Buying a home is one of the biggest purchases that most people will make, so many buyers are looking for ways to get a great deal on a house in Boston. Unfortunately, this is not always simple, especially in many markets around Eastern Massachusetts, where seller’s markets persist, properties sit for just days, and many properties have multiple offers and bidding wars. No matter your budget or where you’re looking to buy, you can still find deals, and there are some ways you can make sure you’re getting the best possible price when you discover a property that you love.
Here are 4 tips for scoring a great deal on a house in Boston.
LOOK FOR THE FORECLOSURES
When it comes to checking out bank-foreclosed properties, you may anticipate that you’ll see a bunch of homes in disrepair that are sold “as-is” with lots of updates needed. With foreclosures, however, that’s not always the truth, especially during economic downturns where homeowners enter forbearance situations that could eventually lead to foreclosures.
In some cases, banks have foreclosed on structurally sound, gorgeous homes because their owners just ran into financial difficulties and couldn’t keep up. The homes are still in good condition and might even be larger and more opulent than what you could afford on the regular market.
When house hunting, don’t immediately rule out looking at a foreclosed properties. If the location and all other factors seem right up your alley, it may be worth taking a look and keeping those properties on your list. Just remember, buying a foreclosure property comes with it a series of potential pitfalls and delays.
BE THE FIRST OR THE LAST
The person who ends up with a home isn’t always the one that bids the highest. Sometimes, it all comes down to the timing of your offer. For example – holiday weekends. Often quiet times for tours and offers. But maybe you’ll catch a seller on the right day when everyone else is away for the weekend? If you’re the first one to make an offer on a home, even if it’s lower than the list price, the seller may be willing to sell it to you if they’re really motivated to move it quickly.
This is definitely the case with multi-family new construction dwellings, when developers are often looking for a few units to be under agreement quickly. Think about this – if a new building with eight units is hitting the market, and the selling agent has just started marketing the project, doesn’t it seem much more in-demand if two of the units were already Under Agreement – even if the price was 3-5% below list – than if the price was market-rate but no units had buyers yet?
The same goes for homes that have been sitting for a while. If they have had other buyers back out, or haven’t had a lot of serious offers, your offer that comes in at 10% below their list price – even if that price had been reduced – may help you get a great deal on a house in Boston.
If everything looks great on paper when you run across a brand-new listing, and the showing doesn’t turn up any major issues or the listing has been sitting for a while, making a strong offer the same day you view the home may increase your chances of getting your bid accepted.
APPROACH OWNERS YOURSELF
Sometimes, you can get a deal on a house in Boston before that house is even listed for sale. How is that? Simply ask. If you don’t ask, the answer is always no.
If you have your eye on a specific neighborhood, consider driving the streets to look for signs of homes with absentee owners, whether they’re landlords or owners who inherited a property. You also can check public records to try and pinpoint these types of homes and, if you like the property, contact the owner privately to ask if they’re willing to sell.
In some cases, just asking if someone is willing to sell will help you get a great price because that person knows they don’t have to go to all the trouble of hiring a real estate agent and paying fees for staging, repairs, and full commissions.
HIRE YOUR OWN INSPECTOR
A home inspection is a crucial part of the home-buying process, and your lender is likely to require you to have an inspection before you can close. However, recommended home inspectors aren’t always a trusted source of a thorough, independent inspection.
Instead, consider hiring your own independent inspector to look at the property you’re considering. The home inspector is there to look for all the good and bad about the home, and you’ll know all the items you should work into your offer and which ones you can bypass.
Buying a home can come with lots of ups and downs, but an unnecessarily high purchase price doesn’t have to be one of them.
Our real estate professionals at NextHome Titletown Real Estate can help you get a deal on a house in Boston. Contact us today at (617) 657-9811!
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The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.