Buying your first home is an exciting milestone, but it can also be a daunting process, especially in a competitive market like Fall River, MA. To help you navigate the journey, we’ve compiled this comprehensive guide with valuable advice, step-by-step guidance, and tips to avoid common pitfalls. Whether you’re looking for a cozy starter home or planning to invest in your dream property, this guide will set you on the right path.
1. Get Your Finances in Order
Check Your Credit Score: Your credit score plays a crucial role in determining your mortgage rate. Obtain a copy of your credit report and check for any errors. Aim to improve your score by paying down debts and avoiding new credit inquiries.
Determine Your Budget: Calculate how much you can afford to spend on a home. Consider your income, expenses, and potential mortgage rates. Online calculators can help you get an estimate of your monthly payments and overall affordability.
Save for a Down Payment: The more you can put down upfront, the better. However, while you are saving, the market continues to appreciate in value! This could eventually cause you to have to shift to a smaller home or away from your desired location, or worse, cause you to be price you out of the market completely! While the traditional 20% down payment is ideal, many first-time buyers qualify for loans with as little as 3-5% down. And lenders will allow for home sellers to pay for some or even all of a buyer’s closing costs! You might not need as much money as you think to become a homeowner!
2. Explore Financing Options
Conventional Loans: These are popular among first-time buyers with good credit. They often require a higher down payment but offer competitive interest rates.
FHA Loans: Backed by the Federal Housing Administration, FHA loans are designed for lower-income and first-time buyers. They require a lower down payment (as low as 3.5%) and have more lenient credit requirements.
VA Loans: If you’re a veteran or active-duty service member, you might qualify for a VA loan, which offers favorable terms and often doesn’t require a down payment.
MassHousing Loans: Massachusetts offers several programs for first-time buyers, including down payment assistance and competitive mortgage rates. Explore these options to see if you qualify.
3. Start House Hunting
Work with a Local Real Estate Agent: A knowledgeable agent who specializes in the Fall River market can be invaluable. They can help you find listings that meet your criteria, schedule viewings, and provide insights into the local market conditions.
Identify Your Must-Haves: Make a list of essential features you want in a home, such as the number of bedrooms, location, and proximity to schools or work. Be prepared to compromise on some aspects, but having clear priorities will help narrow your search.
Attend Open Houses: Visiting open houses is a great way to get a feel for different neighborhoods and home styles. Take notes and photos to help remember the details of each property.
4. Make an Offer and Close the Deal
Get Pre-Approved for a Mortgage: Before making an offer, get pre-approved for a mortgage. This shows sellers you’re a serious buyer and can give you a competitive edge in a bidding war.
Make a Competitive Offer: In a hot market like Fall River, it’s essential to make a strong offer. Your real estate agent can help you determine a fair price based on comparable sales and market conditions.
Conduct a Home Inspection: Once your offer is accepted, schedule a home inspection. This is a crucial step to identify any potential issues with the property before finalizing the purchase.
Close the Deal: Work with your lender, agent, and attorney to complete the necessary paperwork. Once everything is in order, you’ll sign the final documents and receive the keys to your new home!
5. Common Pitfalls to Avoid
Overextending Your Budget: Stick to your budget to avoid financial strain. It’s easy to get carried away, but remember to consider all the associated costs of homeownership.
Skipping the Inspection: Always invest in a thorough home inspection. It can save you from unexpected repairs and expenses down the line.
Ignoring Future Resale Value: Consider the long-term potential of the property. Factors like location, school districts, and neighborhood development can significantly impact resale value.
Buying your first home in Fall River is an exciting journey that requires careful planning and informed decision-making. By following these steps and working with experienced professionals, you can navigate the process with confidence and find a home that meets your needs and budget. To help ensure your home buying experience is as smooth and stress free as possible, get your free copy of our Special Home Buyer’s Guide. With no stone left unturned, this 38+ page home buyer manual will help you every step of the way! Get your copy by visiting: https://www.ezhomesearch.net/buyersguide and Happy house hunting!
Tuesday, May 23rd, 4:30 - 6 PM
This 5 bedroom, 2.5 bath home is situated in the heart of the Fall River Highlands and is a blend of modern amenities and traditional charm. The welcoming foyer leads you to a spacious living room that features a fireplace, hardwood floors, and large windows creating a warm and inviting feeling. The formal dining room features French doors that lead to an enclosed patio, allowing for natural light to fill the space. The kitchen features granite countertops, and stainless-steel appliances and the adjacent breakfast nook is the perfect spot to enjoy your morning coffee. Also on the first floor is a den/library/home office featuring a fireplace and access to the backyard. The backyard is completely fenced in and perfect for outdoor entertaining. This homes 5 bedrooms are spacious and bright. The basement is perfect for a home gym or additional living area and also features additional storage space. If you're looking for a spacious home with space to grow, then this property is a true gem.
Click Here to Get Your FREE Copy of Our Sellers Guide to Real Estate
In a world so rapidly changing and a housing market and economy that is constantly responding to that change -- selling is a big decision and a big deal -- and I want you to know that I’m here to help with that every step of the way.
If you are like most homeowners, you have questions about where the economy is headed right now. I understand! Navigating through change can feel daunting, that's why I've done the “heavy lifting” for you and created this important Seller's Guide to walk you through everything you need to get a home sold in today's market for the highest possible price, in the shortest time, and with the fewest headaches.
Open House - Saturday, February 18th, 12:30 - 2
506 Ludlow St. Fall River MA 02721
Offered at: $319,900 | 3 Bedrooms | 1.5 Baths | 1320 S.F. Living Area
Welcome to 506 Ludlow Street located in the Maplewood neighborhood of Fall River MA. This single level ranch style home has over 1,300 square feet of living space with 3 bedrooms, and 1.5 baths. As you approach the property you will notice the ample parking and 2-car carport. The home sits on a large lot, providing plenty of room for outdoor entertaining, gardening and play. Its charming brick and vinyl exterior and well-maintained lawn are sure to catch your eye. Inside you will find a spacious living room warmed by natural light from a picture window, a county kitchen with a great storage and counter space, and a formal dining room off the kitchen that is perfect for hosting the holidays. Plus, there is a mud room entry off the kitchen that also leads to a nice size deck in the back yard. The basement is unfinished and offers great additional storage space, laundry hook-ups, a workshop and a half bath.
Thinking of Selling?
In a world so rapidly changing and a housing market and economy that is constantly responding to that change -- is a big decision and a big deal -- and I want you to know that I’m here to help with that every step of the way.
Presented by:
This is your market in a minute for multi-family homes year end 2022 in Fall River MA.
Lack of inventory continues to plague the Fall River multi-family housing market with 2022 seeing a reduction in the number of multi-family home listed for sale by 20% from the previous year further fueling the pricing appreciation.
The average selling price for a multi-family home jumped almost 19% from 2022 to $524,000 with an average price of $157 per square foot.
Fewer listings, coupled with higher interest rates, resulted in the number of closed transactions dropping 26.5%, from 468 in 2021 to 344 in 2022.
Months of supply, although still strongly in the sellers' market jumped 85% to 1.5 months' supply over the previous year.
It's going to be interesting to see how this plays out in 2023 with raising rates and lenders tightening financing coupled with low inventory.
Of course, all real estate is local, and this is only for Fall River MA, so let me know if you would like to know more about what is happening in your neighborhood, community or town. And if you like these updates. please subscribe so you can stay "in-the-know".
This lovely 3 bedroom, 2.5 bath hip roof colonial home sits on a nice size fenced in lot and is move in ready. The first floor offers a spacious living, dining and kitchen area, a laundry room and half bath. Upstairs you will find a master bedroom suite with a full bath and 2 closets, a second full bath off the hall and 2 more bedrooms. The basement has been partly finished with a family room, a kitchenette and a spare room. Other features include hardwood floors and central air, all for under $270,000!!
LOCATION, LOCATION, LOCATION! This is a commuters dream! Gage Hill Estates, an upscale condo community - is located minutes from the Fall River Country Club and route 24 for e-z access to Newport, Providence, Cape Cod and the Boston area. These townhouse condominium units both feature beautiful water views, 3 large bedrooms and 3 full baths, a garage deep enough for 2 cars, 2 private balconies, a private patio area, laundry on the second floor, room for storage and much more! The Master Suite offers a private balcony with water views, a walk-in closet, a full bath with walk-in shower and whirlpool tub! They also offer forced hot air with central ac, a fully equipped kitchen, plus there is a second private balcony off the living, the list goes on and on...And if you are looking for space, these homes have it! Just a short drive to Newport, Providence, or Cape Cod, Gage Hill Estates offers an easy commute to work or play!