2021 has continued to be frustrating for first-time homebuyers in Boston as well as many of the metro markets in the state. While some areas are showing signs of the market weakening popular metro areas are continuing along the same vein as 2020. So how do you navigate the Boston real estate market as a first-time home buyer in 2021?
As a first-time homebuyer 2021 understanding what is currently going on in the market is the first step in successfully purchasing your first Boston condo for sale.
We have seen exceptionally low housing inventory the past few years. There are more buyers entering the market than there are homes for sale.
Boston condos are selling at 98% of the list price. Many homes are going over asking and in half the time in 2021.
What A First-Time Home Buyer Should Be Doing in 2021
The data shows that there is much competition among Boston real estate buyers. Buyers are fighting for good homes. Let’s look at some steps you need to take to be successful.
A good buyer’s agent can make the whole first-time buying experience go so much smoother. Interview several agents and find one you will be comfortable working with.
A buyer’s agent can help you buy your first home from the very start. They can help find a lender that is best for you and bring you right to closing. If you ever heard the statement you don’t know what you don’t know…. It could not be truer. But a buyer’s agent knows!
Get pre-approved before looking at homes. Understand your finances inside out and backward. You don’t want to put an offer in on a home and have a surprise later.
Make sure your agent gives you a good overview of the home buying process, so you have a basic understanding of what is ahead of you.
Knowing what type of market you are in determines many aspects of the buying process. It dictates how you look for homes, structure an offer, negotiate and how you renegotiate after the home inspection.
In many markets today, or what is a hot seller’s market, the sellers are in the driver’s seat and have the advantage.
Understand what is happening in your local real estate market. Many first-time homebuyers are not aware of what it takes to get a good home and get frustrated, with some leaving the market.
You need to realize you are competing with other buyers to get home. If you do not act quickly and step up, there is another group of buyers who will. Buyers need to react quickly and stand out among the buyer competition.
The best of homes go under agreement in 3-7 days. If you think you like a home, you must visit it immediately. It will be gone a week later. Most homes are getting snatched up immediately by buyers.
Get on your real estate agent’s system that sends you listings daily. Review daily and schedule appointments immediately. Find out if there is an open house and when offers are due. Waiting a week to get into a home will just mean it is no longer available.
Many homes in hot seller markets can go well over asking. When it comes time to write an offer step up your game. Offer a competitive price and keep your contingencies and requests to a minimum.
Offering 10% below the asking price will only lead to disappointment. Your buyer’s agent can help you structure a winning offer. It is not unusual for a home to get 12+ offers within days of listing. Make sure yours catches the seller’s attention.
Unlike a buyer’s market a seller’s market puts the seller in the driver’s seat. Be very reasonable about your repair requests. If you ask for the moon, the seller will just tell you to step aside there is another offer behind yours.
Do not accept a sub-par house. But just like buying a used car, you need to accept some dings and scrapes. You are not usually buying a brand-new home.
Being prepared financially and being educated about what is ahead of you will make the buying process much easier for you to begin with. That all starts with hiring a good buyer’s agent who can help you navigate the 2021 real estate market.
Ford Realty – Boston Luxury Real Estate Professional – Call Today! (617) 720-5454
We go beyond the fundamentals of effective pricing and marketing and help you make decisions to get top dollar for the sale of your home or top value for your purchase. We focus on Boston luxury condos for sale and offer a variety of comprehensive luxury real estate services in the following Boston neighborhoods, but not limited to:
We provide our clients with exceptional customer service and are there to assist you throughout the transaction. Please call, send us an email or fill out the online contact form, and let us know how we can serve your Boston Luxury real estate needs!
Updated: Boston Real Estate for Sale 2021