HOT PROPERTIES

How to navigate the new rules of home purchasing in a seller’s market.

By Lisa Cavanaugh

It’s no secret that with low interest rates, tight inventory, and robust prices, the residential real estate market in New England is to the seller’s advantage. For prospective buyers, this seller’s market can seem daunting, so we turned to two experienced Coldwell Banker Realtors for timely advice on how to succeed in the current climate.

“My number one suggestion would be to choose a broker who knows the market where you’re looking,” says Melissa Dailey of Coldwell Banker’s Residential Brokerage in Wellesley. “There’s really no way a broker can be knowledgeable about a market in which they don’t usually work.”

An agent’s complete integration in the desired market can reap dividends for buyers, according to Dailey. “You want someone who understands what listings have traded for, which properties have recently closed, and how offers are being handled,” she explains. “For example, you want a broker who knows if owners are planning to hold through the weekend or if offers are being taken as they come.” In the latter situation, a buyer needs to come out with theirs right away and not wait.

Widening your circle of potential neighborhoods can help as well. The tight inventory in each town has driven some to expand their location possibilities.

“I always tell buyers that, even with such little inventory, they should still go out and look at houses for sale,” Dailey reveals. “It may not be their dream house, but it will give them a better sense of the market conditions and what properties are selling for.” Dailey feels that this makes for a more educated client: “I want my buyer to feel comfortable and good about their ultimate decision.”

Another must: buyers should have their pre-approval in hand and ready to go before looking at houses.

Regarding the fine print of an offer, Dailey doesn’t necessarily recommend waiving home inspections or mortgage contingency. Sometimes a buyer really loves a house and is OK writing a strong offer without an inspection. The Realtor leaves it up to the purchaser to decide what makes them comfortable.

“The cleaner the offer, the better,” agrees Denise Mosher, a broker with Coldwell Banker’s Weston office. “Reducing the contingencies, offering non-refundable deposits, and making offers significantly above list price will all increase the likelihood of acceptance.”