Buying your first home can be an exciting time as you enter the North of Boston Real Estate market and search for the right home!  While it is currently a buyers market, there are still some definitive steps you can take to ensure the home buying process runs smoothly and that your first shot at making an offer on a home is well received. 

As a North of Boston Real Estate agent, I know the ins and outs of buying a home in Winchester and other North of Boston cities and want to help you prepare for this huge financial and life changing decision!  Oftentimes, first time home buyers hear so many different approaches to buying a home and, without the experience, it’s hard to decipher which way is the most efficient.  Here are eight simple steps you can take that will create an environment of a successful North of Boston home purchase. 

Step 1: Set Up Your Financing- Getting pre-approved for a loan is imperative in today’s North of Boston Real Estate market.  Make sure you’ve spoken with a lender on how much you can afford and the type of financing you can get.  Having a pre-approval letter will show sellers that you’re serious about buying and it can help move the process along quickly.

Step 2: Examine the House Carefully- Even though the North of Boston home you’re interested in may seem in excellent condition, you’ll want to examine the house very carefully.  Getting a home inspection will put to rest any questions you may have about the condition of the home and will let you know of any repairs that need to be made that can be included in your final offer.  Do not accept the home’s condition from its appearance alone.  You could find yourself facing major repairs once you move in.

Step 3: Set a Limit for Yourself- It can be easy to get swept up in a bidding war if the home you have your eye on is being viewed by a few other buyers. It’s important to set a limit for yourself and be willing to walk away once that limit has been met.  There are many great homes on the North of Boston Real Estate market that buying outside of your means is not necessary to get a great home. 

Step 4: Decide on an Offer Price- Your North of Boston Real Estate agent can help you determine your offer price as they’ll present you with the comparable homes currently on the market.  By viewing these similar homes and with the advice from your real estate agent, you can set a realistic offer.  It’s typical to offer 5-10% lower than the home is currently listed on the market, rather than making an extremely low offer that the seller will immediately reject.  A lower offer will show that you’re interested and will give them room to counteroffer.

Step 5: Decide on Earnest Money- Earnest money is cash that you can include with your offer to show that you’re serious.  The earnest money can vary depending on what you can afford and this amount will be subtracted from the amount you borrow from the lender.  Typically the earnest money is about 1% of the purchase price.

Step 6: Consider Your Contingencies- Things such as closing costs, inspection, the appraisal, or any repairs are just a few of the contingencies that can be worked into your offer.  Your North of Boston Real Estate agent can help you build these into your offer, that will allow you to walk away or renegotiate with the seller if they are not met.  

Step 7: Make it Move-In Ready- If you’re a first time home buyer, you may not have everything you need to furnish an entire home.  Asking for certain things from the seller such as furniture or appliances can be apart of the offer and can help your home be more move-in ready.

Step 8: Take Attention Away From Price- Most sellers do not want to see an offer that’s below the asking price, but you can make your offer more pleasing by adding in a few things such as an all-cash transaction or a quick close, that will sweeten the deal for the seller.

Once you’ve gone through these eight steps and have submitted your offer, it’s important to be patient with the process.  You don’t want to seem overly anxious as it will show the seller that you may be willing to go up on your price.  Your North of Boston Real Estate agent will help walk with you through these steps and ensure a smooth home buying transaction.

As always, if you’re interested in buying a North of Boston home and have questions about the North of Boston Real Estate market; please let me know!  I’d enjoy the opportunity to talk with you and help you walk through each step of the home buying process!

Sven Andersen
North of Boston Real Estate Expert

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Searching for a new place in Winchester to call home? The Sven Andersen Team makes it easy for you to search for your new Winchester home. This FREE, NO-OBLIGATION service can help you find the home of your dreams! Simply visit http://www.northofbostonlistings.com/ and fill out the form to start your auto-email home search today! It's just that easy! The Sven Andersen Team is always willing to help and will always respect your privacy; we leave it up to you to contact US when you're ready to buy or sell in the Winchester area.

If you want to learn more about selling your home visit: www.PriceMyNorthofBostonhome.com
If you want to get our 450 ways to sell your home fast visit: www.450waystosellfast.com
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If you, friends, relatives, or colleagues are considering buying or selling a home, condo, or land, please consider contacting Sven for assistance in your search. Sven coverage area includes: Winchester, Belmont, Medford, Woburn, Lexington, Arlington, Melrose, Stoneham, and Reading.  We also offer a complimentary referral service, called "Anywhere Agents," to assist folks who are looking to buy or sell outside our coverage area, including international locations. We will interview prospective agents in the area(s) you or a family member are considering to assure you get the most knowledgeable Real Estate Professional to assist in your home buying/selling needs.