There is no question that now is an excellent time to buy a home, especially for first time home buyers. In fact that has likely never been a better time to buy a home in Massachusetts. However even though prices are extremely low and mortgage interest rates are at record lows it can still be confusing and complex. So what should you be looking out for if you are buying your first home in MA?
Before you even start browsing homes or start spending your weekends at Home Depot planning your decor you need to speak with a mortgage professional and get pre-qualified for a home loan. Unless of course you are paying cash. Without a pre-approval from a lender no sellers or real estate agents in Massachusetts are going to want to use their valuable time showing you their properties. However this doesnt mean that you should just jump in with the first bank you drive by. Ask others for referrals and get a couple quotes.
There are many new terms being used in the real estate industry today as well as new types of properties. This includes short sales, HUD homes and bank owned REOs. In addition to properties that have been rehabbed by investors these can all offer great bargains. So make sure you talk with a real estate professional and understand the difference how they differ in the buying process and make sure you are choosing the right options for your needs.
While it is true that you can certainly get much more for your money these days many first time home buyers have the belief that their first home absolutely has to be their Massachusetts dream home and is the only one they will ever buy. These leads to months of searching trying to find the perfect home that has all the right paint and carpet colors already. If you you find it great. However the reality is that most people move at least every 5-7 years. So instead of holding out for the perfect ">Massachusetts home that you will probably end up selling in a couple years anyway, look for a great deal, recognize that you will probably want to do some of your own decorating anyway and look at this as an opportunity to get on the property ladder and start building equity that can then be used as a sizable down payment on the home of your dreams later on.
However the most important thing you can do in your Massachusetts property search is to find a real estate pro that will work on your behalf to find you a great home and negotiate on your behalf with your best interests in mind.
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