'It Is Stressful,' Home Buyers Stuck In Frustrating Market With Demand So High
CONCORD (CBS) - Buying a house in Massachusetts has never been so tricky. The market is hot, the inventory is low and the competition is fierce.
Rory Fivek is a realtor at Barrett-Sothebys International in Concord, where the average home is selling 15-to-20 percent over the asking price with multiple offers as it hits the market. That's making things tough for both the buyers and realtors.
"It is stressful and I always say to my buyers, let's try not to get emotional about it and don't be stressed. It's a journey, we will find your house," Fivek told WBZ-TV.
But there are some things you can do. Fivek's top tips right now are:
- Offer the asking price or offer more, don't even bother trying to find a deal right now.
- Keep your offer as clean as possible.
- Have your mortgage pre-approved.
- Drop the inspection contingency and do a pre-inspection instead.
- Offer a quick close.
- Offer to let the seller stay rent-free after the close, a perk that's becoming more popular.
"You would be surprised how competitive that can make things because it certainly puts the seller at ease," Fivek said.
She also says in this market you have to move fast and be ready to strike.
But her number one piece of advice is maybe the toughest.
"I think its patience. It's patience and it's a journey through this. You're going to find your house don't be intimidated by this," Fivek said.
Remember the market can change in an instant and this market won't last forever.
