2 Reasons to Hire a Local Real Estate Professional as a Buyer

Many homebuyers are unaware of the benefits of hiring a real estate professional to represent them. Here are a few of them.

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Today I want to share two ways buyers can benefit from hiring a highly-skilled, talented, and experienced local real estate professional through a buyer’s agency contract.

1. Most agents at open houses are listing agents that represent the seller. Those agents have a fiduciary obligation to the seller to get them the highest and best price. They are not obligated to represent the buyer’s best interests one bit.

A seller’s agent isn’t obligated to look out for buyers at all.

2. A buyer’s agent can take the time to educate the buyer. When you’re looking for a home, there are variables that are constantly changing, including prices, interest rates, and overall market conditions. A buyer’s agent can work with you for a period of one to three months to help you become educated as to what the correct values are and what the pitfalls may be when buying a home.

If you have any questions about buyer agency contracts or want to learn more about the real estate market in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

What’s the Role of a Home Inspection in a Real Estate Transaction?

Home inspections give homebuyers a thorough evaluation of the property they want to buy so they know exactly what they’re getting into before they sign on the bottom line.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

What is a home inspection? How does it benefit you as a homebuyer?

Whenever you purchase a home in the state of Massachusetts (or anywhere in the US), it’s wise for you to have a professional home inspector who’s designated with the ability and credentials to inspect that property.

What happens during an inspection? First, the inspector will go through all of the home’s systems (i.e. heating, electrical, air conditioning) and structural elements. They’ll also review the history of the home and any conditions regarding contaminants such as lead paint, asbestos, mold, etc.

The purpose of the home inspection is to evaluate the property, identify any issues that may be concerning to you as a buyer, and provide a scientific evaluation of all the aspects of the property general so when you purchase it, you’ll know if there are any defects, how to handle them, and what the value of the property is with regards to any of the negative characteristics that arise out of the home inspection.

If the home inspection reveals problems that are insurmountable, you may want to walk away from the property.

A home inspection benefits you in that it can reveal problems that may be insurmountable. If some of the defects aren’t correctable or can’t be negotiated over with the seller, it might be in your best interest to walk away from that property.

Lastly, it helps you know exactly what you’re doing before you sign on the bottom line, make a 30-year mortgage commitment, and start living in the home.

If you have any other questions about home inspections, don’t hesitate to reach out to us. I’d be happy to help you.

What Preliminary Steps Should You Take Before Buying a New Home?

When you're planning to buy a home, there are several important preliminary steps you need to take.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

When you’re planning to buy a home, what are some preliminary steps you should take during the process?

First of all, you should meet with an experienced real estate agent. There are many benefits of being represented throughout the homebuying process. When you work with a given agent, you should build a relationship with them so that they can provide you the highest level of personal assistance.

Once you’ve established this relationship, you should obtain a pre-approval or a loan approval prior to getting out into the marketplace. It’s also helpful if you can utilize a daily digital update that is driven by your specific search criteria. This will help make you aware of properties on the market that fit your needs and interests.

A really great agent can also expand your opportunities beyond what is on the multiple listing service. They will be able to give you access to things like private sales, upcoming sales, expired listings, and more.

A really great agent can also expand your opportunities beyond what is on the multiple listing service.

Also remember that a loan approval is preferable to a loan pre-approval. There are even companies right now who can get you a full approval subject to purchase, sale, and appraisal. This enables you to act as if you’re a cash buyer even if you only put down 3.5%.

If you’re selling in order to buy your next one, find out whether your agent can handle both of these transactions. This would optimize your entire experience.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

How Much Can I Afford to Spend on My Home?

Determining your affordability is one of the most important steps of buying a home. Here's where the process starts.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

When you buy a house, how can you determine your household affordability budget?

First, take a look at your combined gross household income. Typically, that's you and your spouse, but your kids might be on the deed in some cases. About 33% of that gross income should be the maximum amount allocated toward your principal, interest, tax, insurance, and private mortgage insurance. If one-third of your monthly gross income exceeds your monthly payment, you're probably spending a little bit too much.

It can also be very helpful to talk to a bank or lender to consider your monthly debt like car payments and credit cards. Add them in on a monthly, prorated basis with your projected housing expenses; this monthly debt shouldn't exceed 42% of your gross monthly income.

An experienced agent can put you in touch with a great lender.

If your unique situation is too complicated to handle on your own, there are mortgage calculators online that can help you find a budget orientation. Speaking with an experienced and skilled real estate agent can also help get you the right professional resources to determine your affordability. They can also help you assess the pros, cons, tax benefits, and appreciation benefits that come with homeownership, among other things.

If you have any questions about home affordability or you're thinking of selling your house, give me a call or send me an email. I'd be glad to help!