Why Buy Brookline Homes

The Quincy and Brookline real estate markets are still seeing multiple offers on 300k and less homes.

A recent office listing on a 300k Quincy home solicited over 7 ‘qualified’ offers.

Some of these offers were FHA with requests for closing costs. Still, after speaking with each Quincy agent who submitted an offer I found that in every case the offeror had additional bank account reserves to cover closing costs.

I report about ‘qualified’ offers because we have been getting some ‘unqualified’ offers too. I categorize ‘unqualified’ offers as those that are FHA and request 3%+ closing costs with out verification of closing funds.

An offer like this may get accepted on a regular sale; However, when most of the Quincy homes for sale are bank owned or short sales FHA 3%+ offers without verification of closing funds just don’t fly.

When the 200k and less market is generating so many multiple offers an alternative non-FHA offer is not hard to find.

With such a crazy market this begs the question why buy now?

A recent client was looking at home. The client asked me a very fair question that any agent might get asked. The question was, “why should someone buy in this market?” I answered, Why would someone not want to buy in this market? (was my reply) With prices at an all time low now is the perfect time to buy!

I’m seeing Quincy homes NOW with purchase prices so low that the mortgage, home owners insurance and taxes combined would be lower than paying rent. Actually a few of them if you bought then rented out can see a positive cash flow.

Although, it’s getting tougher to buy distressed homes with FHA loans, it still happens (even with closing costs). Unemployment is still a major issue holding prospective buyers back, but the National Association of Realtors is easing this concern by putting special consumer protection programs in place.

So, why would someone not want to buy a Quincy right now? If your not buying all cash it’s all about balancing debt ratios. If your debt ratio is too high it might be better to pay off some of that existing credit and be able to buy later, but stronger and better.

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