Boston Homebuyers Hold the Key to Speedy Sale

You may have heard the groans of past Boston homebuyers who believe the process takes too long, from start to finish. But what if I told you the time it takes to buy a home in Boston is ultimately up to the homebuyers themselves?

When surveying how long it takes to purchase Boston real estate, many will cite the amount of time to close on the mortgage once a buyer is under contract. However, that hardly factors in all of the steps leading up to that moment, from financial preparation through the home search and then to the closing. Every journey to buying a home in Boston is different, but ultimately up to the buyer.

Financial Prep
Saving to buy a home can take as long as you'd like, if you're planning to stockpile a larger downpayment for instance. It's always a great idea for homebuyers to clean up their credit scores and pay down their existing debt and this step can take years depending on the homebuyer's budget, especially if this is their first time buying Boston real estate.

Home Search
Finding the right home can be a challenge, given the inventory that's available at the time you begin house-hunting. According to the National Association of Realtors, homebuyers typically looked at 10 homes over 12 weeks before signing a contract last year. This is the most crucial (and personal) part of the homebuying process and finding the right balance between needs and wants in a home can take time.

Mortgage Closing
The closing on a home loan is often what buyers refer to when determining how long it takes to buy a home. Once under contract, the typical time frame is around 30 to 45 days, but that all depends on the loan type. The clock on this stage of the real estate process starts as soon as the purchase agreement is signed, but can often go on to require additional documents and resources to complete.

Your journey as a Boston homebuyer can take as little or as long as you'd like, but ultimately the timeline is up to you. Getting all of the documents and financial prep out of the way ahead of time makes the process that much easier and will get you from house hunt to closing quicker than those who skip a few steps along the way. As your Boston real estate expert, I'm here to help you move things along. Contact me today with any questions about how you can better prepare to buy this summer.

Ken Snyder

Keller Williams Realty Boston-Metro

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Buyer, Seller Confidence Carries Over to Summer in Boston Real Estate

Recent surveys of nationwide real estate lately have reported a number of promising and bright futures ahead for local markets. For instance, more now find Boston real estate to be the best long-term investment, over stocks and savings, in addition to findings that confidence was soaring for both buyers and sellers this spring. The latest from Prudential's Real Estate Consumer Outlook Survey shows that same buyer and seller confidence for Boston area real estate will carry over into summer and thus, fuel the local market.

The survey shows an eight-point jump from last year in those who believe summer is the best time to buy a home in Boston. It seems confidence is still booming as 77 percent of consumers surveyed reported a favorable view of housing— a percentage now up 12 points from last year. Surprisingly, the group with the most optimism about the local real estate market is Millennial homebuyers.

The survey also found what points to a busy summer season ahead for both Boston homebuyers and home sellers. "Nearly 70 percent of those surveyed say they are committed to buying or selling a home now, a six point increase compared to [the same survey] at the end of last year," reported Realtor.com.

The confidence on both sides of the Boston real estate transaction stems from buyers and sellers understanding that home values are promising right now and mortgage rates will not stay this low for much longer. With the harsh winter we had, however, neither side was able to make much of a move. Boston homebuyers and sellers sprung into action this spring and as we push into summer, many more will follow suit. 

"The optimism and enthusiasm we're seeing through the survey underscores consumers' motivations and pent-up demand," said one leader of the survey. "As more homes come to market and lenders ease their stringent underwriting guidelines, we anticipate busy times ahead in real estate."

So, take that as a sign, Boston buyers and sellers! If you're among the almost 70 percent of survey participants who are committed to buying or selling this summer, you may not want to delay! There are busy times ahead and I'm happy to help you make your next move. Contact me today to see which homes are available for you and how you can go about making the most of your Boston home sale this summer.

Ken Snyder

Keller Williams Realty Boston-Metro

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How to Know If You're Ready to Buy Boston Real Estate

In my last blog post, I touched on how more Americans now see their homes as the best long-term investment, over others like stocks, gold and even simple savings. Another similar study found that homebuyers are now more confident than ever that now is the right time to buy a home in the Boston area. But the real question comes just before you begin that journey to purchasing a new home in Boston— are you really prepared? This season, especially before the busy summer gets underway, consider the following and factor into your preparation as a Boston homebuyer:

Time Your Purchase

Timing your Boston Metro real estate purchase can really make or break the sale— it's all about knowing which time will work best for you. A good rule of thumb is to begin your preparation one year before you plan to buy. Start with a mortgage calculator to find how much home you can afford, weighing the costs against your current expenses and determining how much you'll be saving (or not saving.) Be sure you take into account other expenses like homeowner's insurance, utilities and property taxes to get a good idea of total cost. Remember, if the numbers aren't exactly where you'd hope they'd be, you can always wait to purchase a home. Timing is everything.

Tend to Your Finances

Finances are the majority of what factors into your home purchase in the Boston area. Now is when you can start looking through your credit report, searching for errors to correct, and if you've not seen your credit score before, take the time to see if you can improve it. After all of your credit errors have been solved and your finances are clean and ready, you can begin saving for your home's downpayment. To purchase a home in the Boston area, you'll need at least 3.5 percent, so take that into consideration.

Know What You Like

When the time comes to start searching for homes for sale in Boston, make note of what you like. What types of homes catch your eye? Is it the number of bedrooms, the square footage, the overall style of the home? Learn exactly what features you want in a home and make a homebuyer wish list. Knowing what you like will make your home search much easier and you can narrow down homes by location and price range.

Preparing to buy a home in Boston is a process and one that may be best if started at least 12 months in advance. Don't delay! Get started today on the tasks above and if you have any questions, feel free to contact me! As your Boston real estate expert, I'm happy to discuss other steps you can take to ensure your homebuyer success this season.

Ken Snyder

Keller Williams Realty Boston-Metro

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Choosing Between a Home and Condo in Boston

When you decide to buy a home in Boston, there’s so much to consider. The number of bedrooms and bathrooms are important details, as is making sure you choose the right neighborhood. But before making any decisions or beginning your search, you’ll first need to decide if a single-family home or a condo will be the right fit for your budget, lifestyle, and preferences. Both a home and a condo offer different perks and drawbacks, so it’s important to examine both options closely before taking the next steps.

Location

If you place value on outdoor space, a neighborhood feel, and ample room for hosting guests, you may want to start looking at single-family homes in the more residential areas of Boston. If living in the middle of the action where restaurants, shopping, and entertainment are steps from your front door, a condo in one of Boston’s bustling neighborhoods will better suit your lifestyle and preferences.

Responsibility

How involved do you want to be in the upkeep of your property? Opting for a single-family home places all maintenance and repair responsibilities on your shoulders. If you choose to buy a condo downtown, then everything from snow removal, to landscaping, to garbage pick-up is usually covered by a monthly fee paid to the association.

Privacy

Living in an urban environment, you’re likely to bump into neighbors in the hallway and share an outdoor space. If you’re the outgoing type who doesn’t mind sharing a wall or two, condo living will be the perfect choice. However, if you relish alone time and prefer the privacy of your own backyard and garage, a single-family home may be a better choice.

Affordability

Take a careful look at your finances and determine how much you can afford to spend on a new property. Condos are typically move-in ready and less expensive, but often require homeowners to pay monthly association fees. Single-family homes are free from the jurisdiction of a homeowners’ association, but may fall outside of your price range. It’s a good idea to get pre-approved for a mortgage before you begin your search so that you have a rough estimate of what you’ll be able to afford.

After taking a look at the above considerations, I hope you feel prepared to make a decision between buying a single-family home and condo in Boston. If you have any questions that I haven’t covered here, please reach out to me! As a Boston real estate agent, it’s my pleasure to help home buyers realize their dreams and guide them towards owning a property they’ll love to call “home.” I look forward to connecting with you when the time is right!

Ken Snyder
Keller Williams Realty Boston-Metro
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See Homes for Sale in Boston
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