What Does a Seller's Market Mean in Lexington MA?

The real estate market is a dynamic space, constantly shifting between buyer’s and seller’s markets. As your local real estate expert in Lexington MA, you can count on me to walk you through what it means to be in a seller’s market and the implications it has for both buyers and sellers. 

What Is a Seller’s Market?

A seller’s market occurs when the demand for homes exceeds the supply, giving sellers the upper hand in negotiations. In such a market, the competition among buyers is fierce, resulting in multiple offers and often driving up prices. Inventory is typically low, with homes selling quickly and often above asking price. This situation puts sellers in a favorable position to negotiate terms and conditions that are more advantageous to them.

Rising Home Prices

One of the defining characteristics of a seller’s market is the increase in property prices. With a limited number of homes available and high demand, sellers can command higher prices. Bidding wars become common, leading to escalating offers as buyers strive to secure their desired property. Lexington MA buyers may need to be prepared to pay more than the listed price or even make offers without contingencies to increase their chances of success.

Limited Inventory

A seller’s market is often characterized by a shortage of available homes. This limited housing inventory can be influenced by various factors, such as low interest rates, or even a lack of new construction. As a result, buyers face increased competition and may need to act decisively when a desirable property becomes available. Real estate professionals play a key role in helping buyers navigate these challenges by constantly monitoring the market and promptly presenting options to clients— just as I do for mine in the Lexington MA area!

Being in a seller’s market in Lexington MA means that sellers have the upper hand due to high demand and limited supply. Property prices tend to rise, and buyers face intense competition. Understanding the in’s and out’s of a seller’s market is essential for both buyers and sellers to make informed decisions and achieve their real estate goals.

Questions about today's market conditions? Give me a call or send me a message today!

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

Why Should You Get Pre-Approved for a Lexington MA Mortgage?

Buying a home in Lexington MA can be an exciting yet overwhelming experience— especially if you're entering the real estate market for the first time. Among others, you will find that one of the most important steps in the home buying process is securing a mortgage pre-approval.

A mortgage pre-approval is a document that confirms a lender’s willingness to provide a loan to a borrower, subject to certain conditions. In short, it confirms to the seller (and the bank) your ability to pay for the home you're interested in buying.

Below are four reasons why Lexington MA homebuyers should secure a mortgage pre-approval in 2023:

Know your budget
A mortgage pre-approval will give you a clear idea of how much money you can borrow from a lender. This will help you determine your budget and search for MA homes that are within your price range. Knowing your budget will also help you avoid wasting time looking at homes you cannot afford.

Negotiating power
A mortgage pre-approval can give you negotiating power when making an offer on a home. Sellers often prefer to work with buyers who have been pre-approved for a mortgage, as it gives them confidence that the deal will go through.

Streamline the process
Once you have been pre-approved, you will have the required paperwork and financial information ready to go. This can help speed up the closing process and reduce the likelihood of any last-minute surprises.

Identify any issues
The mortgage pre-approval process involves a thorough review of your financial situation, including your credit history and income. This can help identify any potential issues that may need to be addressed before you can secure a mortgage.

A mortgage pre-approval is an essential step for Lexington MA buyers. If you’re planning to purchase a home, seeking a mortgage pre-approval should be at the top of your to-do list— next to giving me a call! I'd love to be your guide to the market this year!

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

Buying a Lexington MA Home Still Makes More Sense Than Renting

While you may be watching mortgage rates rise (the average 30-year fixed rate currently hovering around 7 percent) and the number of homes to choose from on the lower end, there is one important concept to consider— buying a home in Lexington MA is still a better investment than renting.

I know that buying a home can feel like a major obstacle for many first-timers, but passing on the opportunity this year could create an even bigger hurdle later as rents will only continue to rise and the days of the 3 percent mortgage rate may be long behind us.

Below are three reasons why homeownership still makes more sense than renting:

Homeownership Builds Wealth

Homeownership allows area residents to start building equity and long-term wealth. It is a way to provide stability for households and a means of reinvesting wealth, into your own pocket. If you continue to rent, tossing more money out the window each year, you place yourself further from these benefits. 

Protects From Rising Rents

Rents in the Lexington MA area have risen consistently for decades. Consider this— when your rent rises, you pay more, which can make saving for a home even harder. Renters are often unable to save enough for a down payment and are pushed to continue on their current housing path.

Homeownership is an Inflation Hedge

With inflation high, landlords are more likely to raise rents in Lexington MA. In fact, according to real estate industry news platform Keeping Current Matters, 73% of property managers plan to raise rents over the next two years. When you become a homeowner and choose a fixed-rate mortgage loan, you are able to lock in a monthly payment for 15 to 30 years.

Rest assured, first time homebuyers, no matter how you acquire the down payment, whether through family or friends, your investment is one you will not regret. You have a significant opportunity— even in today’s real estate market—to better channel your monthly housing payment and watch your net worth build. 

Give me a call for next steps on buying in the Lexington MA area this spring!

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

How to Get Ahead of the Spring Real Estate Market in Lexington MA

While you may still be in full winter mode, the spring real estate market will be here before we know it in Lexington MA and the surrounding areas. Soon a wave of potential buyers will take to searching for their perfect property as the weather starts to turn around. 

However, that doesn’t always mean your Lexington MA home is ready for buyers to step inside and prepare their offers. Below are four ways to get ahead of the spring real estate market this year and make your home stand out from the rest.

Make repairs

One way your Lexington MA area home can rise to the top of buyer wish lists this spring is by being up to date on repairs. You may wish to get a home inspection prior to listing which will help you identify any problems, but if you know now that faucet needs fixing, now is the time to do so!

Boost curb appeal

How does your home stack up to others for sale from the outside? Landscaping can do wonders in the eyes of buyers, even if it’s just planting flowers around your entryway or sprucing up garden beds with fresh mulch. Any hedges or shrubs that may have grown unruly over the winter should be tended to as well.

Kick the clutter

Once you’ve wowed buyers from the outside, you will want to do the same inside. Walk around your home, careful to observe any interruptions in the flow from room to room. Do you have to sidestep furniture? Remove it or relocate it! 

Brush up on your finances

Do you know how you will respond to offers? Do you have realistic expectations in terms of the price at which you want to sell your Lexington MA home? Before you are ready to dive into the market head first, you will want to have a plan in place so you don’t experience seller’s remorse later.

You can count on me to guide you through the spring market this year! Whether you’re ready to list now or have questions to clear up first, I'm here to help you every step of the way.

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

Spring Cleaning Projects to Tackle Now in Your Lexington MA Home

It may be difficult to begin thinking spring when the weather is still on the colder side here in Lexington MA, but inside your home, there are a number of projects you can take on! It’s never too early to tackle spring cleaning and if you’re planning to sell your home in the area this year, buyers will certainly notice and appreciate your efforts!

Below are the most effective spring cleaning projects you can cross off of your list now in your Lexington MA home:

Clean the windows

Winter brings longer, darker days, but you would be amazed at how much of a difference a simple window washing can do for the light in your home. Clean every window inside and out—if possible—and while you’re at it, take down the drapes and blinds and give them a thorough washing too.

Clean the carpets

Over the winter months, dirt, snow, grime and slush can take a toll on your flooring— especially carpet! Just imagine everything winter boots can track inside! Now is a great time to shampoo your carpets with a professional machine to eliminate all stains and spots and if you’re trying to remove pet odors, sprinkle baking soda on the carpet, wait thirty minutes and then vacuum it up.

Clean tile grout

You may have grout in your bathroom and kitchen that has gone quite some time without being cleaned. Grab an old toothbrush, baking soda and spray bottle filled with white vinegar and set out to refresh these spaces! 

Declutter every room

There’s no need to head outside to do any spring cleaning— in fact, decluttering every room will make one of the biggest impacts on local buyers! Remove any lingering holiday decor or excessive knick knacks, say goodbye to old magazines and mail, and relocate shoes and outerwear that may be taking up space in your entryway. 

Ready for a fresh start in a new home in 2023? Do not hesitate to give me a call! 

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

How to Prepare Your Lexington MA Home for Holiday Guests

We all know schedules can get a bit hectic during the holiday season and before you know it, your guests have arrived at the door! There is no better time than now to get your Lexington MA home in order for hosting holiday gatherings this year, no matter how many you plan to have in attendance. The best way to avoid any last minute headaches? Take it one room at a time and the earlier you can begin, the better!

Consider these tasks your go-to list for holiday home prep and enjoy the season without any homeowner hassles!

Clean out the closets

Give your guests more room to hang their coats and store their belongings by purging your closets. In doing so, you can also make space for any gifts you receive or need to store before your holiday events. 

Touch up walls and doors

Throughout the year, your Lexington MA area home can acquire smudges, spots and paint chips. Now is the time to touch them up, even before you deck the halls with holiday decor! Small sponge blocks can quickly remove smudges from walls, bathroom tile, flooring and even appliances. 

Clean your appliances

During the holidays, the focus shifts from living spaces to the kitchen and dining room. You’ll likely be cooking up a storm if you’re hosting guests—or at least eating at your table—so spend some time addressing dirty appliances and dusty dining rooms. It is fine to scrub the inside of your oven and stovetop prior to cooking your holiday meal, but do not self-clean until afterward! One of the main causes of oven breakdowns during the holidays is that self-cleaning button.

Winterize your entryway

As you welcome guests into your home, their boots and shoes will need somewhere to gather! If you store shoes in the entryway, add mats for your guests to wipe their feet when they come inside. Mats will also keep your floors cleaner longer as the snow and dirt can collect here rather than on your wood or carpet.

I wish you a happy holiday season and as always, feel free to reach out with any questions you have about buying or selling a home in the Lexington MA area!

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

Avoid Thanksgiving Disasters in Your Lexington MA Home

Thanksgiving will be here sooner than we know it and as Lexington area residents, you may be preparing to host the holiday in their home. You've cleaned each room from top to bottom, you've purchased your turkey, but just as your guests arrive, you realize the oven won't heat.

Holiday hassles are not uncommon in the hustle and bustle of the season, but there are precautions you can take to avoid them! Follow these rules to make sure you can enjoy your Thanksgiving feast without worry.

Problem: The Oven Won't Heat

Unfortunately, a heating malfunction in the oven will pop up in homes everywhere during the holiday season. But the good news is that there is an easy solution to prevent it! Do not allow the oven to self-clean until after the holidays as you risk blowing a fuse or thermostat. What's more, it can be tricky to find an available oven technician around this busy time of year.

Problem: You Have No Heat

Although the weather we've been experiencing may not call for heat this Thanksgiving, you don't want to risk your thermostat going out. The key to this is having your HVAC system serviced as usual each year. Regular maintenance tasks like replacing the filter can help you avoid holiday disasters such as this.

Problem: The Fridge Won't Cool

Thanksgiving cooking requires a chilly refrigerator to keep every dish in its best form and discovering this problem too late can really put a damper on your holiday plans. Install a thermometer on your fridge to make sure it stays below 40 degrees. 

Thanksgiving marks the beginning of the busy holiday season and an opportune time to buy a home in Lexington MA. As your local real estate expert, I'm happy to help you find your dream home and sell your current property before the new year arrives. 

Give me a call today!

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

Lexington MA Home Problems to Identify Before You Buy

When shopping for homes in Lexington MA, there are dozens of features to look over and factors to consider. How many bedrooms does the property have? What does the yard look like? How close is the home to your workplace? All of these questions can cause your mind to fog over and you to forget to inspect some of the following real estate red flags.

Below are key home problems to spot before you move forward with the homebuying process.

Backwards insulation

As you tour a Lexington area home, take note of the insulation in the attic (if the property has one). Is the foil side of the insulation facing up below your feet? If so, it may have been ruined by moisture coming up. The foil side of insulation—or the vapor barrier—should be facing the main rooms of the home, not the attic. On the flip side, if the foil side is facing you on the ceiling, that is nothing to worry about.

Slow drains

You’ve probably been advised to flush toilets and run all faucets when touring homes in Lexington and beyond— and for good reason. Slow drainage can signal a larger issue with the plumbing of the home, either with clogged drains, poor installation or worse, a sewer line problem.

Bubbling walls or ceilings

Does it look like the paint is bubbling or the ceiling seems to sag in one spot? Beware! While it could simply mean the paint is old and chipping away, it could also point to water damage. On the ceiling, it may be from damaged roof tiles which could be a significant cost to a new homeowner. Consult your inspector if you identify these red flags.

Not sure if a home is the right one for you in Lexington MA? Give me a call today! 

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

How to Find How Much Your Lexington MA Home Is Worth

When you decide to sell your home in Lexington MA, you begin to dream about how much profit you can make and moving to your next location. However, there is one figure you'll need to determine before you can make those dreams a reality— your home value.

It is not uncommon for homeowners to over-estimate how much their property might be worth, so as your local real estate expert, I have put together a few tips that can help you determine just that.

Comparable properties

One of the first places to look to help find your home value is a list of comparable properties in the area. Look at homes that have a similar square footage to yours or those with the same types of features. 

Home improvements

Have you made any recent improvements to your Lexington MA home? They could make a big impact on your home value— or not add as much as you thought. Know that there are some updates that don't add as much value as others at resale so it is always wise to consider ROI (return on investment) prior to completing projects. If you are unsure if a certain update will boost your value, you are welcome to consult your real estate agent!

Location

There is a reason "location, location, location" is a real estate mantra. Factors in your area like the schools, proximity to entertainment, parks, commute times, neighbors, and of course, a sense of community can all either help or hinder your home value. 

There are many ways for you to determine the value of your Lexington MA home and it is helpful to have an idea of what you might be working with prior to listing the property. Remember, it's best to put on your home seller hat and set aside your emotional ties to the property to find a realistic price.

Curious about your home value? Contact me today to find out!

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events

Frustrated Homebuyer in Lexington MA? Here's What to Do Now

With rising mortgage rates, home prices, inflation, and the lack of homes for sale in Lexington MA, there are many reasons to be frustrated when looking to buy a home right now. And while it may feel challenging to both find a property and close the deal, there may be good news on the horizon.

"While the median list price for a home is still a staggering $435,000," Realtor.com reports. "Prices [recently] dropped for the first time in six years—by $15,000." 

So what can you do this year if you're ready to buy but feeling fed up with market conditions? I'm sharing three tips below on how you can still buy a home despite all of the above.

Buy a Starter Home

With rising mortgage rates and inflation, it may be time to shift your expectations on what type of home you will buy, so perhaps consider a starter home instead. The easiest way to better position yourself in the market may be to adjust the number of bedrooms, square footage, or amenities you're looking for in a home.

Be Ready to Negotiate

We are coming out of a seller's market where power was essentially taken away from buyers, but now we are starting to see the reversal of that. Homes are now sitting a little longer on the market which means buyers can attempt to negotiate on price. 

Get Pre-Approved

I always recommend pre-approval as the first step for homebuyers in Lexington MA. Not only does your pre-approval letter mean you can act quickly if you find a home that you love, but it shows the seller that you're serious which could get you under contract much faster and help you secure the deal.

Questions about buying a home in the area? Give me a call today!

Theresa D'Antuono

Lexington MA Real Estate Agent

Search For Lexington Area Homes For Sale

Visit our Lexington MA Resources Facebook Page for Updates and Events