House Hunting in Boston's Competitive Real Estate Market
Boston real estate is growing in popularity. Experts indicate the market is seeing a significant recovery, which is good news for homeowners. If you are just entering the market and hoping to find your next home you'll need to move wisely. Boston home sale prices are competitive, and to snag that home you desire you'll need to be as well.
How to Buy When There's a Shortage of Homes
According to the Warren Group, single family home sales in Boston dropped by 3.6 percent in March of 2013. It wasn't because the market was overpriced, or the buyers were too worried to buy. The problem was simply due to low inventory available for potential home buyers. Tight inventory has been a major factor in real estate sales, which you can see by looking at median sale prices in the same timeframe. With Boston home sale prices up and inventory down you may be wondering if you'll be able to buy a home right now. The below tips will help you prepare to move quickly so you can snag your desired Boston Home.
Tips for Buying Boston Homes
To purchase Boston homes in this type of competitive market, you need to be ready to move and you need to have this information on your side throughout the process.
- Be flexible about what you hope to buy. With low inventory, realize that buying the perfect home may be next to impossible. Instead, be flexible in what you need and want.
- Use online listing sites to find Boston homes that fit your needs. ZipRealty allows you to set up searches that will notify you by email as soon as a home comes on the market that fits your criteria. Being one of the first to know can offer a big advantage in competitive markets.
- Have the best real estate agent possible. Not only will these professionals be able to help you to find the home right when it comes on the market, but he or she will also have a pulse on the market with connections. Knowing before the property hits the market can help you save time and react faster. Connect with a Boston ZipRealty agent who can help you throughout the home buying process.
- Another tip that could help is taking advantage of real estate phone apps which will alert you of the changes in the market. ZipRealty's free phone app has many useful features for home buyers.
- Be pre-approved for a loan, have escrow ready, and keep your mortgage lender on standby. Home sellers will rarely wait for you to get your financials worked out, so you should have all the necessary paperwork ready to go the minute you make an offer.
Boston home sale prices are on their way up. Now is the time to buy if you want to get a great deal in this area. Keep in mind, the Boston real estate market is one of the best performing in the US right now. As a result, you will face stiff competition