Monday, August 15, 2022

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," 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

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