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What To Do If You Are A Buyer in a Sellers’ Market

by Eric Glassoff

What do you do when you are a buyer in a sellers’ market and you can’t find a new home to purchase? You act quickly, think creatively and get yourself financially prepared to purchase a home. 

Work on your financing

Get your credit is in order. Pull your credit reports. Know and address your credit issues before you start the process of getting a mortgage. Seek out a mortgage lender who will get you pre-approved. Showing a seller you are motivated and ready to purchase is invaluable. When the seller is looking at several offers, a buyer’s price and preparedness to get the deal done will be much more attractive.

Partner with a good local agent

Working with an agent who is well known for getting deals done quickly is important and necessary, especially in the current seller’s market.  Agents who are most familiar with the areas or school districts you are looking to move will know the best way to write up the type of offer to get a deal done.

Act Quickly

If you notice a new home up for sale, make an appointment to see it as soon as possible, preferably that day. Buyers are more aggressive in the current sellers’ market. Homes may be sold before there is even an Open House.

Get Creative

For the right price every home is for sale. See a home you like, send a personal letter to the home owner. You may be the buyer that will motivate the owner to sell their home. Find an agent who will assist you with looking at old listings or those that have been withdrawn or expired. You agent can also help you look at Pocket Listings or “For Sale by Owner” homes.

Remember being a focused, prepared, pre-approved buyer partnered with a great agent puts you in better position to move into your next dream home.

Eric Glassoff

Greater Boston Real Estate Expert

 

Greater Boston Real Estate

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4 Tips for Qualifying for a Greater Boston Home Loan!

by Eric Glassoff

If you’re considering buying a Greater Boston home this year; you’ve probably started looking online at the current homes available in Brookline, Boston, Newton or the other surrounding areas.  It can be an exciting time as you dream of your ideal home and anticipate finding a beautiful and perfectly priced home in Greater Boston.

 

The current climate in today’s housing market is ideal for buyers as the historically low mortgage rates and home prices are exactly what potential home owners want!  However, before you jump right in and venture out to open houses, there are a few things you’ll want to know about the home buying process.

 

As a Greater Boston Real Estate agent, my goal is to provide you with pertinent information about the Greater Boston Real Estate market that you need to know!  For instance, there are a few changes that have been made this year that have affected the home buying experience; one of which is qualifying for a home loan.

 

We’re all aware that the national housing market over the past few years has seemed to hit rock bottom.  As the nation continues to strengthen its weak knees in recovery, lenders have tightened the reins on those who are able to qualify for a loan.  They’ve seen the severity of people borrowing beyond their limit and are attempting to help heal the housing market by keeping a close eye on those who are able to buy homes.

 

Now, this doesn’t mean that you have to give up your dream of buying the Greater Boston home you’ve had your eye on; it just means you have to be more prepared than ever and have your financing in order.  Below are four tips I feel will be helpful as you begin the process of qualifying for a home loan.

 

-  Have the right credit score- Credit scores are moving to the forefront of being approved for a Greater Boston home loan.  Most lenders are expecting a credit score of 600+ even for FHA loans.  A good credit score will not only help you qualify for a home loan, but can lower your interest rate, which can save you thousands of dollars in the long run.

 

-  Shop around- The interest rate is important, but there are other costs to consider such as discount points and even the type of mortgage loan. When shopping for best rates, compare various combinations of discount points and loan types. Your Greater Boston Real Estate agent can help you decide on the best option. 

 

-  Know your borrowing limit- If you’re not sure how much you want to borrow, a good rule of thumb is to look at the Federal Housing Administration requirements.  FHA will limit mortgage payments at 31% of gross monthly income before taxes for most buyers.  This can help ensure that you’re not getting in too far over your head.  If we’ve learned anything over the past few years, it’s to play it safe in the housing market.  

 

-  Consider a No-Closing-Cost Loan- If you have positive equity, but are lower on cash up front, you do have an option to choose a no-closing cost loan.  This simply means that you’ll have a slightly higher rate, but the closing costs will be paid over time instead of up front. 

 

Qualifying for a home loan is the first step in successfully buying a Greater Boston home, and I hope these tips help prepare you for this important process!  If you have further questions about qualifying for a Greater Boston home loan, the Greater Boston Real Estate market or are ready to begin your search; please let me know!  

 

I’d be happy to meet with you, answer your questions and help you along each step of buying one of the beautiful homes or condos that Greater Boston has to offer.  I look forward to hearing from you!

 

 

Eric Glassoff

Greater Boston Real Estate Expert

 

Greater Boston Real Estate

View Greater Boston Homes

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Contact Information

Photo of Eric Glassoff Realtor®, MBA ABR, ASP, SRES, e-PRO, Real Estate
Eric Glassoff Realtor®, MBA ABR, ASP, SRES, e-PRO,
Coldwell Banker
1375 Beacon Street
Brookline MA 02446
Direct: (617) 233-6210
Office: (617) 731-2447
Fax: Fax: (617) 431-5010

Testimonials

I was a first time home buyer looking a place in Brookline, and Newton area for a quite well, and tiredly had worked with several agents in 2008-2009.  I decided to find a place myself, and it happened that I found that sales agent Eric Glassoff had lots of the hot units in Brookline for sale.  So why not work with him as buyer agent then?After I started to work with him, I was so impressed with his professional knowledge, ability to educate clients, working efficiency, honesty, loyalty, and the capability to make a deal happen in the best interest of his client.  After I looked at 2-3 properties, I happily bought a dream home at Newton.  I strongly recommend Eric to any home buyers, as his excellence in business as well as his loyalty to his clients will bring you satisfaction in purchasing your dream home.  "Susan Zhang"... Read More