Buying a house in a super-hot sellers’ market (meaning most of Eastern Mass.) favors buyers who are prepared as much as possible before they start seriously looking.
Yes, there are exceptions and everyone’s heard about buyers who found their unicorn house with a unicorn seller and it all happened like magic. But it’s best to understand the way things usually go and to be ready for that – including these four real estate realities in Metro Boston right now:
1> Most real estate professionals are going to expect a buyer to have a strong pre-approval before they will show any homes. If you are planning to buy with mortgage financing, before you do anything else you should identify a local lender and sit down to talk with them about all of your financing options.
You’re looking for a lender you sense you can get to know and trust – ideally a lender others know and trust too.
There are stories about sellers choosing buyers with financing from local lenders that the sellers’ brokers trusted to get to the closing on time. Does it matter where you get your mortgage? It could!
2> With so many markets around here so competitive, some buyers are finding success in towns they hadn’t previously considered. Do online research and actual visits to start building your in-person understanding of the area you’re considering.
3> This is a very significant one: Because of the 2024 NAR/National Association of REALTORS® settlement, buyers will now usually be asked to sign a binding agreement with a real estate agent before they show you a specific home or go touring with you. Again, there exceptions. But most sellers are represented by agents who are affected by the settlement. So this is a critically-important new development buyers must understand and be prepared to deal with.
Buyers should not sign any documents involving real estate representation on the fly. Buyers who sign casually are sometimes finding themselves legally bound to a specific broker more than they expected, intended or wanted to be – and those agreements can be difficult or impossible to get out of.
It’s easy to find tons of information about the NAR settlement online. But – as with so much of the home-buying process – careful serious buyers should be making contact with local real estate professionals in their target area well in advance and doing non-binding informational interviews.
Get each agent to clearly explain how the settlement affects how they will work with you. Real estate contract arrangements can vary widely. Take your time and make sure you fully understand what an agent is asking you to agree to and pay for.
4> As with trusted local lenders and real estate agents, good local real estate attorneys have seen it all. When it comes to an often-complicated, often-emotional major purchase like a house, it can make a real difference to have a real estate attorney well before the closing – someone you can ask for a quick objective 2nd opinion of any document you’re being asked to sign, or for some hand-holding. You may be able to get a reference to a local real estate attorney from your lender or real estate agent.
Luck and timing are usually huge parts of successfully buying a house. Doing your research and lining up professionals you like and trust will go a long way to your being ready to make the most of your opportunities.
From the “Smart About Money” Canton Citizen column published on July 10 2025.
Nick Maffeo is the President & CEO of Canton Co-operative Bank – right next to the Post Office – in Canton.
Have a question? Email to info@cantoncoopbank.com.