Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains:

“If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.”

While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. Here’s what CNET has to say about the average increase people are seeing this year:

“The average refund size is up by 6.1%, from $2,903 for 2023's tax season through March 24, to $3,081 for this season through March 22.”

Sounds great, right? Remember, your number is going to be different. But if you do get a refund, here are a few examples of how you can use it when buying a home. According to Freddie Mac:

• Saving for a down payment – One of the biggest barriers to homeownership is setting aside enough money for a down payment. You could reach your savings goal even faster by using your tax refund to help.
• Paying for closing costs – Closing costs cover some of the payments you’ll make at closing. They’re generally between 2% and 5% of the total purchase price of the home. You could direct your tax refund toward these closing costs.
• Lowering your mortgage rate – Your lender might give you the option to buy down your mortgage rate. If affordability is tight for you at today’s rates and home prices, this option may be worth exploring. If you qualify for this option, you could pay upfront to have a lower rate on your mortgage.

The best way to get ready to buy a home is to work with an experienced and skilled real estate professional who understands the process and what you’ll need to do to be ready to buy. Let’s talk about what you’re looking for, because your home may be more within reach than you think.

Joe

INTRODUCING
14 W BROADWAY #304: $899,000
1,003 SF SOUTH BOSTON 2 BED, 2 BATH, GARAGE PARKING

Luxury services and amenities in South Boston

Welcome to 14 W Broadway! This 2 bed 2 bath condo is in South Boston's premiere luxury condo building. Designer kitchen with Sub-Zero/Wolf/Asko appliances, quartz counters, large, beautiful cabinets; Large master bed with built-out closet has luxe en-suite bath with marble surround and modern vanity with quartz surface. Adjacent to the South End, great restaurants, Whole Foods, the T, and all highways! See details, amenities, and photos of 14 W Broadway #304. 

Please reach out to me for showings at 617-584-9790 or at jwolvek@bostonrealtyweb.com.

Joe

INTRODUCING 1 AVERY STREET #30-D: $2,599,000 2,036 SF MIDTOWN 2 BED, 2.5 BATH, GARAGE PARKING Beautiful five-star service building in Midtown

Welcome to the Ritz Carlton Tower I! This incredible 30th floor corner 2 bed home has top-of-the-city views and 42' wide living/dining area with floor-to-ceiling windows. Refinished Brazilian cherry floors and crown moldings throughout. Spacious primary bedroom has ample storage and spa-like en-suite bath. 2nd bedroom with en-suite marble bath and beautiful custom built-in dresser and shelves. Enjoy five-star hotel services from the Ritz with full 24 hour staff of concierge, valets, porters, doorpeople, and on-site management. 1 valet garage parking space included. Unit details and photos!  Please reach out to me for showings at 617-584-9790 or at jwolvek@bostonrealtyweb.com. Joe

 

If you’re trying to sell your home, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller's market, and historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.

But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.

The Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high, you may turn people away. As an article from U.S. News Real Estate says:

“Even in a hot market where there are more buyers than houses available for sale, buyers aren't going to pay attention to a home with an inflated asking price.”

That’s because no homebuyer wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation and today’s mortgage rates. And if they think your house is overpriced, they may write it off without even stepping foot in the front door, or simply won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with the house the longer it sits. As an article from Forbes explains:

“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won’t necessarily ask anyone what’s wrong with the home. They’ll just assume that something is indeed wrong, and will skip over the property and view more recent listings.”If  Instead, pricing it at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? An experienced real estate agent has the expertise needed to research and figure out the current market value for your home. I factor in the condition of your house or condo, any upgrades you’ve made, and what other properties like yours are selling for in your area. I use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

Let’s connect to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

Joe