Succeeding in today's competitive housing market is all about being prepared. Homes often sell in the first few days they are on the market and so quick decisions are required. Savvy buyers know that they should get all their questions answered before they spot the perfect home. We developed the Buyers Seminar to answer all the key questions posed by today's buyers. So, if you find yourself asking ...
Then the MA Properties Online Buyers Seminar is designed for you.
We divided the seminar in to 4 main sections:
After this we'll provide an interactive overview of the MA Properties Online Website. It contains a huge amount of information - real estate statistics for over 40 towns in Greater Boston, community information, and general information in the newsletter section. Finally, we answer any other questions you may have.
Here's a teaser on what we cover.
Inventory levels are low - but is this caused by high demand (too many buyers) or lower than normal supply (too few sellers)? Let's look at the Home Sales data for Lexington for the last decade - as the home sales graph shows, supply is relatively static because the number of homes sold has actually increased over the last couple of years. So the low inventory is a direct result of high demand for homes in the town.
We can verify this conclusion by looking at another metric - the Sale Price to List Price Ratio (a ratio of over 100% means there was competition resulting in buyers paying more than the list price). The average ratio in Lexington is 100%; the ratio in Arlington is 102% - making it one of the 'hottest' town in the area.
After this we describe the real estate market in more detail including why we are seeing such high demand (remember higher demand means more competitors - more on this in the next section), and what's happening with mortgage interest rates. Then it's time to bring out the crystal ball - the 2017 predictions for the real estate market.
When you talk to a real estate agent at an open house and think "maybe I should get them to write an offer for me" - do you know who they actually work for? The answer is - the seller (and guess what they want - the highest price for the home; not exactly aligned with what you, the buyer, want - the lowest price for the home). This section of the seminar breaks down the difference between a buyer's agent and a seller's agent (listing agent). Given the importance of making the right choice of home to purchase it's critical to understand what makes a good buyer's agent. This section continues by outlining the key questions you need to ask before you start working with an agent.
The content of the buyer's perspective section can be summarized by this famous quote from The Art of War ...
"If you know the enemy [competition] and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle."
Almost 60% of home buyers are first time home buyers. What do they want? A home that is fresh and upgraded. Are you willing to have Home Depot on speed dial, put sweat equity into a home and upgrade it over the new few years? If you are (and you do it right) there is additional equity to be had and the over 80% of home buyers who want "move in ready" are no longer your competitors. This is also where a good buyer's agent comes in - they should advise you on the homes that are worth investing in and those that are not. Key to this is getting good advice on the resale potential of the house.
This section also explains how to determine which towns you should be looking in based on your requirements (there's a whole sub-section on working out these) and your finances.
After all this it's times to write the offer and buy the home - but how?
First we'll take you step-by-step through the process of buying a home in Massachusetts. Did you know it's a 2-step process and that three attorneys are involved? Luckily you only pay for two of them!
But we are getting ahead of ourselves - we haven't had our offer accepted yet. This is the key section - how do you craft a successful offer. It's not uncommon to hear that there were 10 offers on a home - why was the winner selected? Of course the offer price is important but it is not the only thing sellers look at when evaluating the pros and cons of an offer. What about the inspection contingency; cash vs. mortgage; escalation clauses - all of these, and more, will be explained in this section. We also covered this in a recent newsletter How to Make your Offer Successful in a Competitive Situation
Enough with the PowerPoint! We then get interactive with an overview of the MA Properties Online website and answer any questions we missed along the way.
If all this content is not enough, we'll provide pizza and light refreshments.
OK, so you have decided to attend - when and where ...
When - Tuesday on Feb 28, Mar 21, Apr 25, May 23, Jun 27, Sep 19, Oct 24 and Nov 21.
Where - between 6:30pm and 8:30pm at the RE/MAX Leading Edge office at 1756 Massachusetts Ave, Lexington.
All you have to do is let us know you are coming (we'll order the pizza you request) - by clicking on the following link Buyers Seminar
We hope to see you at our next seminar.
If you would like an estimate of what your home would sell for in today's market I would be more than happy to come by, have a look at your home, and then provide a CMA (comparative market analysis) which will provide you with an estimate of what your home should sell for, along with a marketing plan to get maximum exposure for your home.
If you'd like to chat more about the topic presented here, or the Real Estate market in general, then please call me on (617) 997 9145, or email me at Dani.Fleming@MAPropertiesOnline.com.