This month, Nick advises first-time home buyers and ideas for helping them navigate the competitive landscape of the Boston real estate market. Read on to learn how to make an offer competitive and one crucial piece of advice that can help you buy your first home.
What makes the Boston real estate market unique for first-time buyers?
First-time homebuyers in Boston are a bit different. Given that our average sold price in Boston is now over $1m, first-time buyers typically have to wait a bit longer until they can afford to buy a property here vs. other parts of the country.
Even if they are waiting until they are in their late 20s or 30s, they still may not have enough money for a down payment, so we often see first-time buyers get help from their parents when purchasing a home in Boston.
Another difference in the Boston real estate market is that most first-time homebuyers will be purchasing a condo rather than a single-family home. Buying a Boston condo adds additional layers of complexity to the process, so it is even more critical to have the proper guidance from the start.
What should a first-time homebuyer do before even contacting a real estate professional?
Make sure you get to know the neighborhoods and narrow it down to 2-3 that work best for you. I would then start browsing listings online in those locations to get a sense of what you get for your money and make sure you have the budget!
What is the #1 piece of advice you have for those looking to make their first home purchase in Boston?
Buying a home is a significant financial and emotional decision to make. Having a professional guide you through the process, especially the first time you buy a property, will make it much easier and less stressful! Not to toot our own horn, but finding a real estate agent who knows the market is the most essential piece of advice I can give!