Home Sweet Home

18 Mar

Well, the time has come where my husband and I have decided to pull the trigger and purchase our first home together. The rates are low, the market is getting back on track and it just seems like the right thing to do. Right? Well, little did we know, this would be the most stressful process of our lives.

We started looking back in January when we finally decided that we were sick and tired of paying outrageous $$ for rent and getting nothing in return. And so, the house hunt began. We were completely clueless with the entire process. “What do we do? Who do we call?” I barely even understood what a mortgage was… But, at the end of the day, everything somehow magically came together. BUT, don’t be fooled! From the point where you start and end will be the craziest, most emotional time of your life.

The toughest part for us: Low inventory. There just weren’t any homes available for us to buy!  Homes for sale are becoming scarce in neighborhoods throughout the Boston area and it is creating a “seller’s market” (not necessarily a “buyers market”) . Real estate for sale signs, once common during the recession are now few and far between. I read somewhere that the inventory of single family homes on the market has reached a five year low. So, it was a really tough road for us and there were a lot of let downs along the way. What do I mean by “let downs?” Well, we would put an offer in on a home only to find that there were already five other offers in with two or three of them being over the asking price.  It became a battle with other buyers and let me tell you, it’s not fun.

Luckily, as the process went on, and time passed, we got better at knowing exactly what we  wanted and what we could afford/offer. So, although we paid over asking price, we were competitive. But, we had to be. At the end of the day, that’s what will get you the home you want (in this market). But, we also wanted to make sure we weren’t getting ourselves in a mess. While the shortage of homes on the market is a very competitive place for buyers, we did not want to overpay. Doing so can create problems if the home does not appraise at the sale price because lenders won’t fund loans in excess of the appraised value of the property. We haven’t had our appraisal yet, so we can’t quite cross that off the list. We’re hoping it appraises for what we paid- and I think it will.

I want to also mention that the home buying process is a numbers game. Once we made it through getting our offer accepted, the real fun started. We had an inspection. Ugh. I hated every second of it. Luckily, we got by without too much bad news and they ended up giving $$ back at closing for the things that needed to be done. Its’s all one big negotiation. I’m lucky because I have a husband who has a brilliant mind and he can crunch numbers faster & better than anyone. He really has done such a wonderful job through all of this. Jeff- If you’re reading this- thank you for being so diligent through all of this. Your excel spreadsheets and extensive research have really paid off!!! I love you.

So, here we are. We bought a home and I’m so so glad the tough part is over. We close on June 3rd, and that’s right around the corner. The only question now…will it be worth it? I don’t know the answer to that, but I sure hope so.

Here’s a picture of our new home!

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One Response to “Home Sweet Home”

  1. Anonymous July 8, 2013 at 11:27 pm #

    steph, and, Jeff, your house looks adorable.. we are so proud of you and Jeff. gOOD LUCK..We love so much. can’t wait to see you both.. Soon.

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