Buying a Boston condo for sale: A step-by step process
Step 1: Understand the Boston condo market and the competition
If you’re thinking about buying a Boston condo for sale, understanding the marker and the competition will affect every stage of the Boston condo buying process, from finding the most desirable Boston downtown neighborhood through the closing. While most young professionals would love to settle on a trendy block with great amenities, the reality is that first-time homebuyers are generally forced to be flexible about the location due to financial restrictions.
Yes, Boston condo for sale prices.are crazy. Because of the intense competition in the area, Boston condo buyers are always on the lookout for useful intelligence that might give them an edge. Hint: Viewing this website on a daily basis can provide you with some very useful information the market
Just what might give you that edge? You could try avoiding a Boston condo for sale competition by identifying a property to buy before it hits the market. Ways to go about this include finding properties that aren’t listed by scouring local real estate condo websites (Unlike Zillow) and local social media groups, walking around neighborhoods and asking friends and family who live there if they know of imminent sales, and working with an agent who has a solid network.
Step 2: Select a neighborhood to purchase a Boston condo for sale
In the Boston condo for sale buying process you’re going to find yourself in head to head competition with other Boston condo for sale buyers in some of the most sought-after neighborhoods, you might not get your first pick neighborhood, or even your second. Hence, as you’re shopping around and you come upon an unfamiliar neighborhood that looks affordable and meets your other criteria, research is important. Walk around to see if you feel comfortable there. Check crime statistics, but remember that a neighborhood is more than just its stats.
Step 3: Know your stage in life
One of the most important things is to figure out if the neighborhood is right for your current stage of life. If your career requires you to drive to sales calls all over the Boston, for example, you might prefer viewing Boston condos for sale in buildings/neighborhoods where most homes have a garage.
Step 4: Know your plans for the future
Also think about your future. How long do you plan to live in a downtown Boston condo? A Boston condo for sale in a lively neighborhood, like Boston Midtown, might be fun if you are young and single with its array of bars and easy access to stops. But if you want to start a family within the next few years, the downsides, such as traffic on the streets and noise from the nearby Boston Common, might become a problem. Another future-minded consideration on Boston condo for sale shopping is to think about the resale value of homes there. If you might move at some point, will this investment help you with your financial goals?
Step 5: Mortgage prep is a must
Once you’ve pinpointed a few Boston downtown condo neighborhoods, it’s time to start looking at individual Boston condos for sale. Your agent will give you a list of Boston condos for sale to check out. If you don’t have an agent yet, keep us in mind.
In the Boston suburb markets, you might spend several months comparing different properties. In downtown Boston, however, you don’t have the luxury of time. The average Boston condo for sale can go under agreement just few day or weeks, for example Boston condos for sale priced $500,000 or under don’t last long on he market. So before you even look at listings or talk to friends, be prepared to place an offer quickly.
Step 6: Have your down-payment ready
Consider the amount of cash you have on hand for your down payment. Working with a lender that allows a 10% or maybe a 5% down payment, instead of 20%, could help first-time buyers get a foothold in the steep Bay Area housing market.
Step 7: What type of mortgage do you want/need
This is also the time to figure out what kind of mortgage loan would work best for you. Do your financial goals demand a fixed rate or adjustable rate mortgage? Because of the Boston condo for sale with high prices, many homebuyers take out jumbo loans; you should talk to your lender about how these differ from conforming loans.
Step 8: Checking out open houses
Attending an open house provides you with the opportunity to not only study the Boston condo for sale market, but also scope out the competition. How many potential buyers are there? Do they seem like future residents or investors? Yet another unfortunate piece of news for first-time buyers in the Boston midtown area. Many homes are snapped up by investors who are able to tempt sellers with all-cash offers.
Step 9: Making a deal on a Boston condo for sale
Once you’ve discovered a Boston condo for sale you want to buy, it’s time to spring into action. Submitting a pre-approval letter with your contract reassures the seller that there will be no problem moving ahead if your offer is accepted. If you work with a lender that fully underwrites the loan at the pre-approval stage, you may be able to avoid including a financing contingency in your contract, which could help you compete with all-cash offers.
Step 10: Submitting an Offer
Next sit down with your Boston Midtown condo buyers agent to draft an offer that gives you the best chance of beating the competition—without overshooting the mark. Your Boston Beacon Hill condo broker knows the area intimately and will be able to present your case favorably. But that doesn’t mean you can’t get creative. It’s not uncommon for would-be homeowners to write a heartfelt letter or make a video—possibly accompanied by baked goods—to position themselves as the most worthy buyers.
Just don’t be discouraged if a few of your offers are rejected—getting outbid is a rite of passage in the Bay Area real estate market.
Step 11: Your Offer has been accepted. Now what?
If your offer is accepted, “earnest money” will be transferred to an escrow account. That money, a portion of the purchase price, shows you’re serious about the transaction; it will be applied to the purchase price if the sale goes through. Then you’ll enter a contingency period, during which you’ll schedule an inspector and an appraiser to go through the house. In other parts of the country, it’s common for problems found during the inspection to re-open price negotiations. But in the Bay Area, your seller may have a backup offer waiting, which may preclude any negotiation. It’s still important to find out if the house has any major problems, though, because if you can’t afford repairs and the seller won’t budge, this is your chance to back out.
Step 12: Closing time
On closing day, you’ll probably meet with the seller and/or his or her agent at the closing. You’ll each sign stacks of documents and pay the closing costs (title insurance, the appraisal fee, a portion of your property taxes, your insurance premium, and other expenses), which could be wrapped into your loan if desired. Either on that day or shortly before, you’ll also pay your down payment via wire transfer or certified check.
Conclusion: You own a Boston condo!
Once all the papers are signed and the monies paid, you’ll get the keys to your new Boston downtown condo. In no time at all, you’ll be settled in and ready to enjoy all the Boston downtown area has to offer.
Make you dream come true! Contact us today to start your Boston condo for sale home search.
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