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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

  • Closed Home Sales Down in April After Record Inventory Lows and Rising Prices

    Median Sales Prices Have Seen Year-Over-Year Increases for 19 Straight Months

    WALTHAM, Mass. – May 23, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that low inventory and rising prices caught up to the spring market, with single-family home sales decreasing over eight percent from this time last year. Both single-family and condominium prices saw a hike. Condominium sales decreased almost 10 percent from April 2016.

    April Closed Sales:

    Single-Family April 2017 April 2016 %Change
    Sales 3,735 4,082 -8.5%
    Median Price $362,500 $349,900 +3.6%
    • Closed sales have been down for four out of the last 12 months
    • Median prices have been up or flat for 16 out of the last 17 months
    Condominium April 2017 April 2016 %Change
    Sales 1,455 1,607 -9.5%
    Median Price $345,000 $329,950 +4.6%
    • Closed sales have been down for four out of the last 12 months
    • Median prices have been up or flat for 16 out of the last 17 months

    “With the current trend of plunging inventory and rising prices, the odds were strong that sales increases of the winter market would be unsustainable through the spring,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is there; we just need more homes on the market to satisfy that demand.”

    Inventory and Days on Market:

    Single-Family April 2017 April 2016 %Change
    Inventory 13,234 19,392 -31.8%
    Months of Supply 2.7 4.0 -32.5%
    Days on Market 81 107 -24.3%
    New Listings 7,706 8,513 -9.5%
    • 62nd time in the last 63 months of year-over-year inventory decreases
    Condominium April 2017 April 2016 %Change
    Inventory 1,455 1,607 -9.5%
    Months of Supply 2.0 2.8 -28.6%
    Days on Market 60 78 -23.1%
    New Listings 2,640 2,971 -11.1%
    • Inventory down for 16 out of the last 17 months

    “Unfortunately, our existing level of inventory makes it hard for us to meet our current and future housing needs,” said Yorkis. “If we don’t do anything soon, it will have a negative impact on the entire Massachusetts economy.”

    If you are thinking of buying a home anywhere in the state of Massachusetts, it is in your best interest to work with a member of the Massachusetts Association of Buyer Agents. These men and women are dedicated to working exclusively on your behalf to ensure that you have the best possible home-buying experience. Find a MABA agent here.