Top 7 reasons it's a great time to buy

I figure top 10 lists are overrated so here are the Top 7 Reasons It's a Great Time To Buy:

1. Selection, selection, selection. Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.

2. No bidding wars.In 2005, we knew one family who made offers on 10 homes. They lost the
first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today.

3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell price vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse."

4. Patience is tolerated. In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.

5. Due diligence is welcomed. In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage.

6. Location, location, location.Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.

7. Real financing is available.The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business. The bottom line: It's a great time to buy real estate!

Call me at 617 784 8635 to buy something this summer!

Copyright © 2008 RE/MAX International Inc. 7/22/08

Newer buildings going rental...

Either good or bad..... it's happening....The Carruth and The Schoolhouse at Lower Mills will be rental buildings for the coming years.

My take on it is that Dorchester, especially Lower Dorchester or Lower Dot as some call it (http://www.lowerdot.com/) , will get approximately 150 high-end renters that will fall in love with Dorchester and set up for life here. All the interested downtown renters, graduate students, and relocating professionals coming from all over Boston and beyond that visit Ashmont Hill, Lower Mills or Savin Hill continue to provide great comments on the many great Dorchester neighborhoods.

Besides The Carruth and The Schoolhouse at Lower Mills as rental buildings, the Lofts at Lower Mills started off as a rental building and will be so for somthing like the next 6 years and from the looks of it will be open early October 2008. The units are amazing units (www.loftsatlowermills.com) and Cindy Erwin of Winn Residential gives the best tours. They are almost completely rented out. Here are some pictures of the construction that I took a few weeks back:

I can't wait to promote homeownership to the 150 or so new residents to Lower Dorchester who will soon be happily living here. Call me at 617 784 8635 or email me at james@bostonbayside.com with any questions about renting, buying or selling.