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How to Buy Boston Real Estate in Today’s Market

The Boston real estate market has again cycled and become a totally different beast.  We’ve been working with individual customers, and, a few investors and foreign nationals who are hoping to take advantage of our “new improved real estate prices” and the value in leveraging their money against the US dollar recently.  We only had to lose one deal due to buyer’s remorse to realize that we have to prep the buyers for something totally different from recent years:  Getting their offer accepted.

Now, in the 2008 Market, here’s what you need to be ready for if you’re buying real estate in Boston:

• For your own peace of mind, do your homework before you ask your real estate agent to put in an offer on any property.  Buying real estate in Boston isn’t just about buying the least expensive property available.  The “low priced” find, that you see on the Internet, doesn’t mean it’s a quality property, or a fit for you.  Just any short sale isn’t a deal if you aren’t going to enjoy owning it.  Find the neighborhood that you can live or own in.  It must suit your lifestyle, transportation requirements and other needs, or those of your prospective tenants, and then you can find your deal.  Remember, if you don’t love the neighborhood you buy in, you may become disappointed with your purchase and that can be miserable.  Pay attention to this advice, Do your homework!

• If you throw out a low offer, the buyer just might say yes, right away, because they’re grateful for the offer and they’ve waited long enough.  Just because they took the offer quickly doesn’t mean you’ve paid too much and should feel remorse that you didn’t offer less.  In this sea of heavy inventory, savvy sellers know that you may be their only chance for a while.  On the other hand, just because you feel that the market demands a low offer does not mean that sellers will jump any anything that is presented.  Their agent went through a number of procedures and market analyses to arrive at the asking price, including what the seller has invested in the property.  There is sometime little room for a significant price drop.  Be prepared for some negotiations.  

• If you place an offer on a great deal, you may not be the only person that feels that way.  Multiple offers are occurring on very well priced real estate in Boston.  You need to be pre-approved for a mortgage, and have a Tax ID if you’re a foreign national and be ready to deal.

Now is the time to get out there and buy your Boston area dream home or investment.  Mortgage rates are once again at a very desirable level to stimulate sales.  Just be prepared.  It takes more than luck to find a great home in Boston - Luck is nothing more than preparation and education colliding with opportunity.  Today’s real estate market makes you all set on the opportunity part!