The Fastest-Growing Neighborhoods in Massachusetts 🚀

Good Morning!

So.. Eastern Massachusetts keeps getting more, and more, and more expensive.

The housing market of course, again, continues to defy expectations, with the price of single-family homes in the Bay State increasing by more than 10% in January compared to last year. This is the type of stuff that makes it so difficult for many of our home buyers.

January had a RECORD year in terms of appreciation of home values, and again, mainly due to the lack of inventory.

Data below:

1. Weston: $2,033,249 average price, +$188,275 (+10.2%)

2. Needham: $1,377,827, +$150,377 (+12.3%)

3. Lexington: $1,425,246, +$141,565 (+11.0%)

4. Wellesley: $1,756,708, +$140,532 (+8.7%)

5. Newton: $1,367,361, +$130,702 (+10.6%)

6. Concord: $1,309,950, +$129,505 (+11.0%)

7. Winchester: $1,382,160, +$120,468 (+9.5%)

8. Lincoln: $1,350,185, +$113,047 (+9.1%)

9. Cohasset: $1,260,999, +$110,046 (+9.6%)

10. Belmont: $1,327,174, +$107,050 (+8.8%)

With these markets being so competitive, I put together a revised ultimate guide to getting your offers accepted.

Where do we go from here?

YOUTUBE
How To Get Your Offer ACCEPTED in a Sellers Market

Buying a home in 2024 is more difficult than ever. This video dives into key takeaways on buying a home in a competitive market, offering strategies to help your offer stand out while keeping in mind the associated risks. So, buckle up and get ready to navigate the competitive landscape with confidence.

This newsletter is based on a video about buying a home in a competitive market. Here are the key points:

Challenges:

• Multiple offers are common, with some buyers being outbid by significant amounts.

• Seller's agents may prioritize offers with strong pre-approvals and conventional loans.

• It can be difficult to get offers accepted with inspections.

What we go over in detail:"

• Get pre-underwritten: This shows the seller you're serious and qualified.

• Research fair market value: Don't overpay, but be prepared to offer at or slightly above market value.

• High initial and secondary deposit: Consider using a larger initial deposit (e.g., 5% of the purchase price) to show your commitment.

• Pre-offer inspection: Consider an inspection before submitting an offer to identify potential issues.

• Consider waiving inspections: This can be risky, but it may make your offer more attractive. Consult with your agent about the risk and benefits.

• Rent back agreement: Offer to let the seller stay in the property after closing for a short period.

• Escalation clause: This automatically increases your offer to a certain point if other offers are higher. Use it cautiously and be aware of potential manipulation by sellers.

• Offer over appraised value: This can be risky, but it may be necessary in a hot market. Consider adding a clause limiting the amount you are willing to pay over the appraised value.

• Cash or waiving mortgage contingency (not recommended): This can be attractive to sellers but comes with significant financial risk.

NEWS
🌆 Co-Buying Homes on the Rise in Massachusetts

The high cost of housing in Massachusetts is pushing more people to consider co-buying property with friends or family members. This approach allows buyers to share the financial burden of a down payment and mortgage, making it easier to enter the competitive real estate market.

Key Points:

• Housing costs in the Boston area consume roughly half of a typical homebuyer's income.

• Co-buying with a friend or relative increased by 10% in just one year, with 26% of buyers utilizing this strategy in 2023.

• While co-buying can be a good way to get into the market, it's crucial to have a legally binding cohabitation agreement outlining rights and responsibilities to avoid potential future conflicts.

• Experts warn that co-buyers are still individually liable for the mortgage, meaning if one party defaults, the other's credit score and financial wellbeing could be negatively impacted.

Overall, co-buying presents a potential solution for navigating the challenging housing market in Massachusetts, but careful consideration and legal safeguards are essential before entering such an agreement.

Full Article: HERE

LETS WORK TOGETHER
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Hey there 👋 I'm Mike, an award-winning Realtor here in Boston, Massachusetts with a successful track record of selling hundreds of homes over the last eight years. My professional background extends beyond real estate sales, encompassing over a decade of experience as an electrician. I lead a team of over 90 agents throughout multiple states, each dedicated to providing exceptional service.

Through this newsletter, we aim to equip you with insightful information, enabling informed, data-driven decisions for buying or selling properties. So if you’re looking to stay up to date on the market and prevent EXPENSIVE mistakes most people make, reach out!
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