When to Start the Home Buying Process
When to Start the Home Buying Process
We get the question “When should I start the home buying process” all the time. It’s a great question and one that ultimately changes as the market conditions changes. So lets dig in on the question of When to Start the Home Buying Process.
Hey, it’s Jeff Chubb, welcome to the blog! To learn more about real estate then feel free to look around! And if you want to talk Real Estate mano ye mano… Then find my information below!
A lot has changed in the last couple years. At this point, I feel the mental image of me sitting on a porch rocking back and forth in my rocking chair talking about the “good ole days” pretty much sums it up. A couple years ago we could meet with a buyer and go over what they are looking for and turn to the market and find some options… Today that is not the case.
I was talking with a buyer today and she provided me three large towns as a target area… There were 7 houses for sale in all of the price ranges. Seven.
Being a buyer today takes more time, more patience and more preparation. If you are one of those buyers that just run out and start touring houses without coming up with a plan… Then get prepared for a world of frustration… and heart break!
So why is that we are seeing these market dynamics of an extreme seller’s market?
It is a great question and one that there is ultimately no single answer for.
Yes, you will hear about how we can’t build enough and how new build starts are low… But we are a rather mature market with little possibility of major development like you can see in some markets in the South.
I can’t stand the Covid excuse anymore... But this one isn’t really an excuse. Covid changed the way we live and utilize our houses. We have seen a shift back to where people value more space as where pre-covid we were seeing trends of people wanting smaller spaces and being closer to Metro areas.
Covid also changed the way we work which has directly affected our housing needs as well. Even after Covid, many people are still working from home. In order to work from home… You need space! Trust me, it is not ideal to be working from home on the couch with two young kids running around and screaming.
But with people working from home, this means they are not worried about a commute and may be willing to work in a house that is further away from a major metro area as space is becoming more important then location to a lot of folks.
Then there is where we live. Boston and the Boston Metro area is a pretty awesome area to be in. It’s a beautiful city that is rich in history. From stunning Coastal communities to the communities with the rolling New England hills… It’s a great place to call home. Then add in what is considered the best state for Education and our strong economy… It kind of becomes a no brainer as to why people move here which has also eaten up our housing supply.
Another reason for the housing shortage is corporate or Private Equity player buying properties to hold and rent them as investments. And there is no signs that these companies are going to stop… Let alone slow down.
So, when to start the home buying… You want to give yourself some time. We recommend that people give themselves six months of time before they are against a hard move date like a lease ending or a bring the baby home from the hospital event. Or a lot of times we will start working with a client who maybe needs to clean up a credit inquiry or two in order to get a more favorable rate…
This is a big decision. Most likely the largest purchase of your life. You don’t want to feel rushed. You want to be prepared and know that you are making the best decision for you and if you have one… Your family.
This is why it is so important to build in 6 months. On average we see a 45-day closing timeline in Massachusetts. So this 6 months allows us a little longer search and offering stage then we would have recommended a couple years ago.
So, if you are thinking about making a move in the next 6 months, then reach out to us now so we can start the home buying process and meet with you to walk you through all the steps of the home buying process, to go over what is happening in the market, to come up with a customized offer strategy and most importantly to do a deep dive and really understand what you need in a home so we can go out and find it for you.
Now if you are wondering when to start the home buying process, then you may be curious to know about Breaking a Lease when you buy a new home. If that is the case, then click here to learn more about breaking a lease!