MABA logo child
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

  • Massachusetts Pending Home Sales and Median Price Up Again in June

    The Massachusetts Association of Realtors® (MAR) reported today that single-family pending home sales were up over nine percent in June from last year. Pending condominium sales were also up more than 12 percent. The median price for both single-family homes and condos saw a hike, with the single-family median price rising over the $400,000 mark. Realtors® confidence both in the market and in home prices dipped slightly in June. This month’s “Hot Topic” question finds that the majority of Realtors® surveyed have had at least one transaction that was an all-cash deal (i.e. no mortgage involved) since the beginning of the year.

    June Pending Sales: 

    Single Family June 2017 June2016 % Change
    Sales 6,723 6,128 9.7%
    Median Price $410,000 $380,000 7.9%
    • Pending sales have been up 51 of the last 52 months 
    Condominium June2017 June2016 % Change
    Sales 2,596 2,307 12.5%
    Median Price $370,000 $349,900 2.9%
    • Pending sales have been up or flat 20 of the last 22 months 

    “The increase in homes put under agreement this month may be a positive sign for a spring market that has suffered plummeting inventory,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “However, median prices have continued to rise, which can push some buyers out of the market.”

    Realtor® Market and Price Confidence Indexes: 

    Confidence Index June2017 June2016 %Change
    Market 80.73 80.97 -0.29%
    Price 71.79 73.87 -2.82%
    • The Realtor® Market Confidence Index went down for the first time in 27 months
    • The Realtor® Price Confidence Index went down for the first time in six months
    • 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  

    “The Realtor® Market Confidence Index has dipped year-over-year for the first time in over two years, indicating that Realtors® are growing concerned about some of their buyers being able to succeed in this market,” said Yorkis. “However, both indexes reveal that ultimately Realtors® remain positive. We just need to see more inventory to keep up with the demand.”

    With home inventory being as tight as it is, you want to give yourself every advantage if you are thinking of buying a home in Massachusetts. For the best possible experience, be sure to work with an agent who is a member of the Massachusetts Association of Buyer Agents.