That’s a very “loaded” question, and we can hear the one liner jokes now!  The truth is that the correct answer will be different for every buyer.  Here are some things to consider before you make your offer:

1.       Is the asking price reasonable?

2.       Is the asking price within my budget?

3.       How long has the property been on the market?

4.       Are there others prepared to make an offer?

If the asking price is not reasonable, but you still want to make an offer, your buyer’s agent should go over the recent sales prices of homes that have sold recently in the area to give you an idea of what should be a reasonable offer for the home.

If the asking price is at the top of your budget, make the best offer possible, but stay within your budget if the offers go above and if so, walk away.  There will be others.

If the property has been on the market for a long time (that can be different from city to city), try to find out why?  Was the original asking price too high or is there something wrong with the property? A busy street? etc.

If the home has just come onto the market and the open house is really busy, chances are that there will be more than one offer.  Make sure your financing is in place and that your agent provides the listing agent with a preapproval letter from your lender with the offer.

In our market, Newton & Metro West of Boston, it’s not uncommon to see multiple offers on the same property and that then selling price may be over the original asking price.  Cover letters introducing yourselves to the seller are becoming more common too.  If you have questions about the process, give me a call or email.  I’ll be happy to guide you.

Banker & Tradesman reported mixed results from the foreclosure deeds and petitions filed in MA by lenders in the month of January.  While the foreclosure deeds fell, (257 filed) by more than 25% but foreclosure petitions increased (618 filed) by 70%.  This activity in foreclosures is consistent with the rest of the country.  Lenders have a backlog of delinquent loans to be processed.

As Real Estate Brokers, we enjoy seeing low interest rates for our clients.  I do believe these lower rates will continue this year.  However, if at the end of the year interest rates increase you should be aware of how this may affect the buying market.  Inventory of homes for sale has been and is low.  If interest rates start to move up, this usually motivates any buyers that have been considering buying into the market.  With this rush, bidding wars start and prices increase.  FYI.

Stay tuned for more buying tips from Newton Center Associates

Over the years, Michael Spurr has worked with a number of clients, who are new to the buying process; buying a home for the first time is a big step, and can be daunting. Michael knows this, and for each client he strives to go above and beyond to provide extra support and education for first time buyers. This extra touch of diligence helps clients feel at ease as they delve into this big step in life!

Below, you will find the top 10 ways to prepare for home ownership:

1. Know what you can afford; the rule of thumb usually tells you that if a home is equal in value to two-three times your gross income, it is affordable.
2. Develop the features of your dream home wish list; then prioritize the most important features of this list first.
3. Where do you want to live? You should pick out the top three neighborhoods you would like to live in. remember to take into account things like schools, your job location, safety, and recreational facilities.
4. Start saving money! You need to have enough money saved to cover the down-payment, and will your salary will be able to pay the mortgage? Ideally, you should put 20% of the total price down. And don’t forget about closing cost, i.e. taxes, attorney’s fees, and transfer fees.
5. What’s your credit score? Make sure you have everything in order, and have a copy of that credit score, to show history, and if there are any bad debts/late payments.
6. Determine your mortgage needs; how big of a mortgage will you need? Decide which loan option is best for you; such as 30 year or 15 year fixed mortgages.
7. Get preapproved; organize documents, such as W2 forms, copies of at least one pay stub, account numbers, and two to four months of bank or credit union statements so that a lender can decide whether or not to preapprove you for a loan.
8. See if there are any other sources that will help with your down payment; maybe you qualify for special mortgage or down-payment programs. You can check with the local government on down-payment assistance programs for firs time buyers.
9. Add up all the costs of home ownership; this includes: taxes, insurance, upkeep and utilities, and association fees.
10. Find an experienced realtor who can help guide you through the process.

Michael Spurr has represented many first time home buyers; he will continue to help first time home buyers through the difficult, but doable process of buying home.

For more information about Mike’s real estate services, please give Newton Centre Associates a call at 617-965-3300.

A buyer’s agent will only represent you as the buyer, and will look out for your best interest.

He or she will put in the time to research information available on the seller and on the property, so that you as the buyer can make an informed decision and reach your goals.

When representing you as a buyer, experience is another key component in any buyer agent’s strategy. A good buyer agent will always provide objective advice, and is always keeping the clients/buyers goals (location, size, financial) in mind.

It is important to have a representative who has a thorough understanding of the real estate market on your side to guide you in the right direction on your journey to becoming a homeowner; Mike will put in the effort and research it takes to represent you as the buyer and to help you find the best deal available on the market!

For more information about what a buyer agent is, please feel free to contact Mike Spurr at 617-965-3300.

 

 

 

 

 

 

 

 

 

 

 

Newton is the eleventh largest city in Massachusetts with a population of over 86,000. Newton is about six miles west of downtown Boston.  The T, Mass Pike, Rt9, Commonwealth Ave, buses/trains make the commute into Boston a quick and easy one.  Newton is the kind of community where people know their neighbors by first name.

Newton has a amazing library and a great public school system, in fact it is among the top systems in the state. Along with the great public school systems, Newton is home to Boston College, Mt. Ida and Lasell College.

 

 

 

 

 

 

Compared to last year, the real estate market has improved in Newton; you see an 8% increase when you compare the market this year to last year.  If you’re considering a purchase or even a rental, please give Michael Spurr a call at 617-965-3300.

When you’re planning on attending an open house, you need to be prepared to answer some questions from the real estate agent. Check out the video below and listen to some of the potential questions a real estate agent might ask you!

A large national chain/franchise does not guarantee that you’ll get better service from the agent just because it’s a large company.  Each Real Estate agent or Broker is a company within a company.  If the agent has ten listings all over the state, will the agent be able to give the time and energy to your home in order to market it successfully?  If you’re thinking about selling your home, there are many questions that you need to ask the agent and this is just one of them.  I focus on local Real Estate, that is, Newton, Brookline, Brighton, Waltham, Watertown and the other adjacent communities.  I assure you that if you list your home for sale with me, it will not be ignored!!  Thanks for reading! Michael Spurr