The Matthew and Alisa Group Home Buying Process Class was a Success!

This is a quick blog thanking everyone one for joining us at last night’s Home Buying Process Class!

We had a great turn out of buyers eager to learn about the home buying process. Matthew Gaskill and Alisa Peterson discussed the market conditions to give everyone an understanding of what to expect when searching to buy property this season. With properties going under-agreement as soon as they hit the market, we wanted to make sure that buyers understand how quickly they need to move to buy property.

Joe Smith, a knowledgeable lender from Guaranteed Rate explained what lenders look for when someone applies for a mortgage and the different types of loan programs available to homebuyers, both first-time home buyers and more seasoned  home buyers. He knows just as well as we do how competitive the market is right now and without proper financial backing (i.e. pre-approval letter), sellers won’t even consider the offer.

The wonderful David Datz, Esq., a real estate attorney, explained how important it is to assemble the right team to guide you through this process. This is one of the biggest purchases you can make and it is essential to have knowledgable professionals to explain what you are buying and what you are signing.

Thank you again to Stella Restaurant for providing delicious food and a great space for us to host our class. As you can see from the video, we had quite a few eager buyers ready to learn about the home buying process and I know there are more that were not able to make it.  We will be planning another class in month or two. If you are interested in attending, please subscribe to our newsletter and subscribe to our blog and we will keep you posted on our next class. These classes are meant for anyone interested in learning about the buying process in the current Boston real estate sales market. If you are a first-time home buyer, third-time home buyer, or an investor, you are welcome to join us and learn something new!

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Home Buying Process Class at Stella in Boston’s South End

Whether you are a first-time home buyer, a seventh-time home buyer, or an investor, this class is for you. Matthew Gaskill and Alisa Peterson, along with David Datz Esq., and Joe Smith from Guaranteed Rate will be hosting a class that will discuss the different aspects of buying property.

Matthew Gaskill and Alisa Peterson will be discussing the search and offer process, along with the current sales market. With the market being incredibly dynamic, we want to manage expectations, calm fears, and even help you decide if buying now is the right decision for you. Buying property now is not for everyone, but if it is for you, we want get you excited to get started on your search.

Joe Smith from Guaranteed Rate will be discussing the financing process. Financing is crucial in this market and Joe Smith will help you understand what is needed and what to expect.

David M. Datz, Esq. from David Marshall Datz P.C. law offices will explain everything from the legal standpoint of your real estate transaction and explain how we keep your interests protected.

Home Buying Process Class at StellaThe class will be at the restaurant Stella in the South End from 5:30-7pm on Tuesday January 29th 2013. We will have light refreshments and appetizers. We will have a Q&A session after our speeches, so please come with a pen, notebook, and any question you have about the home buying process. Please RSVP by January 24th by contacting Alisa Peterson at alisa.peterson@gibsonsir.com if you are interested in attending.

We are heading into another exciting real estate season and we want to get you as excited as we are!

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Should I Rent or Should I Buy Now?

The real estate market has been dynamic over the last few years to say the least. The dramatic highs and lows have left many wondering if they should rent an apartment or buy a home. Each option has its own merits and drawbacks and it is important to figure out what is the best option for you right now. Consider these arguments during your internal rent vs buy debate.

 

Should I Rent?

 

Renting is a great option for those that are still trying to figure out what their plan is. Many cities have wonderful neighborhoods with distinct flavors and personalities. Renting gives someone the option to try out different neighborhoods and find which is the best fit for his or her lifestyle. Buying is an investment synonymous with putting down roots and many people want to know their surroundings before choosing where to settle.

Renting offers short-term commitment. The most common lease contract is for a year-long commitment and there are also short-term leases that can be from 3 months to 6 months and Tenancy-at-Will contracts which are just month-to-month commitments.

The ability to test out an area with little commitment makes renting seem ideal until you realize renting also means you are throwing your money away. Renting does not build credit or equity. In fact, by paying your rent, you are paying someone else’s mortgage and building someone else’s equity and credit.

The tax breaks for renters are limited. In Massachusetts, renters can only deduct 50% of the rent they paid in a calendar year with the maximum deduction for rent being $3000. Meaning if your rent is more than $500, you are not going to see any difference.

Another drawback is rent is always going up! Especially in high demand cities with low vacancy rates. What you could spend to get a one bed in the suburbs could maybe get you a closet in the city. Then there are also the upfront costs.  Unless you are moving into a rental complex that only wants first month’s rent, most owners want at least first and last month’s rent. Some will ask for a security deposit and if you are using a broker you will need to pay for a fee. To rent an apartment, you need to have 2-4 months rent saved at lease signing. Then there is the expense of actually moving: the boxes, the moving truck, movers, etc.

After you have an apartment, the landlord can be an issue. With thousands of landlords and even more tenants, each with a unique personality, it’s not possible for every tenant to get along with every landlord. Some will be great and others not so great and there is no way to tell which one you are going to get until after you are already in your lease. In the worst case scenario, this can make for a very long year.

 

Rent vs Buy: Which Best Fits My Lifestyle?

 

Should I Buy?

 

Buying a home can be scary at first. With all the horror stories throughout the nation (foreclosures, short sales, underwater mortgages, money pits, the inability to sell, etc.), it is easy to think that renting is safer than buying. Buying can be scary because it brings responsibility and commitment. Basically, it means becoming a grown-up.

Fortunately there are more reasons to buy than there are not to!

Sales prices have fallen and mortgage rates are at an all time low. The combination makes housing affordability as low as we have seen in a decade and possibly as low as we will see for the next decade.

There are more tax deductions for homeowners than renters. Homeowners can deduct their mortgage interest, property taxes, and certain home improvements also qualify for deductions.

When you are paying for your own property, you are putting your money toward building your own equity and credit. You are paying off your own mortgage rather than seeing your money go to someone else’s pocket.

If you buy your property as a long term investment, it is like putting money into the bank. The more equity you build, the more you can borrow for future purchases, such as renovations  to your home or your child’s college tuition.

If it is the responsibility and commitment that is scary, then buy a condo. The size won’t be overwhelming. Plenty of condos are located in professionally-managed buildings or buildings that have property managers to handle repairs and maintenance. In a few years, if you decide to move onto something bigger, you can sell the property but you could also rent it out and have someone else pay the mortgage and build your equity.

To learn more about buying or renting property, contact the Realtors of Matthew and Alisa Group Real Estate.

Schedule a consultation with a Realtor

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Buying a Home: How Do You Know If You Are Ready?

If you have been searching for rentals in Boston in the last couple years, you may have noticed that it is tough. Inventory is limited and prices keep rising. There are three things renters can do. One: pay the rising rates. Two: look farther outside the city than originally planned. Three: stop renting and purchase. Many people today feel that investing in real estate is safer than investing in stocks and with good reason. Real estate in Boston has not been hurt as much as the rest of the country and rentals in the city are consistently in high demand. If you are on the fence on buying real estate, here are a couple signs you may be ready.

Buying real estate in Boston may be a better option than rentingOne: you know what you want. If you have a realistic idea of the size you need and the location where you want to live for the next few years and you  haven’t found it on the rental market, take a look at what is on the sales market. The rental market in Boston favors landlords. The inventory is limited and owners can get not only their asking price but also first month’s rent, last month’s rent, and security deposit (each equal to one month) and not have to pay a broker’s fee.

Two: you have the finances. The upfront costs of renting an apartment in Boston are higher than most cities around the nation. Many people looking for quality rentals in Boston  are surprised how little they get for the money. With many banks loosening restrictions on who can get mortgages, it is worth your time to speak with a mortgage broker about types of loans and available rates.

If you are weary of buying because you do not want to be locked into a mortgage on the chance your career moves you to another city, keep in mind that you could hold onto your home as an investment property. With a tenant paying rent, you can build equity while someone pays your mortgage for you.

Contact the Realtors of Matthew and Alisa Group Real Estate if you are interested in learning more about purchasing a home.

Schedule a consultation with a realtor

Posted in Boston Property, Buy Property, First Home, Real Estate Sales Market, Real Estate Tips, Rent vs Buy, Rental Property | Tagged , , , , , , , , , , , , , , | Leave a comment