It’s that time of year again when folks get up early in the morning, do some warm-up stretches, put on comfortable shoes, make sure they’re well hydrated and hit the road in preparation for the famous annual Boston Marathon. Let me be clear: I don’t mean the runners’ gig. I’m referring to the mad dash to buy a home during the height of the Spring housing market. We’re luckier than most regions of the U.S. in that our recovery from the recent housing slump started earlier than most. At the moment, we’re expecting a very robust springtime selling season throughout Greater Boston and the nearby towns including the likes of Brookline, Cambridge, Dedham, Newton and Westwood. And certainly when it comes time to make that big purchase we could all benefit from some training tips for home buyers.
Whether you’re a first-time home buyer or have purchased properties before, you need to prepare for what’s ahead. Spring 2014 may turn out to be one of the toughest markets in terms of landing the home of your dreams. And, here’s why:
- Lending standards have eased up and interest rates have remained at desirable levels
- Recent limited inventory led to multiple offer situations that in turn led to higher sale prices
- That same uptick in home sale prices is now enticing more homeowners to sell
- The warmer weather is making it easier and more comfortable to go house hunting
These are just some of the reasons anticipated to be the drivers in the home-buying spree of 2014. In order to have the best shot out beating out your competition when house hunting, here are some “Spring Training Tips for Home Buyers.”
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An Educated House Hunter = A Happy Home Buyer. If you’re thinking of buying your first home, you’d be wise to take a home-buying course. Nothing beats learning how to approach the home-buying process better than hearing it first hand from an expert. Local continuing education classes often include a home-buying course. (FYI: If you’re interested in taking my free “Home Buying 101” tutorial, call or email me to sign up.)
Scope Out the Territory. Before rushing to an Open House or scheduling a private showing, check out the neighborhood. From my experience, more and more home buyers are moving into communities that are new to them. While the home itself may seem great, keep in mind that you’ll want to find a neighborhood that you’ll enjoy for years to come. Are the other houses well maintained? Are there plenty of street lights? Is the area an easy commute to school or work?
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Don’t Go It Alone. Every well-seasoned traveler knows that a tour guide is worth their weight in gold. Same applies to buying a home. Hire a Realtor experienced in working with buyers, hopefully someone familiar with the communities you like. Google them and read their online client testimonials. Ask your friends and co-workers for recommendations. In this market you can’t afford to waste your time with a less-than-qualified Buyer’s Agent.
She Who Hesitates is Lost. When it comes time to submit an offer, don’t be timid. Many home sellers are getting multiple offers so it’s not wise to start off with a weak or low ball offer. Rely on the advice of your Realtor in terms of your initial offer price since he or she may have some insights into what the sellers want. Besides a strong purchase price, make the terms of the contract appealing, too. Offer the seller a closing date that’s convenient for them; put down 10% for your initial deposit instead of the standard 3-5%; and, if time allows, have the home inspection before you submit your offer and, if the inspection goes well, you can then submit an offer without the inspection contingency.
Use the Best Property Search Tools. While the mobile apps provided by Trulia and Zillow are very popular, they’re quite often not updated on a regular basis. Remember folks, this is a race to the finish line. You don’t want to rely on less-than-accurate data that can send you down the wrong track. Realtor.com is one of the best real estate search sites and they offer a great mobile app, too. (http://www.realtor.com/mobile)
While you may not be truly running a marathon, acquiring the proper training still makes sense in order to win the Boston Home Buying Marathon of 2014. Now…ready, set, go!
To sign up for my FREE “Home Buying 101” Tutorial or for more info on home buying, call me at (617) 899-3162 or email me at mpallares55@gmail.com.