Thursday, May 18, 2023

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

Monday, April 17, 2023

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

Thursday, March 16, 2023

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

Thursday, February 16, 2023

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

Tuesday, January 17, 2023

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