August 1, 2014
NAR’S PROFILE OF HOME BUYERS IN MASSACHUSETTS:
- 51% were first time buyers compared to a national level of 38%.
- The typical buyer was 36 years old while the typical first-time buyer was 32 and the typical repeat buyer was 49. Nationally, the typical buyer was 42, the typical first time buyer was 31 and the typical repeat buyer was 52.
- The median income in Massachusetts was $95,500 in Massachusetts and $83,300 nationally. In Massachusetts, the median income was $84,200 among first time buyers compared with $67,400 nationally and $110,000 for repeat buyers in Massachusetts compared with $96,000 nationally.
- 65% of home buyers in Massachusetts were married couples compared with 66% nationally.
3 BUYING TIPS from RIS Media:
- List your essentials: # of bedrooms, baths, desired location, etc. See what has sold in the last six months that fit your needs and determine if you are in the proper price range. If not, re-evaluate.
- Get pre-approved from a lender. Know the difference between pre-qualified and pre-approved.
- Pre-qualified: a bank has qualified a borrower for a mortgage based on information provided by the borrower but has not yet checked their credentials.
- Pre-approval is far more desirable. The bank has thoroughly checked out your financial status and is ready to give you a loan.
3. When making an offer, don’t low-ball. Inventory shortages and competing buyers mean you won’t succeed. Make a fair offer.