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Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
Ask Questions..Get Answers
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a seller's necessary repairs |
What repairs should a seller make?
If you want to get top dollar for your Boston MetroWest property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair.
The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy at almost any price. On the other hand, making such repairs may be the only way to sell your house in a down market.
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Last Updated ( Wednesday, 08 April 2009 )
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Attorneys for home buying |
Do I need an attorney when I buy a Boston MetroWest house?
In some states, you do need an attorney to complete a real estate transaction, but in others you do not.
While it is highly advisable to consult legal counsel before and during making any Real Estate purchase or sale, most Boston MetroWest area home buyers are capable of handling routine real estate purchase contracts as long as they make certain they read the fine print and understand all the terms of the contract. In particular, you should be clear on the terms of any contingency clauses that will allow them to back out of the contract.
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Last Updated ( Thursday, 04 September 2008 )
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Tips on negotiating the best price on Boston MetroWest Homes?
The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home.
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for.
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Last Updated ( Thursday, 04 September 2008 )
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What is the best time to buy?
Because many buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are eager to buy so they can move during summer vacation, before the new school year begins.
The market slows down in late summer before picking up again briefly in the fall. November and December have traditionlly been slow months, although some astute buyers look for bargains during this period.
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buying homes below market |
Can you buy Boston MetroWest area homes below market value?
While a typical buyer may look at five to 10 homes before making an offer, an investor who makes bargain buys usually goes through many more. Most experts agree it takes a lot of determination to find a real "bargain."
There are a number of ways to buy a bargain property in the Boston MetroWest market:
*Buy a fixer-upper in a transitional neighborhood, improve it and keep it or resell at a higher price.
* Buy a foreclosure property (after doing your research carefully).
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Last Updated ( Thursday, 04 September 2008 )
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Should I include an inspection contingency in my offer?
An "inspection contingency" protects you as a buyer in a purchase offer by allowing you to cancel closing on the deal if an inspector finds problems with the Boston MetroWest area property.
As soon as the seller accepts a written offer, the document becomes a legally binding contract. The purchase contract can be written to include a contingency for any repairs found to be needed or related items the seller must take care of before closing. If these are not dealt with, and you have such a clause in your contract, you can delay or possibly cancel the closing.
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Last Updated ( Thursday, 04 September 2008 )
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Is there a secret to good negotiating in theBoston MetroWest area?
There are several cardinal rules to negotiating effectively. One is do your homework, and learn as much about the seller or the buyer as you can. Another is to play your cards close to your vest and not reveal too much information to the other party or their agent.
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Last Updated ( Thursday, 04 September 2008 )
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How is the price set?
It's very important to price your home according to current market conditions. Because the Boston MetroWest area real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood.
A so-called comparative market analysis provides the background data upon which to base your list-price decision.
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Last Updated ( Thursday, 04 September 2008 )
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First step to buying a home |
What is the first step to buying a Boston MetroWest home?
Finding out what you can afford is one of the fist steps, which can be done by pre-qualifying for a home loan. This step will help you narrow your search for both a neighborhood and particular houses in the Boston MetroWest area.
A pre-qualification is a simple calculation that considers several factors, but primarily your income. There are no guarantees with a prequalificaiton, but it will be expected of you when you make an offer on a home.
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Last Updated ( Thursday, 04 September 2008 )
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What contingencies should be put in an offer?
Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.
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Last Updated ( Thursday, 04 September 2008 )
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list price, sales price, or appraised value |
What is the difference between list price, sales price and appraised value?
The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area.
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Last Updated ( Thursday, 04 September 2008 )
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return on new vs previously owned homes |
What is the return on new versus previously owned homes in Boston MetroWest ?
Buying into a Boston MetroWest area new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy.
One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group's figures show the median price of resale homes increased 4.3 percent between 1999 and 2000, compared to 2.8 percent for new homes in the same period.
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Last Updated ( Thursday, 04 September 2008 )
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What standards do appraisers use to estimate Boston MetroWest values?
Appraisers use several factors when estimating a Boston MetroWest home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, contact the Appraisal Institute at 875 N. Michigan Ave., Suite 2400, Chicago, IL 60611-1980; (312) 335-4458.
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Last Updated ( Thursday, 04 September 2008 )
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What are the standard ways of finding out how much a home is worth?
A comparative market analysis and an appraisal are the standard methods for determining a home's value.
Your real estate agent will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. Be sure you get listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet.
An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.
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How is a Boston MetroWest home's value determined?
You have several options to determine the value of a Boston MetroWest home.
First way is to contact James A. 'Jim' Byler now at 508-449-4026 for a Free Comparitive market analysis.
For buying purposes you'll need an appraisal. It's is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 - $600 for a $250,000 house.
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Last Updated ( Wednesday, 13 August 2008 )
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bankruptcies and foreclosures |
How long do bankruptcies and foreclosures stay on a credit report?
Bankruptcies and foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider an borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic.
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Last Updated ( Thursday, 04 September 2008 )
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standard debt-to-income ratio |
What is the standard debt-to-income ratio?
A standard ratio used by lenders limits the mortgage payment to 28 percent of the borrower's gross income and the mortgage payment, combined with all other debts, to 36 percent of the total.
The fact that some loan applicants are accustomed to spending 40 percent of their monthly income on rent -- and still promptly make the payment each time -- has prompted some lenders to broaden their acceptable mortgage payment amount when considered as a percentage of the applicant's income.
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Last Updated ( Thursday, 04 September 2008 )
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