Twila Palmer - Westford Real Estate | Westford, MA Real Estate, Chelmsford, MA Real Estate


Buying property can definitely be a very lucrative investment. However, before you decide on buying and selling real estate, you have to have a good understanding of the markets. In other words, if you are looking to buy so that you can sell down the road to make a profit on your real estate, then you are better off achieving this when the housing market is slow, as there is less demand for buying houses, thus forcing sellers to lower their prices. This in turn will allow you to get a home at the lowest price possible, and then being able to sell it at a higher price once the markets begin to move again. Of course, investing in real estate is not only about the current conditions of the housing market. In addition, you also have to look at other factors such as the location the real estate will be in, the condition of the real estate, and the reason why the owner is looking to sell. In the end, buying and selling real estate carries the same risks as any other type of investment, and the only way to avoid these risks is through proper research. More importantly, you will be spending a good amount of money on real estate compared to other types of investments, and so you want to make sure that your money is well spent. By keeping these valuable points in mind, you will be able to find the right property to invest in.

When it comes to searching for a home, there are a lot of factors that you have to consider. This is especially the case if you are shopping for condos, as you will be sharing a lot of common space with your neighbors as well. The first thing to look into is the overall interactivity that goes on within the block of condos you are considering to make your home. In most cases, it is always better to find a condo that has an interactive community, because this in turn means that you never have to worry that someone might not be doing their part in keeping the block of properties maintained and in good condition. One thing to be careful of is that some communities do not allow pets, and so if you are looking for a condo for you and your pets, then you need to make sure that the community has no problem with this. In the end, you have to find a condo that is able to be comfortable to live in, and where there is the least amount of stress. While it can be very beneficial to live in a community, it can at times be stressful if you are not one to go by strenuous rules. For some people, the idea of owning a home means that they have the freedom of choice to do what they want in their property. One of the most important things to look into when buying a condo is the condo fees. What are they and what will they be down the road? Are they set condo fees, or could they become too costly to pay down the road? Some condos fees go up to the point that makes the great price you got on the condo not look so great because of what you are paying in taxes and condo fees. One of pluses of a condo is no maintenance and a lot of people really like that especially in your later years when you don’t want to mow the lawn or shovel the sidewalks. A condo is a great option for many buyers and you can generally get into a condo for a fair price.

Everyone wants a deal especially when purchasing a big ticket item like a house. In order to get a good deal you have to be a great negotiator. If you are on the hunt for a housing bargain you need to be prepared and sharpen your negotiation skills. Here are some tips to get you on your way to buying success: Do Your Homework: Gather information about the property. Find out about recent repairs and improvements or renovations. Review the seller disclosure statement look for details, such as the age of the roof and systems in the home. Know the Market: Find out what other homes are selling for in your price range. Ask your real estate agent to do a comparative market analysis on the home you are interested in. The comparative market analysis will compare the home to homes that have recently sold and homes that are currently on the market. Be Prepared: Before you start shopping for a home get your credit in order.The higher your credit score, the better the chance you'll get a good deal on a home loan. Once you have your credit in order start the mortgage process and get pre-approved. If you are pre-approved the seller will see you are a well-qualified buyer. Be Reasonable: It is easy to let emotions get in the way. View the purchase as a business transaction. Approach the situation objectively, and don't take the negotiations personally. Negotiate: Start off your negotiation on the right foot,  don't low-ball the seller with an insulting figure. This can immediately kill the transaction. Negotiation is a two way street. In most negotiations both parties compromise. Be Smart: Stick within your budget and don't let emotion take over when you are negotiating. Know what price you're comfortable with and stick to it. This way you will be sure to buy a home that you can afford.  

When it comes to mortgages there is a lot to know and a lot of choices. One loan that was popular before the housing crisis was the interest-only loan. An interest-only loan is an adjustable-rate loan with an initial fixed period when only interest is due. They are typically available in 5-, 7- or 10-year terms. Economists blame interest-only loans for the foreclosure crisis citing they were issued too freely. Today, interest-only loans are more difficult to obtain. Borrowers were using interest-only loans to qualify for a more expensive home and when the interest-only term ended the payment went up leaving many homeowners unable to afford the mortgage payment. Interest-only loans are now being used by wealthy borrowers as a financial tool to help them manage irregular cash flow, reap a tax benefit, or free up cash for investment elsewhere. Lenders that offer interest-only loans have strict qualifying standards. They generally require 30 percent equity in a property, and a minimum FICO score of 720. Lenders also look at the ability to pay back the loan is based on the fully amortized payment, not the interest-only payment.    

Is it time to buy a home? According to a Gallup poll, 67% of people polled say yes! According to Gallup, “Overall, there is good reason for most Americans to think now is a good time to buy a house. Interest rates remain near historic lows. Home prices are down sharply, providing many incredible buys.” According to the National Housing Survey conducted by Fannie Mae, buyers cited their major reasons for buying a home. Here are the results:
  • 80% Having a good place to raise children and provide a good education
  • 79% Having a physical structure where you and your family feel safe
  • 75% It allows you to have more space for your family
  • 69% It gives you control over what you do with your living space
So despite what has been a negative sentiment towards the housing market, buyers and the general public still think that homeownership is the way to go.  



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