Warmer weather will soon be on the way and spring is days away. 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 an
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. There are other
options if you cannot put 20% down.
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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