Relocating to Boston: When to start working with a realtor? (Newton: sales, real estate)

[VTLiving]

If I plan to move to the Boston area in roughly 12 months time, when should I contact and start working with a realtor there? Should I wait until I put my current house on the market? Should we work with a realtor earlier to get a feel for the towns/neighborhoods where we want to center our search? Should I wait until I have an offer on my house so that we can actually make an offer on a place in Mass? I dont want to waste anyone's time but I also dont want to be late in the game either.

Also, is there a time of year where more houses come on the market. I have been looking at the MLS recently and is it fair to say that summer is pretty slow?

[kmann-sherborn]

I would say it's a good idea to get your home on the market and ideally have it at least under agreement before you make an offer on another home, since having a home sale contingency in your new purchase will make it harder to get your offer accepted. However, that's not to say that you shouldn't start working with an agent. I think it's a good idea to check out a few agents online, see if they're offering information that will be helpful in making your initial list of communities to focus on, then chat with a few and see who you click with best. Also if you have an opportunity to visit before your move you might ask your realtor/buyer's agent to show you around the towns/neighborhoods of interest so you can get a feel for which ones you like best. That way once you have your home under agreement you'll have a better sense of the areas to focus on. re: timing, we are seeing fewer homes come on the market in the summer, although there are some.

Quite a few of our clients move in the summer so they can have their children settled in the school system in September. We've also had some clients who sold their home out of state, then took a temporary rental to get a feel for the area, and then bought a few months later. However, some people prefer not to do that because they have the hassle of moving twice, and possibly having to switch school districts if the home they find is in a different area.

[VTLiving]

kmann- Thank you! See I am moving from Vermont. So ideally we will purchase before the end of the August 2013 so that the kids can start school in whatever town we buy in. I have a real estate agent that was referred to me from someone else so I plan to call her, but I dont want to start it too early. Perhaps I will contact her when we have listed our house. Is it hard to find a temporary rental? What about one that accepts pets (we have a cat and a dog)? I'd prefer to purchase rather than having to move twice.

Thanks!

[kmann-sherborn]

Short-term rentals, especially with pets, can be a little harder to find but it's not impossible. Often it's easier to find individual landlords who'll accept pets vs larger complexes.

[MikePRU]

Originally Posted by kmann-sherborn

I would say it's a good idea to get your home on the market and ideally have it at least under agreement before you make an offer on another home, since having a home sale contingency in your new purchase will make it harder to get your offer accepted. However, that's not to say that you shouldn't start working with an agent. I think it's a good idea to check out a few agents online, see if they're offering information that will be helpful in making your initial list of communities to focus on, then chat with a few and see who you click with best. Also if you have an opportunity to visit before your move you might ask your realtor/buyer's agent to show you around the towns/neighborhoods of interest so you can get a feel for which ones you like best. That way once you have your home under agreement you'll have a better sense of the areas to focus on. re: timing, we are seeing fewer homes come on the market in the summer, although there are some.

Quite a few of our clients move in the summer so they can have their children settled in the school system in September. We've also had some clients who sold their home out of state, then took a temporary rental to get a feel for the area, and then bought a few months later. However, some people prefer not to do that because they have the hassle of moving twice, and possibly having to switch school districts if the home they find is in a different area.

Solid advice! Get your home on the market and get it under contract ASAP. In many of the more popular towns in this area (Needham, Natick, Newton, etc) very few people are going to accept an offer with a home sale contingency on it. There's enough demand where a seller can just wait for the next offer.

Also, don't wait to contact a Realtor in your destination area. Have them take you out on a tour of towns you might be interested in and maybe view a few listings so that you can see what your money will buy you. If your real estate agent ever gives you the impression that you are wasting their time, you're working with the wrong agent. They work for you and their job is not just to sell you a house but rather first to educate you about the area so that you can decide on a location first. They should also educate you about the pluses/minuses of various styles of house and even the different parts of town.

Your agent should do at least if not more listening than talking though. They should be asking you many many questions about what you're looking for in your next home and hometown. They should also be listening to your feedback about houses you've seen.

The busiest time of year is April/May which has already passed. However, the second busiest time of year is coming up! The "fall market" August/September is right around the corner.

Short term rentals are tough to come by in the 'burbs and so are rentals that accept pets. Combine the two and it will not be easy to find a rental although it shouldn't be impossible.

[Cape Cod Todd]

Hello VTliving
The previous posters have good advice for you.
Let me add..
I am part owner of on Cape Cod and we have been seeing houses move very quickly in our neck of the woods if it looks good and is priced right. If you started looking now and found a house you liked it would be unlikely that it would still be there in 12 months and sometimes as few as 12 days. We have a upsurge of activity in the Spring so people can be settled for the Summer then it dies down in August with families getting the kids back to school then we get another flurry in the Fall which goes until the end of the year.
A offer is of course more solid if your house is already under agreement. We have had a few where new buyers have been marketing their old house agressively to sell then put an offer in on a house here but in some cases the sellers will still market their house and if a new buyer comes along then it comes down to a highest and best deal. Maybe you can afford to have 2 mortgages at the same time? We recently had a deal where there were 3 sales and 3 families moving one depending on the other to close. It is a little nerve wracking for those involved but once the dust settles everyone is happy.
It would be good to maybe meet with a agent or 2 and talk about property to help get a feel for what is available. Be upfront and let them know that you need to sell yours before buying another but don't get committed just yet to one agent. I do recommend as you get closer to decision time to work with a buyers agent. Many companies like ours have a daily email alert system where you enter your new home criteria and when something fitting your needs comes on the market you get a email all about it. We believe that it is a good idea to educate yourself about prices and features for a particular area before you make the big move. Take a trip and check out some open houses. Once you get a signed offer on yours then you can move quickly to find a new home. A offer for your new house is alot stronger when it doesn't have a mortgage contingency.
Good luck in your search.
Todd

[MikePRU]

Originally Posted by Cape Cod Todd

If you started looking now and found a house you liked it would be unlikely that it would still be there in 12 months and sometimes as few as 12 days.

Good point! Here in Needham many houses go under contract in the same day they appear on MLS. Being a qualified buyer and being able to move quickly will increase your chances of success. Too many people wait for the weekend or an open house and then miss out on a great home. Also, to demonstrate that you are a good buyer you want no home sale contingency in your offer and a strong pre-approval letter from your lender. As Todd mentioned, if you can say you have nothing to sell in order to buy or that your home is under contract that will only make you look better.

Originally Posted by Cape Cod Todd

It would be good to maybe meet with a agent or 2 and talk about property to help get a feel for what is available. Be upfront and let them know that you need to sell yours before buying another but don't get committed just yet to one agent.

Excellent point! Too many people get stuck with a "bad" agent because they simply went with a friend's/co-worker's/family member's recommendation. Picking an agent is like buying shoes . . . not every agent is a good fit for every client. Try on a few before you buy and see which one doesn't give you blisters.

Also, Todd mentioned not having a mortgage contingency . . . this is a typical contingency in these parts throughout many price ranges. Your offer is stronger without one, but many competing offers will also have them. Not having this contingency is something you would want to really think about hard as it offers a buyer a lot of protection.

[VTLiving]

Thanks all! The realtor I have a reference for came well-recommended by someone who just relocated to Boston as well. She said this realtor visited close to 100 open houses with her and didnt bat an eyelash at it. She was very dedicated to helping this person find the right neighborhood and house for her family.

Of course I will meet her and take some time to decide for myself. I do have a cousin who is a realtor specializing in Acton, and I'd probably call her if I was seriously considering Acton, but I am not, so...

I will definitely get my house listed and under contract before putting any offers on a place in Mass. I figured that would be the way to do it. But I do want to start looking at houses and neighborhoods before that time so that I can get an idea of exactly what we want and where we want it. We're looking for a 4 bedroom 2.5 bath home in an area with nice schools. I want a neighborhood with sidewalks and other kids to play with. Our current house is about 2600 sq feet (without the finished basement) so we would be looking for something similar. It doesnt need a finished basement but I would like the option of finishing it off down the road.

Just to clarify - when you say a "a home sale contingency" this even includes when you have your own house under contract, correct? Because we would need to sell in order to have the money for a down-payment on the next house. I imagine that if we do sell we will try to find a short term rental in Mass and then we'd be able to buy without the contingency.

Does anyone have lender recommendations? What happens when you are relocating? Right now we use a local credit union but since we are moving out of state I assume we would have to find a lender or new bank in Mass?

[kmann-sherborn]

I'd recommend Rick Scherer of MSA Mortgage. Many of our clients have worked with him & said he's fantastic to work with. 617.778.0024

[Bruins_Fan]

I'm also curious about clarification on the home sale contingencies. It would seem most buyers selling a home, would need to do so prior to closing on another home. It's one thing to be under contract as a seller, and another thing to have already closed.

Are you saying that most buyers out towards Newton, etc, have NO home sale contingency at all? They only have the financing contingency? Or do you mean they are just under contract, i.e., have the P&S done for their sale?