As a Central Mass Realtor and home buyer myself, I completely understand wanting to get the absolute lowest price on any home. Buying a home is usually the biggest investment you can make, so you need to be smart, and protect yourself and your investment.
As much as this is an investment, this is also your home, where you will spend all your time, make family memories and live your life. So, yes, try to keep the price low enough to stay in budget, but focus on what will meet your needs and make you happy as well.
Many of the clients I have helped see a low price online with halfway decent pictures and want the price so much , that reality is overlooked. Home sellers and their agents are only out to get the absolute highest price possible, so if the home is priced low, there IS a reason, and don’t assume its a good deal because of its price alone.
As a buyer, you want to save as much money as possible when buying a home yet also avoid buying a home that could become a stressful money pit! Here are some tips on how to avoid being fooled by a lower than expected price on a Central Mass Home :
Use The Experience and Guidance of a Buyer Agent to Help You !
Having a buyer agent who is protecting YOUR interests when buying a home, as opposed to a list agent who is protecting the sellers interests, is imperative. They will help you avoid many common overlooked home problems that could cost you more money down the road.
If a Central Mass home is priced lower than you would expect, they will find out WHY… If a Central Mass home has been on the market a long time… again, they will find out WHY.If a Central Mass home is still on the market after 2 weeks in this rapidly moving sellers market of 2018, there are almost always legitimate reasons and concerns about the home. Buyer agents know this, and know what questions to ask when there is a lower than expected price. Things like: Is the basement dry? Is a new septic system needed? What are the ages of the big ticket items such as the roof, windows, heating system, electrical, etc.?
Online Pictures Can Be Deceiving
Buyers I work with are often very disappointed and surprised to discover that the Central Mass home they LOVED online with that super low price had a steep hill in back yard, wet basement, or awkward layout that would never work for them. Usually only the BEST aspects of a home are shown in online photos, sometimes with wide angle lenses and other filters that can be deceiving. Being aware of this will help prepare you as you begin to look at homes in person, and compare the reality with the price and pictures online.
Does that Low Priced Central Mass Home Qualify For Your Type Of Financing?
Lower priced homes frequently have issues that will disqualify them for standard financing. This can be a real shock to find out that the home you have seen online and emotionally invested in, has issues, you didnt realize that would prevent you from buying it. A good example is that any Central Mass home with chipped paint may not be acceptable for anyone who has an FHA type of a loan.
What is a Short Sale?
Short sales often have a lower than market value list price and can initially fool buyers until they understand the terms involved. A short sale home for your purposes.. is anything but short! It means that the seller of the Central Mass home will not make enough money from the sale of their home to pay their existing note off to the bank. This means the bank is part owner of home and as a buyer you must wait and wait for the bank to give you answers to whether or not they will even accept your offer. It is often a 4-6 month process from when you put an offer in until you can actually close and move in. They tend to be quite frustrating for a buyer and cannot be purchased by someone whose purchase will be contingent on the sale of their current home. So. although they are priced lower than market value, the inconvenience and frustration to the buyer must be taken into consideration.
Look at The Big Long Term Picture When Buying A Home
I am Lynda Hafner, from ERA Key Realty. If you or someone you know needs help buying or selling a home in Central Mass, you can trust my experience and knowledge in the field to help you make the best decisions for yourself. Please reach out to me at 508-942-7923 or email me at email@example.com.