Warmer weather
will soon be on the way and spring is just around the corner. Spring is
well-known as one of the busiest times in the Boston,
MA real estate
market. If you are you
planning to buy a home
in Boston, MA this
spring, you are not alone. Over the next month, the Boston home inventory will soar and you'll have a whole new
crop of homes to consider. If you’re a first-time homebuyer or if it’s been a while since you’ve
gone through the home buying process, it’s important to know that there are a
few items you should start thinking about right away. Here are three tips to
ensure you are ready to jump into the spring Boston real estate market.
Get
pre-approved for a mortgage. In
a competitive real estate market, home sellers favor buyers who have been
pre-approved for a mortgage. Though the terms are commonly used
interchangeably, pre-approval differs from pre-qualification in that
pre-approval includes having your financial information run through the
underwriting process. This will give you a pretty accurate picture of how much
you can expect to borrow from your lender and therefore how much home you can
afford.
Be prepared
with a down payment. It’s
generally recommended to put 20 percent down when you buy a home. However, this
amount can vary depending on the type of mortgage you’ll be applying for. For
those seeking a traditional mortgage, it’s important to note that you’ll have
to pay for private mortgage insurance (PMI) if you don’t come up with a 20
percent down payment.
Choose the right
realtor. Unless you’re a seasoned pro, having a Realtor on your side can
make a big difference. Making an offer on a house in a competitive market can
require more than just a willingness to pay the price. If a seller must choose
between multiple buyers, they’re likely to choose the one that’s coming to them
with the best overall package. A good
Boston real estate agent will present your offer along with other
information, including your ability to get a loan, your down payment, and
anything else that might make you more appealing than someone else vying for
the same property.
Buying a
home in Boston, MA is one of the most exciting
milestones you’ll reach during your lifetime. Before you start scouring the
Internet in search of your new pad, be sure to keep in mind the three important
items above. And when you are ready please contact a Boston,
MA real estate agent. I hope to speak with you soon!
Lucas Garofalo
Keller Williams Realty
(617) 861-3631
Lucas@LucasBostonHomes.com
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