How to Navigate Boston’s Seller’s Market

Boston is experiencing a great boom in real estate values. The Boston housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Boston housing market trend prediction is 78%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Boston, MA is 78% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. Buying into the Boston real estate market makes good financial sense for a future return on your investment. Like most of the country, Boston is experiencing a seller’s market. A seller’s market means there is more demand than supply and low levels of inventory.  What can a potential home buyer do to prepare for buying in a seller’s market?

·         Do the research. Scour real-estate websites and pump agents for data. Know what has sold for what price.

·         Pre-interview local contractors. To accept an as-is house, you need to ballpark how much repairs will cost.

·         Get preapproved. If you don’t have cash, show the seller that financing is guaranteed.

·         Act fast. Check for new listings daily and call the listing agent immediately.

·         Waive contingencies. It is scary, but sometimes necessary.

·         Write the seller a letter explaining why you love the house

And above all, make sure you are working with a qualified professional! A Boston Real Estate agent who has the experience to help you compose the perfect offer to get that Boston home of your dreams! Please contact a Boston Real Estate agent when you are ready, I cannot wait to earn your business!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Do Your Homework Before You Shop for your Boston Home

If you are a first-time home buyer in Boston, MA you must consider how much loan you can afford before you go shopping for that dream house. Excess debt can affect your ability to own a home or to keep a home so it's important to know what your financial “wallet” looks like. Before you go shopping for a mortgage make sure to calculate how much home you can afford.

Debt-to-Income Ratio. A good place to start is with your debt-to-income ratio. Lenders will use this ratio to see how much you qualify for. You can do a quick calculation yourself by dividing the total of your fixed expenses - such as rent, car loans, and credit cards – by your gross monthly income. This isn't a full picture but is a good starting point. Depending on if your loan is qualified or not your debt-to-income ratio will have a cap of 43%, meaning your mortgage payment can't exceed 43% of your monthly income. If you have a high level of debt you may need to reduce it before you can qualify for the mortgage you want.

What can you afford? Even if you qualify for a high-dollar mortgage you likely should not borrow the full amount. When you add in closing costs with the down payment much of your savings can be depleted. Consider taking on a smaller mortgage, therefore a smaller down payment, so you can keep some money in the bank for emergencies. A Boston, MA home affordability calculator can help you see what your mortgage and monthly expenses may look like.

Test out your mortgage in your wallet. Before taking out a mortgage and officially adding it to your wallet give it a test. Pretend to make a monthly mortgage payment by setting aside the additional amount you would pay each month. Live this way for a few months and see if it leaves you comfortable with your new spending. If the additional payment leaves you stressed or unable to live within your means than you should scale back that Boston, MA dream home.

When you are ready to purchase a home in Boston, MA look to an experienced Boston Real Estate Agent. I'm committed to providing you with the highest quality buyer service. When making the type of investment that buying a home requires, you deserve to have all the latest market information and the very best advice, both of which I can provide you with. I am always here should you have a question on a Boston, MA neighborhood such as South End, Fenway, Beacon Hill, or any other. I hope to speak with you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Holiday Fun in Boston 2019

When December rolls around, all of Boston, MA is transformed by the season. Holiday lights, tree-lighting ceremonies, and all-around holiday fun are to be found all around. Looking for something fun to do with friends and family in the upcoming weeks to celebrate the season? Even better, looking for something FREE to do to celebrate the season? Here is a sampling of some local free favorites to help keep your days merry and bright.

Blink! This year’s show is all-new with more lights, more music, more color, more sound and more fun! Faneuil Hall Marketplace will be lit up by more than 350,000 Christmas lights. Daily, every half hour starting at 4:30, now through the holidays, Faneuil Hall Marketplace.

Holiday Lights at the Greenway Carousel. Check out the holiday lights for free and take a spin on the Greenway Carousel if you choose.  200 State Street, Boston MA

Santa Speedo Run. This is a great event for those with a sense of humor. The race is only a mile so very little athleticism is needed. What you must be willing to do is run in public wearing only a Speedo and a Santa hat. It does fill up quickly so register soon! The race starts and ends at the corner of Gloucester Street and Berkeley Street in Boston. Pre and post-run festivities will be held at Back Bay Social Club. December 14^th.

I hope you enjoy this Boston,MA holiday season with your friends and family. Please contact a Boston, MA real estate agent if you have any Boston,MA real estate needs. I look forward to hearing from you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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