Boston Bidding Wars May Be Ending—Here’s How Homebuyers Can Take Advantage
For the past several months, buying a home in the Boston area has required braving an intense storm of low inventory and high demand. With so few houses on the Boston real estate market and so many people looking to move, competition for buyers has been incredibly high.
Now, pricing is nearing a plateau, which is promising for buyers. But even with the seller’s market dying down, the state of the market will continue to be difficult to navigate—the highs and lows of a transitioning real estate market can be hard to predict. It’s still a good idea to be prepared to take advantage of the market.
We spoke to licensed agent Dylan Krebsbach at Flyhomes, a mortgage company known in Boston for creating seamless buying experiences, about why it’s important to be prepared to thrive in every home-buying environment—and how to land that dream home.
Readiness is Key
Before you make an offer or even begin to search for a home, Krebsbach recommends evaluating whether you’re ready to buy a home. This way, you can be sure you’re primed to buy while the Boston real estate market is in your favor. That’s why he recommends getting pre-underwritten. It helps you get quickly approved by your lender, which gives you an idea of your budget and lets sellers know you can pay. Plus, it will help you avoid hiccups and move more quickly when you find a home you love.
At Flyhomes, once you’ve decided you want to move, they get you pre-underwritten immediately. They also team you up with a Flyhomes Agent like Krebsbach who will guide you through the process, end to end.
If you can present a cash offer to a seller, there’s a good chance you’ll be glad you didn’t hesitate and miss out on your dream home. Why? Cash offers are typically much more competitive than traditional offers, giving you a greater chance at landing the exact home you want. These days, with the Boston real estate market leaning more in your favor, the real benefit of cash offers is that they can save you money.
A cash offer means you offer the seller the entire cost of the house, with no mortgage involved. Since most buyers use a mortgage to buy a house, if you offer cash, you’ll stand out to the seller because there are fewer contingencies, faster approval, and easier closing. “You can close as quickly as a seller wants to close,” Krebsbach says. In fact, he says that often, the cash offer can be under asking price, or is not the highest bid. Simply because of its convenience for the seller (and for you), it often becomes the most attractive option. Money: saved.
What makes cash offers less common is that you have to cover the entire cost of the home at once. But with the Flyhomes Cash Offer, that difficulty vanishes. As soon as you partner with them for the buying process, you get the ability to offer cash on your perfect house. The process is simple: Flyhomes pays with their cash for the house, and you pay off the house to Flyhomes from there.
The cash offer can help you take advantage of the current market. “Flyhomes is useful right now because our program allows you to negotiate more than a traditional offer,” Krebsbach says. “So you may be able to get a better deal.”
Krebsbach has one bottom line when it comes to buying a home: “If you see what you like, act on it,” he says. Although it may seem intuitive to wait for the Boston real estate market to continue improving, he advises against it, saying, “Don’t try to time the market.” He says you can never know when the Boston real estate market is going to change again, meaning you have every reason to try for that home you can really see yourself living in.
To connect with an agent and land your dream home in Boston today, visit flyhomes.comThis is a paid partnership between Flyhomes and Boston Magazine