Frequently Asked Questions from Home Buyers

Find answers to common questions about buying a home in the Greater Boston real estate market.

The Home Buying Process

What is the first step in the home buying process?
The first step is to determine your budget. Then, secure a mortgage pre-approval from a lender. This shows sellers you are a serious, qualified buyer. A pre-approval also clarifies how much you can borrow.

How long does it take to buy a home in Boston?
The timeline varies. It depends on market conditions, your specific needs, and inventory levels. From the initial search to closing, the process often takes several months. A prepared buyer can move more efficiently.

What happens after my offer is accepted?
After acceptance, you will sign a Purchase and Sale Agreement (P&S). This is a legally binding contract. You will then conduct a home inspection. Your lender will also complete the mortgage underwriting process before closing.

Financing Your Home

What is the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate of what you might be able to borrow. It is based on self-reported financial information. Pre-approval is a conditional commitment from a lender for a specific loan amount. It requires verification of your financial documents.

What are typical down payment requirements?
Down payment amounts vary by loan type. Conventional loans often require 5-20% of the purchase price. FHA loans may require as little as 3.5%. Some loan programs have different requirements.

What are buyer closing costs?
Closing costs for buyers typically include lender fees, appraisal fees, and title insurance. You will also pay for the home inspection and attorney fees. These costs are in addition to your down payment. They usually total 2-4% of the home's purchase price.

Working with an Agent

Why should I work with a buyer's agent?
A buyer's agent represents your interests in the transaction. They provide market expertise and help you find suitable properties. They also assist with offer strategy, negotiations, and navigating the process to closing.

Does it cost money to hire a buyer's agent?
Typically, the buyer does not pay their agent's commission. The commission is usually paid by the seller from the sale proceeds. This is outlined in the listing agreement.

Why Choose Advisors Living?

Advisors Living offers specialized knowledge of the Greater Boston market and extensive experience in residential real estate. Our advisors deliver in-depth market analysis, expert negotiation, and support at every step, from your initial search through closing. With access to a wide network of properties, Advisors Living helps buyers make informed, confident decisions. Visit our buyer's guide for more information.

Navigating the Greater Boston Market

How competitive is the Greater Boston real estate market?
The market is often competitive. Properties can receive multiple offers, especially in desirable locations. Working with an experienced agent is essential to craft a strong offer.

What should I look for during a home tour?
Look beyond the cosmetic features. Pay attention to the home's layout and condition. Note the age of major systems like the roof, HVAC, and water heater. Assess the property for any signs of deferred maintenance.