Welcome to www.metrowest-ma.com where you will find all you need to know about buying a home in Metrowest MA. Whether you want a condo, single family, investment or new home you will find some useful tips about buying a home.
Welcome to www.metrowest-ma.com where you will find all you need to know about buying a home in Metrowest MA. Whether you want a condo, single family, investment or new home you will find some useful tips about buying a home.
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SEARCH OUR OFFICE LISTINGS OR
SEARCH THE MLS LIKE A REALTOR WANT DAILY UPDATES EMAILED TO YOU? GET EVERYTHING ON THE MARKET IN ANY TOWN GO TO OUR SEARCHPAGE NOW! |
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Buying a home is usually the single most important purchase in a person's lifetime. As such, you need to ask yourself, "What's most important to my lifestyle.?" Is is space, privacy or the opportunity for creative expression. Am I looking for potential value appreciation or just a safe, secure investment. There are many opportunities to buy a single family home or condo in Metrowest MA. The single family home is still the most popular housing choice because it provides the most privacy and autonomy. You can fix it up to your taste inside and out. I know someone who decided to make his mailbox into a giant dragon. That kind of creative expression can be done in single family ownership. It's a different story if you live in a condominium complex. There you will be governed by the rules and regulations of the community. There are lifestyle issues at stake when choosing single family ownership or condo ownership. It can be very convenient to have a management company take care of exterior maintenance. It is also very rewarding to garden and fix up your own place at your pace and in your own style. To get an idea of what you can buy in Metrowest...either single family, condo or townhouse, investment, new construction, log on to search online Historically, owning a house has weathered the financial storm best; it's where the safe money has been . While price declines have occurred, home values do rebound and when they do recover they often grow faster than the economy. Real Estate has been a very strong market and predictions about a housing bubble have fallen flat. You can find out how much homes have appreciated by searching online. The Ashland, Framingham, Natick areas....all of Metrowest has appreciated. In fact house prices have doubled in the last 5 years. Housing provides a unique blend of being a home to love and an investment to measure. And a homeowner can constantly make improvements with "sweat equity", pay down the mortgage, obtain tax benefits and enjoy the security of a roof overhead...which hopefully is not leaking. There are pros and cons to every type of home selection , be it, condo, home, multi-family, coop, new construction or whatever. There must be ultimately a balance between what you love and what you think is the greatest investment of your life. Most people want a roof over their heads in a safe, nice location to enjoy the tax deductions we all crave. Home is after all where the heart is. It helps to have your head and heart on the same path. Reap tax benefits! The government encourages saving through home ownership. Mortgage payments, taxes and other deductions are available to you. And if you sell your home and buy another within the next two years you do not pay capital gains on any profit made from the sale provided you reinvest the money in another home of equal or greater value. Your equity can continue to grow tax-free. Once you've determined what you want and can afford, the process of looking and buying goes into high gear. You can work with a Realtor or go it alone to watch homes that are for sale by the owners. Once you find your home, you need to have an idea of it's value before making an offer. Good places to check are through the public records for comparable property sales. If you work with a Realtor who acts as a Buyer Agent, your agent can provide you with this information as well as guidance on negotiating. If you work with an agent who is a seller agent, then the agent owes his loyalty to the seller and must work to get the highest price and best terms for the seller. In Massachusetts you have a choice as to how you are represented. Read our article on buyer agency below. When should you buy? It depends on your situation, income, tax bracket, savings & price home you can afford. Since it's impossible to predict market conditions with certainty, one must consider the factors influencing the market today. Stable rates and healthy gains in property value suggest that buying a home is still a wise move. As your Realtor and liaison to mortgage companies and products I can simplify the process and help make The American Dream a reality! How to Start: |
Call a bank or mortgage company to find out what you can afford (or use my worksheet )
Call a realtor ( preferably me) to get an idea of what you can buy
Go out and preview properties that fit your lifestyle
Keep an open mind on making significant repairs or cosmetic changes
Find out what's involved in making an offer (I can show you offer forms)
Have a list of home inspectors and attorneys to shop for (ask friends & associates)
Save enough money (You will need at least 5% down plus closing costs...although there are now some zero down payment programs around)
Keep your credit rating good to excellent (this is so important)
Have a good time and don't get too stressed. Buying a house is a process of adjusting your goals to the marketplace. Sooner or later you will find your dream!
Here are a few helpful links
to get relocation info, school reports and mortgage rates and programs.
go to www.alltheweb.com and search on "sudbury river pollution" or "nyanza"
you'll get all kinds of studies.
www.epa.gov
Buying Worksheet ( This is a general worksheet and does not reflect many specialized programs available with more liberal ratios.)
Available cash |
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Sale of Previous Home |
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Other Cash, savings gift, etc. |
______________ |
Total Cash Available |
______________ |
Subtract Closing Costs |
______________ |
Determining Monthly Gross Income |
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Annual Salary of all buyers |
______________ |
Divide this figure by 12 months |
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List your fixed monthly debts |
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Auto loans, school loans, etc |
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Total Debt |
______________ |
Multiply Gross monthly income x 28% if you have no long term debt |
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Multiply Gross monthly income x 36% if you have more than 10 mos. to pay on any loans. |
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Deduct taxes & insurance to get actual affordable monthly principal & interest. Your down payment plus maximum loan amount = maximum purchase price. |
$_____________ |
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SEARCH THE MLS LIKE A REALTOR WANT DAILY UPDATES EMAILED TO YOU? GET EVERYTHING ON THE MARKET IN ANY TOWN GO TO OUR SEARCH PAGE NOW! Questions? Call 508-561-7424 |
If you are selling or buying property, it is important to understand that you have a choice of relationships with sales agents. It is important to know who the agents in a transaction are representing. As an agent with Re/Max Executive in Metrowest MA, I am able to give my customers the option to be represented in every home sale and every home purchase. By Law an Agency Disclosure form must be presented to the consumer at our first personal meeting so you have a clear understanding of your choices.
An agency relationship of representation is created by a mutual decision of the parties. The consumer delegates an agent to represent them and the agent consents to that delegation. This creates a client/agent relationship. The fiduciary duties owned to the client being represented are: Undivided Loyalty, Lawful Obedience, Realsonable Care and Diligence, Full Disclosure, Confidentiality and Acooundty of Funds. An agent works with a customer and for a client.
In the past, sales agents represented the seller as their client, and only helped the buyer as their customer. Even the agent who was showing many homes to the buyer actually represented the seller. This way of doing business has changed. As an agent I can offer a full choice of agency representation to you, whether you are buying, selling or both.
If buyer agency is your choice, you will be able to review a Buyer Agency Agreement. This agreement between the parties is then signed and will entitle you to Client Level Services and a commitment to quality performance by me. There are obligations on my part and on your part to work exclusively together in my market area. You will have not only my service and assistance to rely on but also the entire Re/Max Executive office management.
Seller Agency Representation
When a seller hires an agent to list their property, that agent will have the seller complete and sign a state Mandatory Agency Disclosure form. this form clearly tells the seller client that the agent is representing them.
Most buyers have some confusion about choosing Buyer Agency. They are not sure that they want to be obligated to work exclusively with an agent. On the other hand, the idea of having someone designated as a Buyer Agent is appealing. As a seller agent we are obligated to present all properties honestly and accurately. Some buyers and sellers will also work with a Facilitator. This is a relatively new designation and your agent should elaborate in person about the details.
Some people will have you believe that a broker acting as a dual agent is....oh my gosh....a double agent with all of its negative connotations. The fact of the matter is that a broker can work for both the buyer and seller on the same property provided that the broker obtains the consent of both parties. The broker is then considered a disclosed dual agent. The broker owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency the the broker does not represent either party. Dual agency must be disclosed. It's the Law.
Sellers want to get their property sold and generally cooperate with Buyer Agents. It's to their advantage to have their home shown to the most number of prospects. After all, most people are happy in a win-win situation where the price and terms are fair to both parties.
Questions? Call us at 1-508-561-7424
Our sister web sites
www.massachusetts-homesales.com
If you want to get an idea of what your money
buys in Metrowest MA,
call Sally Vetstein at 508-561-7424 or email: svetter@metrowest-ma.com
Copyright © 2005 Sally Vetstein
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