"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
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