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Money Saving Tips

Money-Saving Tips During the Home-Buying Process

Buying a home is likely the largest financial transaction you will have during your lifetime. Most home owners purchase multiple homes during their lifetime. Whether it is your first time buying a home or your twelfth, address these 7 key steps to protect your wallet and to protect your overall investment:

  • Understand the roles and duties of real estate agents! Do not assume the real estate professional is working for you. Most buyers do not know whether the agent who is showing them real estate is negotiating the best price for the seller or for the buyer. Be a wise and informed consumer and get this clarified before seeing any property!
  • Don't disclose confidential and material information about your needs and financial abilities to sellers and their agents.
  • Understand commissions; they are paid out of the money you bring to the closing table.
  • Mortgage companies and appraisers protect and promote their own interests, not yours. Ask how much your loan will cost, per month. Discuss closing costs and fees and get them in writing. Your appraisal does not ensure that you are getting a good deal.
  • Design a strategy for negotiation with sellers and their agents before you make an offer. Know your spending limits. Avoid being swept away by pressure from agents or competition with other buyers.
  • Attend your property inspections. A good inspector will show you not only what is wrong with a property, but also how to care for it during your ownership.
  • Buy with your overall financial picture in mind. Know what you can afford; differentiate between what you need and what you want. See a financial planner before buying.
 
 
 

Latest from the Blog

  • Pending Sales for Massachusetts Homebuyers Maintain Steady Year-Over-Year Increases for Almost Four Years This February

    WALTHAM, Mass. – March 14, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that ongoing buyer demand pushed pending sales up three percent over last year. Pending sales have been up 47 of the last 48 months, marking almost four years of positive gains in single family homes put under agreement. Realtors® confidence both in the market and in home prices was positive in February. 

     February Pending Sales:  

    Single Family February 2017 February 2016 % Change
    Sales 3,967 3,852 3.0%
    Median Price $330,000 $309,000 6.8%
    • Pending sales have been up 47 of the last 48 months  
    Condominium February 2017 February 2016 % Change
    Sales 1,558 1,566 -0.5%
    Median Price $313,000 $290,000 7.9%
    • Pending sales have been up or flat 17 of the last 18 months  

    “Buyers have been tireless these past four years, showing that the desire to live and work in Massachusetts is strong despite dwindling inventory and rising prices,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway.  

     Realtor® Market and Price Confidence Indexes:  

    Confidence Index February 2017 February 2016 %Change
    Market 75.20 68.66 10%
    Price 77.00 75.70 2%
    • The Realtor® Market Confidence Index was up for the 11th straight month
    • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition  

    “This is the highest recording Market Confidence Index for the month of February since we began recording the data in 2008,” said Yorkis. “This speaks to the strength of the market this past year, as well as looking ahead to the spring market of 2017."