5 Expert Tips To Help Bostonians Buy a Home This Spring

Spring home buying is an exhilarating ride for experienced and novice buyers alike, but it can get bumpy as seasonal competition kicks in.

Before you settle in this spring and start touring historic homes in Boston and its neighboring suburbs, we recommend taking a few essential steps to ensure your home buying journey is as smooth as possible.

Inventory is still tight, and affordability remains a difference-maker for many Boston buyers amid high mortgage rates. That’s why the team from Prevu Real Estate has compiled a few expert tips that can help you navigate the real estate market this spring.

Get a pre-approval

A mortgage pre-approval is a must-have for today’s buyers. Most sellers won’t consider an offer that doesn’t have a pre-approval because they want assurance that you can commit to the transaction—especially with mortgage rates almost double what they were just a year ago.

Boston’s waterfront condos and suburban homes remain in high demand, so you can be sure new listings will continue to be peppered with competitive offers. If you add your offer to the mix without a pre-approval, there’s a high chance you’ll miss out on the property altogether.

Pre-approvals are also essential to setting up an effective budget. Once a lender pre-approves you, then you can start narrowing down your home search more efficiently.

Work on a strict budget

A busy spring season can mean competition, so don’t be surprised to see attractively priced homes experiencing bidding wars again.

To fight the high competition, keeping a strict budget can protect you from overspending and committing to an uncomfortable mortgage.

Your pre-approval will give you an idea of the price range you should aim for, but it can also help make a savings plan. You’ll need to set aside a down payment, have a savings cushion to handle unexpected expenses, and have a separate budget to handle closing costs associated with your purchase.

It can seem daunting; however, coming to the negotiating table with financial confidence can make the experience a lot smoother.

Work with an experienced buyer’s agent

Buying a home is as much an emotional journey as it is a financial one. Yet it is still a nuanced business transaction that benefits from expertise.

Hiring an experienced buyer’s agent early can give you the upper hand for each step of the home buying process.

That said, it is vital to interview multiple agents before you partner up.

Your agent should have extensive local knowledge of Boston and its neighborhoods. Be sure to ask how many deals they’ve closed recently and if they’ve worked in your price range. You also want to ensure you can rely on them for communication; you shouldn’t have to send five emails to get a response.

Lastly, the agent should be able to offer a commission rebate, as this will be an essential tool to make your Boston home purchase more affordable.

Use commission rebates to save

Coveted homes in Boston neighborhoods like Back Bay and Beacon Hill or nearby suburbs like Newton can entice any buyer, but they come with a hefty price tag. A commission rebate may give you the purchasing power necessary to consider them.

Commission rebates are modern real estate tools designed to unlock significant savings for homebuyers. Simply put, a commission rebate is a portion of your buyer agent’s commission fee given back to you after closing.

For example, Prevu offers the largest commission rebate in Massachusetts, offering buyers a rebate totaling up to two percent of a buyer’s purchase price. So if you were to buy a new condo in Seaport District for $1,500,000, you could potentially receive a rebate check for up to $30,000.

Savvy buyers use commission rebates to help offset Boston’s expensive closing costs, but they can also jumpstart a renovation or furnishing budget.

Set up property alerts

It’s essential to move quickly in the busy spring market, so timely property alerts will be your best friend.

For instance, Prevu’s digital buying platform allows you to search for homes based on neighborhood, amenities, home style, and the number of rooms. You can then set up an alert that will notify you as soon as a home matching that specific search is listed.

The same platform lets you immediately chat with an agent and schedule a property tour.

Utilizing these streamlined online tools will allow you to move fast to help ensure the seller sees your offer first.

Interested in buying a home this spring? Browse listings and see how much you can save with Prevu’s Smart Buyer Rebate.