Your Boston Home!

Have you heard what’s going on in the U.S. real estate market right now? Nationally, home sales decreased in June, surprising the real estate industry after months of increases. However, a big part of this is because the buyer’s market we’ve been experiencing is turning toward more of a seller’s market! Inventory of homes for sale are down, meaning Boston home sellers are getting more offers and higher offers in the Boston real estate market!

That’s why home prices dramatically increased in June. As your Boston real estate agent, it’s my duty to tell you that now is a great time to sell your home in Boston! With home prices up, inventory down and Boston homebuyers eager to take advantage of historically low mortgage rates, you don’t want to let this perfect home-selling opportunity pass you by in Boston.

So, as a home seller in a recovering Boston real estate market, how do you know what your asking price should be? Should you price it low, hoping to gain a lot of eager homebuyers and bids that will increase the price? Should you price it high, since inventory is low anyway? Or should you give it an average price, hoping to sell it fast?

Inman News wrote a great article about this issue. Many home sellers are pricing their home low, hoping to attract numerous homebuyers and multiple offers, but sometimes it doesn’t work. Sometimes, the home seller ends up with one homebuyer, offering the low asking price. Then what?

The article explains what your options are when this happens. Here’s a summary:

1. You don’t have an obligation to accept it. If you receive an offer that isn’t what you were hoping for, you don’t have to accept it, even if it matches your asking price. You could just reject it or ask for more, but beware, the homebuyer will not be happy and will most likely take off.
2. Understand your listing agreement. When working with a Boston real estate agent, you’ll have a listing agreement. If you deny a full-price, cash offer with no contingencies from a potential homebuyer, you might have to pay a commission. However, you can negotiate the terms of the listing agreement before signing it.
3. List your price at a smart price. When home sellers price their homes low, it’s not 40 or 50 percent below what they want to sell it for.  It’s more of a 2.5 percent discount from what it should be marketed at. In other words, don’t list your home at a price that would upset you if it was offered. If you want to price it low, price it at the low-end of an acceptable range. That way, if you do only receive an offer at that price, it wouldn’t be so bad to accept it.

You can read the Inman News article in its entirety here.

 

When choosing an asking price for your Boston home, it’s important to take many factors into consideration. What is the market value of your home right now? What are other homes like yours selling for in Boston? How much do you still owe on your home? There are a lot of questions to think about when considering your asking price.

As your Boston real estate agent, I can help you with this! I have ample experience helping Boston homeowners sell their homes for a fair price that is right for them and for the current conditions of the Boston real estate market. Contact me. We’ll discuss the current market and your selling needs, and we’ll come up with the right asking price for your Boston home!

Patti Fine

Phone: 617-642-7585

Email: pf@pattifine.com

Patti Fine Real Estate

Greater Boston Area Homes

Search Greater Boston Area Homes

5 Tips to Making Homeownership in Boston Achievable

With the economy in the state it’s in, many Americans might decide not to bother purchasing a first home, or they might decide to rent rather than deal with a mortgage. Home expenses can seem daunting when placed in the same pile as health, credit card and car insurance bills.

However, as your Boston Real Estate agent, I’m here to help make your dream of owning your home a reality. It can be done. With a few mindset changes and manageable spending tips, you can still find the means to pay a mortgage and show off your own Boston home. When you’re ready, I’ll be here to introduce you to the Boston Real Estate market and to help you find the perfect Boston home to buy!

With the help of this HGTV Front Door article, here are five ways you could make homeownership more affordable for you:

• Cut Useless Spending. In order to fit a mortgage into your financial plan, you’re going to have to let go of some other spending. If you write down every dollar you spend for a month straight, you’ll be shocked at where your money goes. Make small changes, such as buying a week’s worth of groceries instead of eating out. Make a pot of coffee instead of stopping at a coffee shop. Purchase a workout video and give up the gym for a month. Decide what is most important to you and then slowly diverge from other useless spending.

• Reduce Home Expenses. Okay, so you start making dinner at home instead of going out. That’ll help with the spending you do outside of the home. But what about the cost of living itself? Take a look at your energy, electric and water bills, and decide how you could decrease them. You could opt to take shorter showers, or purchase rain buckets for your garden’s needs, in order to lower the water bill. For the electric bill, decide if you could live without a landline phone or without cable. The summertime is perfect for that!

• Reduce Energy Costs. You could cut the cost of living a lot just by adding energy-efficient gadgets to your home. Sure, they cost more upfront, but in the long run, you’ll spend much less on your electric bill and you’ll do less shopping. For example, purchase fluorescent light bulbs, which use less energy and last much longer. Or, replace your thermostat with a programmable one, which allows you to turn the heat or A/C down while you’re away from home.

• Change Living Situation. If you’re newly married, you or your spouse could opt to get a second job. Sure, the time commitment is rough right now, but you could save up so that you’re better prepared in the future, when you begin a family. If you’re single, consider taking in a roommate. The extra rent will help you out, and the good credit you score from owning a home will still belong to you.

• Declutter. We all make purchases that we later regret. It’s called fruitless spending. Afterward, these purchases build up and create clutter. Some homeowners or renters even purchase an extra storage garage for this clutter, which costs more money. Let go of the clutter! Make it a habit to go through your belongings once every month or two, and then get rid of what you don’t need. The summer season is packed with local yard sales, making this an ideal time for you to host one and earn some cash. Otherwise, you could try selling the items online or at stores that take used items. Even if you donate them, you can write the donations off at tax time.

All of these examples are changes you can make to your own lifestyle and spending habits, and you can start anytime! Once you feel like you’re expenses are in order, come see me, and we’ll find you a Boston home that fits into your financial plan.

If you’re still not sure if you can afford a mortgage, I’m your Boston Real Estate agent. I can help you decide what is affordable to you right now in the Boston Real Estate market. Owning a home is part of the American dream, so don’t let anyone or anything, like this economy, divert you from living the dream. Boston is an amazing place to call home, so let me help you through the buying process! It’s achievable, I promise!

Patti Fine
Phone: 617-642-7585
Email: pf@pattifine.com
Patti Fine Real Estate
Greater Boston Area Homes
Search Greater Boston Area Homes