Trying to Buy a Home in Massachusetts? Prepare Yourself

If you’re looking to purchase a home in Massachusetts, you may have heard of several challenges that today’s buyers are facing; but do you know exactly how the market has changed, and what to do about it? The tips below offer both trends of which you should be aware, and the means through which you can better navigate today’s housing market.

Look at the numbers

According to the Massachusetts Association of Realtors, over the past three years alone, the number of homes for sale in Massachusetts has gone down by nearly 30% — a staggering number for a market that was already approaching an all-time low several years ago. At the same time, the median sales prices have been increasing significantly, inching over $400,000 for a single family home last June, and approaching $390,000 for a condominium this past March.

Know how these numbers affect buyers

As a result of the low inventory in Massachusetts, sellers are pricing their homes to be extremely competitive, and buyers are taking risks to stand above the competition. In many instances, sellers are pricing their home slightly below market value in order to start bidding wars, which, in turn, drive the sale price up substantially. Because buyers are in a “seller’s market,” they are willing to take risks that make them more attractive to the seller, like offers above market value, waiving inspections, and waiving the financing contingency.

Research your specific market and make a plan

Before you start browsing online, look into what has been sold in your desired neighborhood in the past year and note any price trends. Explore how the seasons, locations, and certain features are affecting prices, and determine if you would prefer to buy now or wait until the fall/ winter when both inventory and prices may be lower. The research you do will not only help ensure that you’re selecting the right time to buy, but will also allow you to determine how you want to price your home (if you’re planning to sell at the same time).

Give yourself boundaries

Because the market is so competitive, it can be helpful to outline the prices and terms that you are not willing to go beyond while you still have a clear head. For example, are you financially stable enough to offer to waive a financing contingency? Is there a price at which you could provide an all-cash offer? Are you willing to waive an inspection contingency on an older home? Exploring all of these options before you find that “dream home” that you would do “anything” for can help you avoid putting yourself in a precarious position.

Find the right team

In order to find the right home, on the right terms, you don’t just need a real estate agent, you need a team of people that includes an agent, a mortgage broker, a real estate attorney, and any other trusted advisors that you know in the market. All of these people can help you determine what terms will be feasible in your specific situation, and can guide you through the processes of negotiating and closing.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

How Shroud Achieved a Net Worth of $4 Million
Cozymeal Brings a Private Chef into Your Kitchen
Five Money scams to watch out for on Craigslist Stockton
10 Things You Didn’t Know About Sugarfina, Inc.
Retirement Expenses You Must Remember to Plan For
Why Intel is a Solid Stock for the Next 10 Years
How to Search For Unclaimed Funds and Claim Them
Why You Should Never Claim Social Security at Age 62
Why Digital Hoarding Isn’t Necessarily a Bad Thing
The Five Best Photography Software Programs Out Today
Napa’s Palmaz Vineyards is the Most Hi-Tech Winery in the World
Is Facebook Building a Machine that Can Read Minds?
Give the Grand Canyon the Time it Deserves
How To Do the Galapagos Islands Trip in Style
How to Successfully Navigate Your Way Through Chicago’s O’Hare Airport
Scrub Island: The Private Island You Can Actually Book With Points
The Five Most Reliable Car Brands in 2019
A Closer Look at the 2020 Porsche 911 Carrera 4S Cabriolet
A Closer Look at The 2020 Jaguar XE
A Closer Look at The 2019 BMW M850i xDrive Coupe
A Closer Look at The Ulysse Nardin Freak NeXt
A Closer Look at The Omega Seamaster Exclusive Boutique New York Limited Edition
A Closer Look at the Chopard L.U. C XPS Twist Qualite Fleurier
A Closer Look at the Urban Jurgensen One Collection