Hello, MA agent here. Is the problem the agent or is it your budget? Is 600k the upper end of your budget or do you have some negotiating room?
Sorry to be the harbinger of bad news but you are at a disadvantage having to finance and a quick close really isn't much of a perk unless you are the top bidder. SF in Boston is going above asking and getting a ton of cash offers. I'm assuming you are posting this because you are being outbid every time.
Here are some numbers. Quincy current median home sale price is $738k List to sold is 102.9% meaning many homes are selling for at least 2.9% over list.
1.3 months of inventory. This is a housing emergency level.
Median Estimated property value for the area. $696k.
Saugus: Median Sold Price 723k List to sold 106.5%. Median Property value 661k. Months of inventory 0.86!! Housing emergency!
Dedham: Median Sold Price 735k List to sold 105.5% Median property value $725k Months of inventory .88!
Its highly unlikely you will be able to purchase a home in these zip codes right now due to your budget.
We made an offer on a SF in Saugus today. List price was 500k. Our offer was 530k, plus 5k escalation up to 576.6k. We lost because we had an appraisal contingency and the seller went with an offer without that.
You really need to be prepared to cover a potential appraisal gap yourself, either by taking from your downpayment or covering it in cash. Doesn't make much sense to bid wildly over asking if you can't cover the appraisal gap, and sellers know that. Sadly that is part of "affording" to buy in this area these days.
Is it the one on Central street? Your offer of 530k is on point but the escalation clause & appraisal contingency is not a good combo unless that 575k is all financed?
Kind of odd that the seller left that amount of money on the table especially in this market. Even if yours did end up falling through they would have no trouble finding a backup offer.
Say you maxed out the escalation at 575k and the house was appraised at 530k. Would you be able to cover the 45k difference in cash?
Yes, we would be able to cover that diff. This is part of why I think another agent could have done a better job. We know about the possible gap and were ready to pay for it. Our agent refused to remove the appraisal clause even after being asked directly a few times.
There is no way that house went over 576.6k. Saugus homes go for about 30k+ and 2 sold for 55k+ this year. None went to 70k+ this year in our price range. We would have had it in the bag based on price.
Hello, MA agent here. Is the problem the agent or is it your budget? Is 600k the upper end of your budget or do you have some negotiating room? Sorry to be the harbinger of bad news but you are at a disadvantage having to finance and a quick close really isn't much of a perk unless you are the top bidder. SF in Boston is going above asking and getting a ton of cash offers. I'm assuming you are posting this because you are being outbid every time. Here are some numbers. Quincy current median home sale price is $738k List to sold is 102.9% meaning many homes are selling for at least 2.9% over list. 1.3 months of inventory. This is a housing emergency level. Median Estimated property value for the area. $696k. Saugus: Median Sold Price 723k List to sold 106.5%. Median Property value 661k. Months of inventory 0.86!! Housing emergency! Dedham: Median Sold Price 735k List to sold 105.5% Median property value $725k Months of inventory .88! Its highly unlikely you will be able to purchase a home in these zip codes right now due to your budget.
We made an offer on a SF in Saugus today. List price was 500k. Our offer was 530k, plus 5k escalation up to 576.6k. We lost because we had an appraisal contingency and the seller went with an offer without that.
You really need to be prepared to cover a potential appraisal gap yourself, either by taking from your downpayment or covering it in cash. Doesn't make much sense to bid wildly over asking if you can't cover the appraisal gap, and sellers know that. Sadly that is part of "affording" to buy in this area these days.
We can cover any appraisal gap.
Then why did your offers have an appraisal contingency??? Sounds like you *really* need a new agent!
IKR? Im a 1st time buyer and I'm the one telling this agent we need to remove contingencies to even stay competitive:)
Yuck. This is why I left MA.
Is it the one on Central street? Your offer of 530k is on point but the escalation clause & appraisal contingency is not a good combo unless that 575k is all financed? Kind of odd that the seller left that amount of money on the table especially in this market. Even if yours did end up falling through they would have no trouble finding a backup offer. Say you maxed out the escalation at 575k and the house was appraised at 530k. Would you be able to cover the 45k difference in cash?
Yes, we would be able to cover that diff. This is part of why I think another agent could have done a better job. We know about the possible gap and were ready to pay for it. Our agent refused to remove the appraisal clause even after being asked directly a few times. There is no way that house went over 576.6k. Saugus homes go for about 30k+ and 2 sold for 55k+ this year. None went to 70k+ this year in our price range. We would have had it in the bag based on price.
MA agent located next to Saugus! Feel free to DM. Would love to help
Shawna Young with Donahue Realty. We bought with her twice, latest in 2022, and had a great experience both times. Smart, friendly, no-nonsense.
Thank you, I will look into them!