John Colby
Colby Realty | 978-249-5871 | [email protected]


Posted by John Colby on 8/9/2020

Photo by Fizkes via Shutterstock

Few things are more exciting than buying a house and making it your home. Knowing when itís the right time to buy derives from your personal circumstances, but some external elements and market realities affect when itís right to buy too.

Here are some of the things that can affect your decision to purchase a home, and the timing to do it.

  • Interest rates. Right now, interest rates are low, making housing affordable. Keeping an eye on rates can save you money. You can get pre-approval for a mortgage that locks in a low rate, so check out the programs offered by various lenders to see which one has the most useful option for you.
  • Inventory levels. Listed homes in your area that fit your budget, and your criteria, ebb and flow. Develop a relationship with a qualified real estate market specialist to keep tabs on inventory levels, so you know when to buy.
  • Increased prices. Supply and demand drive up prices, so if prices begin to increase it may be time to step into the market. Again, your real estate agent can keep you apprised of price fluctuations in the market.
  • Income levels. You might simply be waiting for a promised raise or that bonus to plump up your down-payment cache. When thatís the case, notify your agent of your expectation and the timing so that they begin looking for you just ahead of when youíre ready to make the purchase.
  • Income tax refunds. Although using the IRS as a savings account is a poor financial strategy, sometimes, you end up with a bigger refund than youíd anticipated. When that happens, and you receive the extra funds, it might be time to make homeownership a reality.
  • Investments. When an investment gives you an unexpected return, it might be time to reinvest it into a home.

If any of these are true, you may be financially ready. When making any financial decisionóespecially huge ones such as buying a homeóit's essential to contemplate the reason behind your decision. What do you believe a home provides you? How does it fit into your future goals? Are you willing to tie up your funds in a non-liquid investment? Are you prepared to handle the maintenance? Do you have time for upkeep?

When you feel positive about your answers, reach out to your agent for advice, and to start looking for your new home. 




Tags: buyer tips   finances   New Buyers  
Categories: Uncategorized  


Posted by John Colby on 8/2/2020

Let's face it Ė the mere thought of informing family members about your decision to pursue a new home may cause your blood pressure to rise. However, there are many reasons why it often is beneficial to notify family members about your decision to kick off a search for a new residence. These reasons include:

1. You can identify and address potential homebuying hurdles.

Your family typically has your best interests in mind. As such, family members can help you plan ahead for the homebuying journey and resolve any potential conflicts.

For example, family members can help you analyze prospective home financing options. They may even be able to put you in touch with local banks and credit unions that can help you get pre-approved for a mortgage. Then, once you have home financing in hand, you can enter the real estate market with a homebuying budget at your disposal.

2. You can gain homebuying insights that you may struggle to obtain elsewhere.

Family members who previously bought homes may be able to provide you with property buying insights that you probably won't receive elsewhere. With these insights, you'll be better equipped than ever before to understand the housing market and make the best-possible homebuying decision based on your individual needs.

Of course, family members may be able to keep you informed about new houses that become available in your preferred cities and towns too. Because if family members know where you want to find a home, they can help you accelerate your property search.

3. You can receive plenty of support throughout the homebuying journey.

Your family is there for you during good times and bad. If you inform family members about your decision to pursue a new home, they can provide you with comprehensive support throughout the property buying journey. As a result, family members can work with you to help you achieve your desired homebuying results in no time at all.

When it comes to getting help in your quest to discover your dream house, you may want to hire a real estate agent as well. If you have a real estate agent at your side, you can receive expert assistance as you proceed along the homebuying journey.

A real estate agent is committed to helping you find a great home at a budget-friendly price. First, he or she will meet with you and learn about your homebuying criteria. A real estate agent next will craft a personalized homebuying strategy and notify you about new homes that become available that match your property buying criteria. And once you discover your dream residence, a real estate agent will help you put together a competitive offer to purchase this house. Lastly, if your homebuying proposal is accepted, a real estate agent will help you finalize your home purchase so you close on this residence and move into your new house.

Take the guesswork out of buying a house Ė hire a real estate agent today, and you can seamlessly navigate the homebuying journey.




Categories: Uncategorized  


Posted by John Colby on 7/30/2020


70 Belgian Way, Fitchburg, MA 01420

Condo

$287,900
Price

5
Rooms
2
Beds
1/1
Full/Half Baths
Offered Nicely Furnished & Lightly used by owners 4 months per year ! This townhouse 1763 sq ft condo is the newest as it was completed in 2014 with the latest high quality, highest efficiency HVAC system, ultra efficeint hybrid water heater, upgraded features & finishes throughout ! Just walk in and start enjoying yourself ! 3 T- Stations within 10 minutes. White oak hardwood floors (up & down) throughout complement the Spacious Open Concept living area. Bright and Upbeat white kitchen w/36 doors and drawers, Bosch appliances and Granite countertops, Recessed LED lighting w/ tasteful Accent Lighting . The Natural Gas Fireplace and Slider to the Private rear deck make inviting spaces to enjoy.Large Master Suite w/ Maximized storage space, Walk-In closet & also in the well outfitted Custom Tiled Master Bath. Second bedroom has large bi-fold door closet. Huge Full Basement with High ceilings allow for further living space. Extremely efficient heating bills available. 1 car garage
Open House
No scheduled Open Houses






Tags: Real Estate   condo   Fitchburg   01420  
Categories: New Homes  


Posted by John Colby on 7/30/2020

This Single-Family in Templeton, MA recently sold for $280,000. This Split Entry style home was sold by John Colby - Colby Realty.


510 Baldwinville Rd, Templeton, MA 01468

Single-Family

$269,900
Price
$280,000
Sale Price

6
Rooms
4
Beds
2
Baths
Great Commuter Location just 1 mile t Rt 2 ! This well cared for low maintenace raised ranch has Stainless Kitchen Appliances, New Flooring and has a Freshly Painted Interior ! The backyard is private and level fenced in with a cute storage shed. The 2 bay garage is extra deep leaving room for storage and work area. Cathedral ceilings in the living room make for a bright and open concept space. This home is energy efficient and is equipped with a European style soapstone woodstove that provides even heat and lower energy costs ! Available Immediately!

Similar Properties





Categories: Sold Homes  


Posted by John Colby on 7/26/2020

In a competitive housing market--like the one we have today--sellers are fielding numerous offers, especially in desirable urban and suburban hubs.

If youíre hoping to buy your first or second home, it can be tough to make offer after offer with no success.

However, there are some things you can do to help ensure your time house hunting is well-spent and to increase your chances of getting your offer accepted.

In todayís post, Iím going to give you a few tips on how to win a bidding war on your dream home.

All-cash offer

The most effective way to ensure that your offer is accepted is to make it in all cash. Cash offers drastically simplify the real estate transaction process, making things easier on the seller.

Most buyers, especially first-time buyers, wonít be able to make an all-cash offer on a home. However, people who are downsizing after their children moved out or are buying a retirement home may find themselves in the ideal financial situation to be able to leverage a cash offer.

If that sounds like you, consider a cash offer as part of your bidding strategy.

Waive the financing contingency

If youíre new to real estate contracts, you might be wondering what a contingency is. Essentially, a contingency is an action that needs to be completed before the contract becomes valid and the sale becomes final.

There are a number of different contingencies that can be found in a real estate contract. However, the most popular are for inspections, appraisals, and financing.

If youíre planning on taking out a mortgage to purchase the home, a financing contingency protects you in case you arenít able to secure the mortgage in time. In other words, youíre not on the hook for a home you canít pay for.

In some special situations, buyers might decide to waive the financing contingency, signaling to the sellers that there wonít be any hang-ups or delays from the buyer regarding financing the home.

Waiving this contingency comes with risks (namely, being responsible for coming up with the money to pay for the home). However, there are ways to safely waive a contingency.

The most common approach is to get a fully pre-approved letter from a lender. The important distinction here is that your mortgage needs to be pre-approved and underwritten (not just pre-qualified), otherwise you again risk getting denied the mortgage in the last moments before buying your home.

Crafting a personal letter

Sometimes all it takes to win a bidding war is to be the sellerís favorite candidate. Take the time to write them a personalized letter. Explain what you love about their home and why itís perfect for your family.

Avoid talking about big changes youíll make. Remember that they probably put a lot of time and money into the home, making it exactly the way they want it, and wonít appreciate you making huge plans to undo their work as soon as theyíre out the door.


Using one, or a combination of, these three techniques, youíll be able to give yourself an edge over the competition and increase your chances of getting your offer accepted.







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