The house hunt spanned an entire school year for Chrissy, a local music teacher, but it was well worth the wait.
Chrissy, who relies on public transit had been saving up to purchase her first home in Medford, Malden or Arlington. Home values in these areas have seen a recent surge thanks to easy commuting options into the city. To justify the high-priced mortgage payment, Chrissy decided that she needed plenty of space. Not only did she want a home that could fit her piano and guitars, she was also looking for a two-bedroom so that a roommate could help cover the housing costs.
We looked at countless single-family homes and condos. From short sales to fixer uppers, we analyzed all types of opportunities. The freestanding homes were in need of substantial work or had some sort of “gotchya”. Most of the condos were not quite right either, due to strict regulations or deferred maintenance that would be costly to tackle.
Many offers were submitted, but Chrissy was continually outbid on price and by other buyers waiving important contingencies like a home inspection. Both of us felt the risk was far too great and it was worth holding out.
Finally, the right property came along. The home was unlike anything we had seen in her price range. In addition to providing ample square footage, the house was also meticulously kept. It was obvious based on the thoughtful improvements and tidiness that the homeowners took great care in maintaining the property. All of the major systems had been upgraded and the pride of ownership showed.
Chrissy was able to strategically purchase the home by acting quickly. Since we had spent close to a year looking at properties, she knew exactly what she wanted and how to spot a good deal. Hard work pays off. This kind of confidence comes by putting in the time to learn about the housing market. Chrissy was able to make a purchase under budget and without waiving important terms. Plus, she also scored a larger home than we initially thought possible and in turnkey condition.
Keys for Success
Finding a home may take longer than expected, but it’s worth holding out for the right place. Chrissy was able to negotiate a month-to-month lease agreement with her landlord which allowed her the flexibility.
To become confident in your buying decision, you may need to see many places. By attending dozens of open houses, Chrissy saw first hand what her money could buy. When the right house came along, she knew exactly how it compared to other properties in her budget.
It’s important to be realistic about the costs associated with fixer uppers. Chrissy was open to homes in need of some repair, but also learned where to draw the line. Ultimately the house she chose was in move-in condition, but still offered room to add value.
Thanks Chrissy, for the amazing review!
I feel so lucky that my lender suggested Dana as my realtor! She is knowledgeable, approachable, and patient! I was a first time home buyer. I sent Dana emails all the time asking her questions about various homes, condos, and the buying process, and she would always get back to me quickly with clear answers and explanations. Dana submitted many offers for me for over a year before I had an offer accepted. It is a tough market in Medford and Malden, and I wanted to be in walking distance to the orange line. There is even more competition for t- accessible housing. I am very happy with the Malden three bedroom home I have been living in since the end of May! I highly recommend Dana!