Home selling season in Northeast Mass.: Timing a visit from out of state to look for home to buy (Boston: sale, real estate)

[MikePRU]

Originally Posted by chicagoliz

It seems to me that would require a huge stroke of luck. If I were them, I'd get a realtor who can be on the lookout and give me access to the MLS listings, and knows what I want. They could then come out for a weekend to see if anything works, and if not, they can come back another time, but meanwhile they have a realtor who can let them know if something becomes available that meets their parameters and do things like walk through over the phone, etc. if they can't make it out before offers are due, etc.

Agreed. Even 5 years ago, one might have been able to fly in for a weekend to find a home but the last few years there's just not enough inventory on the market and inventory levels are so irregular that it's now a near impossible feat.

[msRB311]

Seems like plenty of people are buying homes just by viewing the videos on the listing.

[simplexsimon]

I'm seeing refinance rates for 30-year mortgages at or close to 4% - what is it for purchases? Wonder how much pressure, if any, this will put on home prices this year.

[Strannik33]

Folks, read what OP is asking. He is trying to get a feel for various towns, not buy anything that same weekend. I'd say come anytime starting in late March, to minimize the chances of being hit with a show-stopping snowstorm. See what's on the web at that time, and at least drive by some of the properties for sale.

Don't expect to learn much from that visit, other than perhaps get disappointed (wait, they want a cool mil for THAT?). To see the differences between all those towns, you'd really need to spend some time there, otherwise they all look similar. Perhaps a week here would be better.

[MikePRU]

Originally Posted by simplexsimon

I'm seeing refinance rates for 30-year mortgages at or close to 4% - what is it for purchases? Wonder how much pressure, if any, this will put on home prices this year.

Over the last year or so there's been a significant spread between refinance and purchase rates. I'm still seeing a lot of lenders with rates around 3% for purchases and even lower if you're comfortable with an ARM.

Originally Posted by Strannik33

Folks, read what OP is asking. He is trying to get a feel for various towns, not buy anything that same weekend. I'd say come anytime starting in late March, to minimize the chances of being hit with a show-stopping snowstorm. See what's on the web at that time, and at least drive by some of the properties for sale.

OP did say in their initial post that they would buy something that weekend if it worked out. Also, don't you think it would be super helpful when getting a feel for what your money would buy in a particular town to actually step into a house or two that you might consider buying?

Personally, I would recommend early April as there's usually a pop of inventory around that time and also you don't have to worry about snow storms. March there's still a small risk of bad weather.

Originally Posted by Strannik33

Don't expect to learn much from that visit, other than perhaps get disappointed (wait, they want a cool mil for THAT?). To see the differences between all those towns, you'd really need to spend some time there, otherwise they all look similar. Perhaps a week here would be better.

If the OP is coming from a more expensive place like San Francisco or the immediate suburbs of NYC they'll be absolutely THRILLED with what their money will buy them here.

Looks like they're coming from the suburbs of DC and they're looking in areas where pricing will be fairly similar to that. So, I don't know that they'll be so disappointed.

[BostonMike7]

In a normal year, i'd say the best time to look is right when landscaping season starts. That's when folks start cleaning up the house to prep it for a sale.

I'd like to think more inventory becomes available from mid-April-July before trickling off. Folks want to sell and be in their new home before the kiddos start school in Sept.

Now, as a seller, you can pretty much list your home anytime and it will likely sell unless something is drastically wrong. As a buyer wanting to look at as many properties as possible, i would plan a mid/late spring trip

[in_newengland]

I'd come in late March/early April, although we do sometimes have snow in early April. It's rare though. I'd recommend talking to people in the towns. Talk to the neighbors if they are outdoors, talk to shoppers in the stores and ask questions about what it's like to live there. So many towns look nice enough but it's a different story once you actually live there. There are towns that look good but have drug problems, towns that look good but the residents have a reputation for not being very nice people, towns that seem good but are jammed with traffic during the summer. Talk to ordinary people and learn as much as you can that way.

[yesmaybe]

Originally Posted by MikePRU

Over the last year or so there's been a significant spread between refinance and purchase rates. I'm still seeing a lot of lenders with rates around 3% for purchases and even lower if you're comfortable with an ARM.

A 10/1 ARM is def the way to go for the time being. Now you could be faced with a really hard decision at that 10 year point if mortgage rates are much higher then, esp if that higher rates means you are underwater.

[MikePRU]

Originally Posted by yesmaybe

A 10/1 ARM is def the way to go for the time being. Now you could be faced with a really hard decision at that 10 year point if mortgage rates are much higher then, esp if that higher rates means you are underwater.

I get an email from one lender every week with rates and I'm definitely starting to see rates spread out.

A few months ago, all the loan products and different loan levels all had pretty similar rates (maybe within a 1/4 point). On today's rate sheet, I noted a 1/2 point difference between the jumbo and conforming 30 year fixed rates and there was almost a full point difference between a 30 year fixed and a 5/6 ARM and generally there was a much wider range of rates among the different loan options.

[yesmaybe]

I wouldn't do a 5 year ARM. That's just asking for trouble.