Q. How is the real estate market doing?
A. I hear this one ALOT! The real estate market is the best tool to measure the health of this nation’s economy. To be honest, it changes weekly. Some towns are doing better than others. Regardless of price category, if it’s priced correctly, it is selling. We are not seeing as much overbidding & craziness that we saw over the last two years, the market could not sustain that. Home prices in the South Shore remain very strong. The pool of buyers is growing as this is a part of the state that many people wish to live.
Q. The interest rates are so high! Should I wait until they come down to buy a home?
A. No. There is a term you hear a lot in the real estate business “marry the house, date the rate”. This rings very true. Do not miss out on a home because the interest rates are high. When the rates come down, which they ultimately always do, you can refinance! Mortgage lenders are experts on this and they have many different options available to you!
Q. I want to buy a home. How do I know what I can afford?
A. You can do this by getting pre-approved from a mortgage lender. You’ll also want to make a list of your income vs debts. This will help you determine a comfortable per month mortgage payment. If you are unsure where to start, I can recommend some local agents to get you started.
Q. Is a pre-approval letter necessary before buying a home?
A. Yes. Is this market, proof of funds or pre-approval letters are necessary and submitted with the offer. Check with your lender, but most pre-approval letters are good for 60-90 days.
Q. I want to sell my home, but I’m afraid that I will have no where to go in the event it sells quickly. Is there anything I can do?
A. There are a few different options that we can do to remedy that worry. We can add a suitable housing clause to your listing, which would provide a window of time that you would need to secure another home before closing on your current. We could also consider a leaseback option. After the closing it would allow you to stay in the home for based on a negotiated amount of time. Another option is we could find a short term rental.
Q. How long does the home buying process take?
A. It really depends! Some people have found their dream home in a week, some it takes 6 months, others take years. Its all individual to what you’re looking for & what’s available. If you’re zeroed in on a specific street or neighborhood, best believe I’ll be knocking on those doors!
Q. Are we still in a seller’s market?
A. Based on the current amount of inventory, yes. On average we need to see 4 -6 months of inventory on the market for it to adjust to a buyers market. We are currently seeing about 2 months or under, depending on the town.
