Spring is on its way and with it comes a busy real estate season. If you are looking to buy a home this year, keep these Massachusetts home buying tips for Spring in mind. Being prepared for the market will help you better compete for the home of your dreams.
1 – Update Your Pre-approval
If your pre-approval was generated last year, it’s time to get it updated. Several important things have changed and could impact your numbers. First, lending limits were increased for many loans, including conforming and FHA loans. This could result in a higher pre-approval amount for you! Secondly, interest rates have also fluctuated. Even a slight change in interest rates could affect your pre-approved amount. By having an updated pre-approval, you can effectively use your time by shopping for homes only in your price range.
2 – Receive Daily Alerts on New Listings
The market is still hot, which means listings come on and go under agreement quickly. Ask your Massachusetts real estate agent to send you daily email alerts on new listings meeting your criteria. This way, you won’t miss out on any homes. Additionally, when you see something that you like, ask whether you should schedule a showing immediately or wait for the open house (which usually occurs the very first weekend). If an offer deadline is set, then you can probably wait. If there is no deadline, then see the home quickly, before an offer is accepted.
3 – Decide Quickly
Whether there’s an offer deadline or not, you will need to decide quickly on submitting an offer. This is not the type of market where you can “think it over” for a week or two. The most desirable homes sell in less than a week (sometimes within just a few days) and with multiple offers. Deciding quickly allows you to compete.
4 – Prepare a Desirable Offer
If there are 5 buyers submitting offers on a property and you’re thinking of offering 50k under list price, providing a low deposit, asking for 10k towards closing costs, want a 90 day closing, and have a home sale contingency, you are probably wasting your time! When there is competition for a home, you will need to make your offer simple and appealing. This means a competitive price, substantial deposit, no unusual contingencies, straight-forward terms, and a reasonable closing date.
More Massachusetts Home Buying Tips for Spring
There are still far more buyers than there are available properties in Massachusetts. Staying on-top-of the market with listing alerts, having your financing arrangements in place, and being ready to act with an appealing offer are essentially to successfully buying a home this Spring. For more tips and assistance with buying a home in Massachusetts, give us a call. We can provide helpful legal guidance and connect you with a reputable local agent.