If you’re planning to buy a home, knowing what to budget for and how to save may sound intimidating – but it doesn’t have to be. One way to ease those concerns is to make sure you understand some of the costs you may encounter up front. And to do that, always turn to trusted real estate professionals. They can help you set a plan and take a strategic look at your budget and your process before you even get started.

Here are just a few things experts say you should be thinking about.

1. Down Payment

Saving for your down payment is likely top of mind as you set out to buy a home. But do you know how much you’ll need? While every buyer’s situation is different, there’s a common misconception that putting 20% of the purchase price down is…

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If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year?

The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction.

Mortgage Rates Expected To Ease

Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue to drop:

“Mortgage rates have already retreated from…

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Has your house been sitting on the market a while without selling? If so, you should know that’s pretty unusual, especially right now. That’s because the supply of homes available for sale is still far lower than what we’d see in a normal year. That means buyers have fewer options than they usually would, so your house should be an oasis in an inventory desert.

So, if homebuyers have limited choices and your house still hasn’t sold, there’s a reason why. Let’s break one potential sticking point that may be turning buyers away: your asking price.

Especially with today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price. As a recent article from the Wall Street Journal (WSJ) says:

…

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If you're thinking about moving, it's important to know what's happening in the housing market. Here's an update on the supply of homes currently for sale. Whether you're buying or selling, the number of homes in your area is something you should pay attention to.

In the housing market, there are regular patterns that happen every year, called seasonality. Spring is the peak homebuying season and also when the most homes are typically listed for sale (homes coming onto the market are known in the industry as new listings). In the second half of each year, the number of new listings typically decreases as the pace of sales slows down.

The graph below uses data from Realtor.com to provide a visual of this seasonality. It shows how this year (the…

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There’s no denying mortgage rates and home prices are higher now than they were last year and that’s impacting what you can afford. At the same time, there are still fewer homes available for sale than the norm. These are two of the biggest hurdles buyers are facing today. But there are ways to overcome these things and still make your dream of homeownership a reality.

As you set out to make a purchase this season, you’ll want to be strategic. This includes taking a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have. This will help you avoid overextending your budget or limiting your pool of options too much because you’re searching for that perfect home.

Danielle Hale,…

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Boston was named as one of pWc's Top 10 "Emerging Trends" cities to watch in 2024, according to their latest report.  It is the only city not located in the South or West, with criteria being interest in development and urban growth.  The additional emerging trends identified are migration destinations for people and companies, lifestyle, workforce quality, and development opportunities.  You can read more here.

If you are thinking about buying, selling or renting in 2024, Boston is always a solid investment.  Now is the time to begin planning for the new year ahead - contact me to get started!


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ING Economics has predicted several rate cuts in 2024, in a note shared by their chief international economist James Knightley.  He wrote that he expects six rate cuts in 2024 in response to a slowing economy.  He expects the cuts to begin in the second quarter of 2024 and that the total could reach 125 basis points by 2025.

You can read more about it here.

When rates drop, demand increases - and so do prices.  If you're considering buying a home, now is actually a much better time to begin your search than when the rates actually decrease.  The prices are lower and there is less competition.  When both of those things change, and you're already settled into the home of your dreams, you can take advantage of the lower rates to re-finance.  Is…

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Embarking on the journey to homeownership is an exciting and significant step, especially for first-time homebuyers. As a real estate agent, I understand that the process can be overwhelming. To help ease your transition into this new chapter of life, here's a comprehensive guide outlining the essential steps you should take before starting the home purchase process.

Assess Your Financial Health

Before diving into the real estate market, take a close look at your financial situation. Evaluate your credit score, monthly income, and existing debts. Understanding your financial health is crucial for determining your budget and securing favorable mortgage terms.

Set a Realistic Budget

Based on your financial assessment, establish a realistic…

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Communication is key when it comes to negotiating a rent agreement, but advocating for yourself is even more important. Especially before you sign on the dotted line.

“I think it would be great if people would speak up before they sign something,” Jordana Roubicek Greenman, a Boston-area lawyer, said.

Prospective tenants should know how to spot something illegal on a lease document, so we turned to Greenman, as well as Doug Quattrochi of the MassLandlords advocacy group, for more information.

Here are five things that shouldn’t be in your lease agreement:

1. A demand that tenants waive their right to a jury trial

According to Massachusetts law, tenants have the right to a jury trial when it comes to any issue related to real estate.

“Any…

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Becoming a homeowner is a significant milestone, a dream realized for many. However, amidst the excitement of house hunting and envisioning your dream home, it's crucial to be aware of the hidden costs that come with homeownership. Beyond the mortgage payments, there are various expenses that can catch new homeowners off guard. In this blog post, we'll delve into these hidden costs and provide valuable insights to help you navigate the financial landscape of homeownership.

Property Taxes: The Silent Contributor

Property taxes are a substantial and often overlooked expense for new homeowners. These taxes vary based on your home's assessed value and can fluctuate over time. It's essential to research the property tax rates in your area and budget…

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