Updated: Feb 4, 2020
If you are buying your first home or buying your next home in Boston, you may be wondering how to buy a home in a seller's market. When homes move quickly and good deals are impossible to find, you have to be prepared and act quickly when you find that perfect property. It can be overwhelming, but the realtors at NextHome Titletown can make the process smooth and guide you throughout.
1. Start your house hunt early.
You may have to wait a while to find a house in your area, so it is important to start as soon as possible. When a house pops up in an ideal location, it will likely sell quickly so you need to be ready at any moment.
2. Be patient.
Your next home is a huge investment, and you want to make sure you buy the perfect one in an area in which you will be happy. Wait it out and avoid buying the first house that hits the market. This doesn't mean that you should miss out on your dream home, but rather it means that you should wait until you know for sure that you have found the perfect house for your family.
3. Be prepared with proof of funds and a pre-approval.
You don't want your offer to be rejected because you don't have your proof of funds or pre-approval paperwork. This is the only way to truly be offer-ready in the Boston real estate market.
4. Submit your offer quickly.
You will likely only have a day or two to make an offer on a home. Remember, there are many other house hunters who are just as eager as you are to get into the perfect home. The home that you saw yesterday and for which you are thinking about submitting an offer is the same house that your competitors saw the day prior and may have submitted an offer while you were touring the property.
5. Don't include too many contingencies with your offer.
Contingencies are things that have to happen before the sale can move forward. This includes home inspections, repairs, mortgage, the sale of your current home, and anything else that can take extra time.
In a seller's market, potential buyers are doing whatever it takes to buy the perfect house in a specific location. If you find yourself in this situation and there are multiple offers being considered, a list of too many contingencies may lead the buyer to choose a different offer.
Be smart and consult with your agent and your attorney on how to craft an offer that protects your deposit but also puts you in the best position with a strong offer.
6. Be prepared to pay full asking price (or even a little higher).
This is no time to lowball and risk missing out on your dream home, as other potential buyers are likely offering more money. Your offer has to stand out among others, and the price is a major factor. As of this writing throughout the Greater Boston area, it’s not uncommon for sellers to receive multiple offers over their asking price, and for properties to enter a “best-and-final” bidding round that could drive the price up even higher.
7. Include a personal letter when you submit your offer.
Relating to others is a good way to make a connection, and telling the seller exactly why you love the home so much can really make a difference. In a short letter, explain to the seller why you and your family are the perfect buyers for the home. Make sure you don’t include any photos of you and your family, which could go against fair housing laws. Trust that your buyers can take to Google and Facebook / Instagram stalking on their own should they wish to learn more about you.
If you are ready to buy your next home in Boston and want a professional to handle the hard parts, NextHome Titletown uses the best new technology and old-fashioned relationship building in order to deliver a smooth, positive home buying experience. Boston real estate is booming right now, and we can help you find your perfect home. Drop us a line - we would love to help you land your next home in Boston or anywhere else throughout the area!
NextHome Titletown Real Estate is Greater Boston's progressive real estate brokerage! We use the best of new technology and old-fashioned relationship building to deliver results to our homebuyers, sellers, and property investors. Our agents' diverse experience can help you win in any corner of Boston's real estate market.
Whether you prefer to sell your home, rent your home, or purchase an investment property, we are experts in our field, and know the local Boston Real Estate market well. We can analyze your unique situation, and provide you the very best options for your financial future.
Do you have questions for us? Interesting in working together? Contact us today!
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