Buying Real Estate

Should Boomers Buy or Rent after Selling?

In a recent CNBC article, it was reported that many baby boomers are selling their current homes and moving into rentals, rather than purchasing another home.

“Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent…

Meanwhile, more than 5 million baby boomers across the nation are expected to rent their next home by 2020, according to a 2016 analysis from Freddie Mac.”

This makes sense in the short term for many reasons. If you are moving to a different part of town or a new region of the country, you may decide to rent until you pick the perfect home in an area you love. However, is renting a good long-term strategy?

A mortgage payment remains fixed. Rents, however…

The Census Bureau recently released their 2017 third quarter median rent numbers

Rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home instead of renting. Let’s get together so we can help you decide what the best step is for you and your family!

Fabbri Team - An Award Winning Team in Real Estate!

   CENTURY 21 ADVANCE REALTY proudly announces that the FABBRI TEAM, consisting of Dan Fabbri (TeamLeader), Rich Worob, Loreen Cinganelli and Connie Botticelli won the QUALITY SERVICE AWARD for 2014 in recognition of outstanding commitment to Quality Service and dedication to customer satisfaction as proven by a 95% client satisfaction response to surveys provided by an outside vendor.    The FABBRI Team also won a Double CENTURION TEAM AWARD because they collectively were responsible for 75 real estate transactions in 2014.      Congratulations Dan, Rich, Loreen and Connie for a job well done.     Congratulations also to Terry Pietrolungo and Tara Durrant who are the Fabbri Team Administrative Support Staff.  

Do Not Do IT!

What NOT to Do after you have made an offer and your loan is in Process!

Yauvan Kumar, Senior Loan Officer, at Mortgage Master recently shared some valuable tips for Buyers to make their loan process hassle free. Here are his tips for "what NOT TO DO" while your loan is in process. Any of these activities may delay or change the terms of your financing or even prevent qualification:

  1. Do not apply for new Credit
  2. Do Not change jobs during the process
  3. Do not make large deposits without creating a paper trail
  4. Do not wait too long before you liquidate funds from Stock or retirement accounts
  5. For Sellers... Do not start any home improvement projects that require a building permit before the appraiser has inspected the home.
  6. Do not be afraid to ask questions

For more detailed information and a full explanation of the above contact our office at 781.395.2121 or agent@c21advance.com. Or call Yauvan Kumar at 917.318.4096 or ykumar@mortgagemaster.com.

Submitting an Offer to Purchase a Home

I want to submit an offer on a home---how long do I give the seller to respond?

When submitting an offer to purchase a home, its customary to give the seller some time to respond.  In a regular transaction, 24 hours should be sufficient.  If submitting an offer on a bank-owned property or on a short-sale property, more time may be needed (usually the listing agent will make a note in the listing stating that extended response time is needed).

The seller may respond any time within that 24-hour period.  They can do one of three things:

  • Accept your offer!
  • Flat-out refuse your offer
  • Counter your offer

If they accept your offer as submitted, please make sure you receive the signed offer back from the seller as soon as possible.

Or if they counter your offer, the time frame of 24 hours is no longer in effectthe seller has refused your initial offer but is countering back to you .could be price or terms or both.  Any other offers coming in may be entertained by the seller during your negotiations with each otheryou could lose the home When you receive the sellers counter, you may accept or counter backat that time putting a time frame again on the offer. And rememberthe seller has every right to accept another offer during these negotiationscant stress that strongly enough!

The bottom line: a home is not considered "pending" or "under agreement" until final agreed upon offer is signed by both the buyer and seller.

by Jeannie McClean

Comments

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      Okay I want to buy a homewhere do I start? Good question!

      WHAT, WHERE, AND HOW - these are the three key words when you're buying your next Massachusetts home.

      WHAT - style home do I want? Make a wish list of all thats important to you in a new home, keeping in mind that you may not get absolutely everything you want... but it helps to have a plan.

      WHERE?    You need to decide what city or town you would like to live in.  A good idea is to go online,  collect pertinent data about the areas youre interested inmaybe visit a few open houses.  This will help you decide whether you like the location and also you can check out the different style of homes. You can check out homes by town here.

      HOW?    Most important question!  You want to know how much you can affordbest way to do this is to get in touch with a reputable lenderfind out about the different types of loans, first-time buyer opportunities, etc.  The lender will also provide you with a pre-approval letter (recommended when submitting an offer on a home).

      And this is where a good real estate agent is necessary!

      Choose an agent youre comfortable withthis agent will quickly learn your likes, dislikes, enroll you in a Multiple listing program where you will get a list of all properties coming on the market on a daily basis, and can also put you in touch with a few lenders to obtain your pre-approval. Contact Century 21 Advance today to find the agent for you!

      Century 21 Advance Agent Jeannie McClean     By: Jeannie McClean

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