Real estate tips for prospective home buyers

Free Cheerful modern male and female in comfortable casual clothes unpacking car trunk in green garden of new house while moving in together Stock Photo

Last November, Steve Rife and his family embarked on a new chapter by moving to their dream home in Winchester, Massachusetts. However, the path to homeownership wasn't without its challenges, especially in a competitive market influenced by fluctuating interest rates.

Rife recalls purchasing the house in October, a time when interest rates were peaking at around 8%. Despite this, he found a window of opportunity as prices slightly declined due to the rate hike. Taking a calculated risk, Rife and his wife submitted an offer below the asking price and were pleasantly surprised when it was accepted.

"It's almost like we're renting, but we're getting a little bit of equity," Rife reflects, acknowledging the impact of higher interest rates on their initial payments.

The real estate market dynamics were further discussed by Phil and Carolyn Sheehan from Compass Real Estate, who assisted Rife during the sale. They emphasized the scarcity of available properties in Massachusetts, leading to intense competition among buyers.

However, despite the challenges posed by the market, prospective buyers are encouraged not to be discouraged. The Sheehans reassured buyers that the local real estate scene differs significantly from national trends, highlighting the importance of localized knowledge in navigating the market effectively.

As the spring buying season approaches, experts advise prospective buyers to consult financial advisors to assess their budget and get pre-approved for a mortgage. These steps can enhance readiness and demonstrate seriousness to sellers.

"It's very important to make sure that you understand exactly what it means to be a homeowner," emphasizes Sean Valiton, a real estate expert, underlining the significance of preparedness and informed decision-making.

Rife, now settled in his new home, shares valuable advice for first-time buyers. He suggests exploring properties that haven't been remodeled or staged to avoid bidding wars and considering property alerts for timely updates on listings.

In conclusion, while the real estate market presents challenges, strategic planning, expert guidance, and perseverance can lead to successful homeownership, turning dreams into reality.

 

Source: NBC Boston

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