What to do in a very HOT real estate market such as West Cambridge, when buying a Single-Family home?
If you are a home buyer looking to purchase a single family home in Cambridge over $900,000 get your check-books ready, have your agents scouring MLS all day long and above all do not hesitate to make an offer.
I have personally been involved in two multiple bid situations in West Cambridge on single-family properties in the last month. In one instance I was the first agent to get in to see the property. My clients signed offer documents and handed over an earnest money deposit before we even left the property yet we still ended up in a multiple offer situation that included four other parties. We ended up being out-bid in the end. The second offering had been on for only a few weeks but once we wrote up an offer the agent alerted anyone else sitting on the sidelines, which spurred on the same scenario. Finally, the third time was a charm and we ended up getting a beautiful home.
Getting to the point of winning a multiple offer situation can be very narrowing. Price is always paramount, however, and particularly in West Cambridge where many of the homes there will require extensive renovation work, the absence of any type of contingencies becomes just as important.
If you’re going to go through a “gut renovation” project, then remove a home inspection contingency. You’ll most likely be replacing all current systems in the home, the roof, windows, etc. so why set yourself up for losing out when in reality you will simply be addressing the major issues once the work begins. If you are concerned with the structural integrity of the home in general, the foundation, etc. then have your agent do that initial walk-through with a licensed, experienced contractor/builder who knows what to look for and can advise you on potential issues. In the end you have to feel comfortable about your decision and if you’re not confident enough to do this then by all means have an inspection clause with your offer.
In the transactions I’ve been involved with where deals are done with all cash or very little financing, then don’t include a mortgage contingency.
The point is, there’s so little inventory available in the single-family market in Cambridge, particularly West Cambridge that you need to know what might be coming on the market before it even hits the street. Then, you need to have all of your “ducks in a row” when it comes to an offer, again before you even know you’re going to write something up.
Because West Cambridge offers the feeling of living in the suburbs while only being a short drive into downtown Boston, it’s always been a favorite of locals. It lacks the commuting time of any of the suburban towns yet is minutes to everything including Harvard Square, the Charles River, access to highways, etc.
This market doesn’t appear to be slowing down any time soon.
If you would like me to put you on a list of potential homebuyers that I will continuously monitor the market on behalf of then please contact me immediately.