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No definitely not a realtor! I am a frustrated buyer, but I have a great buyers agent. Not much to do about the lack of inventory but wait it out and be patient. I'm not buying the hype, things may be OK on Wall Street for the moment, but the country still has SERIOUS problems ahead.
Amesbury rated 6 on greatschools . org across the board, elem, middle and high.
In Merrimac Donaghue (3-6 grades) gets a 6 while the regional middle (Pentucket) gets a 7 and high school an 8.
West Newbury Page elem (k-6) gets a 9, so out of all them, based on schools, W Newbury seems like the better area.
I know it's not the best ratings, but it's at least something.
Low inventory seems to be an issue across the country. I'm definitely seeing it in the Metrowest area.
"Overpriced" is really a hard thing to label these houses with if they're getting multiple offers. The value of a home is in the end determined by the pool of buyers. If there are a number of people putting in offers and houses are selling higher than what you would ever pay it just sounds like you're on the very conservative end of the buyer pool and your value judgements are just not in line with the majority.
Eventually, I'm sure you'll find yourself something. It's very competitive out there. Just stay patient and move quickly when you find something you like.
+1....Well balanced answer!
One thing that tweaks me is when someone is slow to pull the trigger and then gets upset when a property or a car is sold. You snooze, you lose! You want to think about it while someone else is signing the contract/writing the check......
I agree that was a great answer and I am on the conservative side of things. A bit of background though, I bought in 2008 and had to sell over the summer of 2011. So I lost a fair amount of cash for no reason but 'the market'. I'm not complaining, but that's where I'm coming from. Just don't want to get burned twice.
I have no problem pulling the trigger on the right place, but at these open houses I see people with glazed over eyes in a frenzy talking about how much to offer over asking... It just becomes an environment where emotions take precedence over rational thinking. I'm not emotional. This is a business transaction, nothing more, nothing less.
One thing that tweaks me is when someone is slow to pull the trigger and then gets upset when a property or a car is sold. You snooze, you lose! You want to think about it while someone else is signing the contract/writing the check......
Even as a real estate agent, I would never advise signing the contract and writing that check until you've had a chance to THINK ABOUT IT. Sure, there are enough opportunities to get out of the contract even after it has been accepted, but it's going to at least cost you $$ for a home inspection (the most often used excuse to walk). Why spend hundreds of dollars when simply THINKING CLEARLY could have prevented this...
Quote:
Originally Posted by nshorema
but at these open houses I see people with glazed over eyes in a frenzy talking about how much to offer over asking... It just becomes an environment where emotions take precedence over rational thinking. I'm not emotional. This is a business transaction, nothing more, nothing less.
Good for you, nshorema! We are seeing folks up here in NH also, starting to get a bit frenzied about real estate again, and IMO, the only thing that is going to save people from themselves is the fact that lenders are no longer allowing foolishness like no-doc loans, 110% financing, and other shady practices that our government not only allowed, but demanded lenders make available to buyers that didn't qualify for conventional loans. Buyers need to have GOOD credit scores, low debt to income ratio and qualifying income. These are GOOD changes
What you seeing is testament of bubble years, most today homeowners can not afford to sell and trade up.
There are homes on the market, but many will be not up to standards of buyers that would like more renovated places before they plunge.
Sorry I am not buying that there is such a frenzy on the North Shore in general, but will say that debt ceiling and taxes debates and plenty of unknowns going into 2013, promoted some buyers to jump at any better housing opportunity in general. I think that is done now.
Even as a real estate agent, I would never advise signing the contract and writing that check until you've had a chance to THINK ABOUT IT. Sure, there are enough opportunities to get out of the contract even after it has been accepted, but it's going to at least cost you $$ for a home inspection (the most often used excuse to walk). Why spend hundreds of dollars when simply THINKING CLEARLY could have prevented this...
Good for you, nshorema! We are seeing folks up here in NH also, starting to get a bit frenzied about real estate again, and IMO, the only thing that is going to save people from themselves is the fact that lenders are no longer allowing foolishness like no-doc loans, 110% financing, and other shady practices that our government not only allowed, but demanded lenders make available to buyers that didn't qualify for conventional loans. Buyers need to have GOOD credit scores, low debt to income ratio and qualifying income. These are GOOD changes
People are frothing at the mouth around here. As I write this there are only 58 single family homes listed for sale in Needham. Exactly one year ago, there were 105 single family homes listed. This is a SERIOUS decline in inventory and demand from buyers is either steady or perhaps even increased from last year.
I council my clients that it's best to make a quick decision but also a smart decision. Hemming and hawing about a house in this town will only allow someone else to buy it out from under you. I try to get my buyers into new listings immediately so that we have the most time possible to consider it. I also do my best to educate my clients as much as possible beforehand so that they are equipped to quickly make a smart decision.
Buying a home is a big financial commitment. You shouldn't just hire the first real estate agent you trip over and the same goes for choosing your mortgage lender. When researching lenders many make the mistake of looking at the rate and ignoring everything else. Not all lenders are created equal . . . do your research!
By the time you're ready to look at a house a prepared buyer should know their own financial standing including what they are able to spend on their new home. Plus, they should have a sold pre-approval letter from a reputable lender in hand. Don't wait until you're already under contract to buy to do your research on potential lenders.
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