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What To Do When You Are A First Time Home Buyer

by Eric Glassoff


Knowing what to do when you are a first time home buyer can be the difference between making the home buying process a stressful situation or an enjoyable success. Let’s get you prepared for the latter.

Am I ready to be a home owner?

Know whether it is a good decision to go from being a renter to a home owner by asking yourself:  

Am I prepared financially to take on the responsibilities of being a home owner?

Am I realistic about what type of house fits my needs, NOT what I think will make me look rich?

Will I be able to afford and have the means to keep my home repaired and updated?

Is my credit in order?

A few months before you start looking for your new home, pull your credit reports and address any issues – get it as clean as possible, address any inaccuracies.  

Get yourself pre-approved for a mortgage . This will save a lot of time and allow you to move quickly; imperative in the current sellers’ market.

Partnering Up with a Professional

Yes, you can find plenty of information about real estate listings on the internet. But, by partnering with a real estate agent, you will have an experienced professional looking out for your interests and someone who will be able to guide you through the bidding process.

Calculate your Costs

Sit down and calculate the following: closing costs , down payment , other fees . Being an educated buyer will put you in the best position to purchase a home that you will be able to afford now and in the future.

For more about what to do when you are a first time home owner go to Coldwell Bankers First Time Home Buyers Resource Center. 
 
 

Why Can't I Find a Home to Purchase?

by Eric Glassoff

Why can’t I find a home to purchase within my price range?

Why are there so few homes listed on the market than there was a year ago?

Over the last few months, I’ve been asked this question a number of times. The answer is a difficult one. Many variables are contributing to the near record low inventory of homes for sale. Here are just a few:

1. In some areas fewer foreclosures are available. There are less distressed properties available for investors.

2. Many of the homes that would normally be available for buyers are being used as investment property, because the rents being paid are better than the banks interest rates.      

3. Constructions levels of new homes are at an all-time 50 year low.  There are not enough new homes being built to meet the demands of the buyers.

4. Many buyers who want to trade up cannot find homes that meet their needs or their budget, due to an escalation of asking prices.

5. In some areas there are still a lot of foreclosures, which are not a good fit for first time home buyers or buyers who are wanting to trade up.

The good news is:

1. Many experts are speculating that there will be an increase in new home construction taking place in the second half of the year, continuing on into the next year. Increased inventory of new homes will entice people to make a trade up purchase; allowing them to feel more comfortable about putting their home up for sale.

2. Low inventory pushes prices to rise. Many of the homes that had depreciated are now worth more, enticing their owners to sell.

Since the landscape of the real estate market is always changing, contact me so that I can give you the most up-to-date information on buying and selling property in Brookline, the Back Bay, Newton and the greater Boston area.      

If you’re in the mood to do a little re-modeling, painting or upgrading at your home, you may want to make sure these renovations are adding to the value of your home.  If you are taking on these projects because you are getting ready to sell your home, that’s even more reason to make sure you are making changes that will increase your home’s value. Many times, homeowners make improvements to their residence without knowing the implications to its real-estate value. In other words—they may be busting the bank to “improve” their home without seeing any improvements in its selling price. By following these simple guidelines, you can assure that you are making smart home-improvements that will show when it’s time to sell.

The Kitchen

Functionality, space and aesthetics are the key selling points when it comes to the heart of your home. With a small budget you can upgrade the lights, cabinet door knobs and sink fixtures. Larger budgets, upgrade the cabinets by re- finishing, re-painting or replacing the doors on the cabinets. 

 

Upgrade the look of your Appliances

Buyers love to see matching appliances. It makes for a clean and cohesive look, giving your kitchen a feeling of order and symmetry. You can purchase new panels for most appliances— but before you purchase anything, take a look at the back of your appliance panels, they are usually black. If this is the color you’re looking for it won’t cost you a trip to the store.

 

Increase your Storage 

Most homes, especially older ones, never seem to have enough closets—or space within the closets—for storage. Look into purchasing a closet storage system, or go online to find companies that will help you customize your closet storage. Home Improvement retailers also carry many different types of home organizing systems for all budgets.  Most of these sites and stores have storage tips that will leave your home looking more open and organized: a memorable feature for potential home buyers.

 

Thinking of updating your home before you put it on the market? If you reside in the greater Boston area, Newton, Brookline or the Back Bay, contact me to discuss your options. I want to make sure you have all the information to make the best decisions on how to improve the value of your 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

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Successfully Sell Your Greater Boston Home

by Eric Glassoff

In my last post, I discussed some strategies for buying a home in the Greater Boston area and how to ensure you’re completely prepared for such a large investment.  And, while it seems that buyers have the upper hand in today’s market; selling your Greater Boston home can prove to be just as successful!  

 

In dealing with the Greater Boston Real Estate market on a daily basis as a Greater Boston Real Estate agent; I understand the reluctancy that those hoping to sell their home in Newton, Brookline or Boston may be experiencing.  However, selling your Greater Boston home is not impossible.  It just means that you have to be prepared to sell your home in a market that’s leaning in the favor of buyers.  

 

Let’s take a look at five ways you can have a successful home sale for your Greater boston home

 

1. Understand What a Buyers Market Means- It’s important to understand what kind of market you’re about to enter and to look at some of the hard facts. Being in a buyers market means that there are more homes on the market than there are buyers.  It also refers to a market where homes are staying on the market longer and selling for less than they’re worth.

 

2. Price Your Home Correctly from the Beginning- This is a vital factor in selling your Greater Boston home. If you enter the market with an overpriced home, buyers from Newton, Brookline or Boston will immediately cross it off their list and move on to a more affordable option. They have that luxury in a buyers market. The longer your Greater Boston home sits on the market; the less interest it will receive. You’ll find that waiting for that to happen and then reducing your price will not generate the same excitement that an ideally priced home would in the beginning.

 

3. Make Your Home Irresistible- Buyers in the Greater Boston area expect only the best, especially if they have the option to be picky. You’ll want to make sure your home shows like a model home and that its irresistible to buyers. Take care of any issues that you know of in your home, spend time updating your home (even if it’s just a fresh coat of paint), and spruce up your Greater Boston home’s curb appeal. All of these little details will add up to a home that buyers can’t refuse!

 

4. Find a Trusted Greater Boston Real Estate Agent- You’ll want to do your research and find an agent who has years of experience in the Greater Boston Real Estate market. Your real estate agent will play a key role in getting your Greater Boston home sold. Look at their home selling record, client testimonials, and ask them to give you a detailed plan of what they will do to sell your home in Boston, Brookline or Newton.  

 

5. Make Sure Your Home is Getting Ultimate Exposure- The main element in getting your home sold is exposure. Did you know that over 80% of people search for homes online? Getting online exposure for your home is vital for home selling success. Talk with your Greater Boston Real Estate agent about how your home will be presented online and the types of sites they use to market your home. An online presence for your home is a service your real estate agent should be providing for you.

 

You’ll notice that these points are not impossible to accomplish, and are even more simple to do with the help of an experienced Greater Boston Real Estate agent.  If you are hoping to sell your home this year, please let me know!  I would be more than happy to meet with you to discuss a selling price that works for you but is still competitive, as well as ways I will market your home to get the most amount of interest.  

 

Please feel free to contact me anytime in order to begin planning your successful Greater Boston home sale.  I look forward to hearing from you!

 

Eric Glassoff

Greater Boston Real Estate Expert

 

Greater Boston Real Estate

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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