1. Determine how much to spend.
Discover a clear sense of your financial self or selves
- Where is your cash and what is required to tap it for a home purchase?
- Most buyers will need to secure a loan (a mortgage) to purchase. Get a loan preapproval letter from a bank or mortgage lender or mortgage broker.
- Determine your price range. Essential first step. Look to buy
A) what you can afford
B) and are willing to spend

What are the costs of ownership?
Loan – monthly payment x 12
Property taxes – In Cambridge in 2011, annual tax rate is $8.16 per $1,000 of assessed value and the residential exemption savings is $1,601.20. So, if you purchase a residence for $400,000, you can expect your annual tax bill to be 400 x $8.16 = $3,264 (less 1,601.20 if it is your primary residence)
Insurance – Homeowner’s insurance
Condo fee – monthly payment x 12
Maintenance – utilities, upkeep, et

2. Decide when to move.
Lease agreement in place? Give proper notice to your landlord.

If you buy something today (that is, put a property under accepted offer), typical closing date – the date you take ownership – is usually six weeks out. Four weeks is fast. Eight weeks is slow.

Allow yourself time to search.

Remember, too, that the market is seasonal:
1. Spring market is January to June, with March and April and May being the peak months.
2. Fall market is after Labor Day (early September) through mid-November.
3. Summer market is June through August.
4. Winter market is mid-November through early January.

3. Decide where to live.
Get the focus on one or more areas and prioritize the list.
Establish a relationship with a real estate agent in your primary search area to be your buyer’s agent.
Your real estate agent in your primary search area will refer you to a good agent or agents in secondary location(s).
Real estate is a referral-based business. Have your primary real estate agent connect you with other agents.

Your real estate agent in your primary search area is the most important person in your real estate search.
Your real estate agent is like the coach and you are like the quarterback.

You benefit by having a real estate agent:
- Free (Buyer’s agent paid through transaction by listing agent or seller)
- Experienced (Buyer’s agent will have seen thousands of properties)
- Knowledgeable (Buyer’s agent learns something new in every transaction)

The average buyer goes through four to five experiences of buying and selling in their lives. A top agent goes through four to five experiences of buying and selling every month or two.

4. Search for home sweet home.
So, now you know how much you want to spend.
If you will be needing a loan, you have a preapproval letter for a loan.
You have determined the area you wish to live and established a relationship with a real estate agent as your buyer’s agent.
Meet with your agent to focus your search and discuss specific requirements and wish list.

Sign up on your agent’s website for daily updates on properties in your price range.
Communicate on a regular basis with your agent regarding properties of interest.

Seek to see properties
1)     online
2)     on Sunday open house circuit
3)     on a tour
4)     by appointment

Learn from what you see – refine your search with your real estate agent.
Consider resale value.
Pay attention to you real estate agent and what he has to say.
If a property comes into focus as a contender, your real estate agent can complete a market analysis of value. Is the price low? On the mark? High?

5. Make an offer and proceed to closing.
When you are ready to make an offer, your agent will guide you through this process.

If your offer is accepted, you will
a) have a home inspection. Your real estate agent can recommend inspectors. Typical cost is around $500.
b) retain a real estate attorney. Your real estate agent can recommend attorneys. Typical cost is around $600 to $1,000. Your real estate attorney will review title insurance with you.

If the deal is still on after the home inspection, the buyer’s attorney gets busy in concert with seller’s attorney in working out the purchase and sale agreement  – the p & s - which takes the place of the signed, accepted offer.

Typically, at the time the P&S is executed the buyer has decided which lender to work with and completes all the forms for the loan.

Typically, a month after the purchase and sale is signed, the mortgage commitment from the lender is due.

Finally, the closing! You own it!

For more information on the home-buying process, please contact me at ccherney@hammondre.com or 617-733-8937. I am a Harvard graduate, Cambridge resident and a top broker in the city since 1999. I would be delighted to be of assistance to you.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

Learn more about Cambridge, Massachusetts and Cambridge real estate on my blog at www.CambridgeTumblr.com.

The Cambridge Real Estate Blog.

4. Get connected if possible with your real estate broker online. Log in as a new visitor on your agent’s website for daily updates and to search properties at any time which are currently active, now under accepted offer and recently sold. I frequently communicate via email with buyer clients during the course of a search. I am, of course, available by phone and in person as appropriate. That being said, a great deal can be and is accomplished via email during the course of a search.

3. Pay close and careful attention to all the properties you see. Even if the house is a bomb, a light may go off in the kitchen on your tour that you want an island. It may come to you on the dark and dreary back deck that you really want a deck – all properties send messages. Let them speak to you so that you can refine your search parameters and learn what is important to you.

2. Have your real estate agent complete a market analysis for a property you feel inclined to make an offer on. When you think you are ready to do something, your real estate agent ought to carefully consider the subject property with you, weighing pluses and minuses. Also, your agent ought to crunch the numbers and review relevant properties now for sale, under accepted offer, and recently sold. Is it a deal? Priced right? Overpriced?

1. Maintain a positive attitude. Things can and do happen in a real estate search: you might lose out in a multiple offer situation; it might be discovered during a home inspection that your dream home has a serious structural defect; the place you are certain is perfect for you comes on the market when you are out of town. HANG IN THERE! Keep a positive attitude. Remember, this is real estate – expect the unexpected.

Generally speaking for most buyers who practice these five precepts, the result is a successful search.

If you are considering buying or selling in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937.  I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

Take the pulse of the Cambridge right now on Twitter.

The Cambridge Real Estate Blog.

Retain a hard-working buyer’s agent who is value-added to your search.

A buyer’s agent who
- tracks the market and alerts you to listings of notecomes to truly understand your search and over time develops a refined sense of what is suitable and what is not
- is capable of completing a meaningful market analysis when a property of interest comes into focus
- is a good negotiator and a well-spoken advocate for your interests
- knows the market and can help you weigh and consider the offerings in a meaningful way
- is a dependable source of information and insights about the market, your search, and the home-buying process.

Carefully consider the resale value of the property you wish to buy.
Size. Price. Location. Condition. Upside. Many factors – consider them all.

Learn from yourself in your search what you are really searching for.
A tour of six properties on a Tuesday afternoon may not turn up your dream home. However, pay attention at each address and learn from yourself what you are really searching for – climbing to the top floor and being short of breath may remind you that you want to be on the first floor. Responding very positively to a new kitchen may bring home the importance of finding a cook’s kitchen. Looking out the window at the neighbor’s picture-perfect yard may tell you that for your new  home you really want a super outdoor space – or maybe just a nice view. PAY ATTENTION to what you are thinking and feeling in the course of your search and learn from yourself as your search opens up and advances forward.

Be realistic.
It’s not about lowering your standards -rather, it’s about understanding what is achievable in your price range.

Be positive.
You are much more likely to succeed in your search with a positive mindset. You do not have to find ten properties – you need to find one. Specifically, one which meets your needs and is a good choice for you now and looking forward. For sure, there’s more to the process than a positive mindset. However, being positive goes a long way towards allowing for a successful outcome in your search.

If you are considering buying (or selling) in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937.  I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

Take the pulse of the Cambridge right now on Twitter.

The Cambridge Real Estate Blog.

Every buyer is different. Some need to have seen many places, often more than once, to know their mind and feel comfortable about proceeding with an offer. Others are ready to go if lightning strikes and they find the perfect place manifests itself on the first day of their search.

There is no “right way” or “wrong way” to be as a buyer. I often say to buyers, take as much time as you need to make a decision for yourself. However, once you have made a decision, act swiftly.

As a buyer’s agent, I complete a market analysis for a buyer, so that the buyer understands the market value of the property they are interested in making an offer on. A property is ultimately worth what a buyer in the marketplace is prepared to pay for it. That being said, it is useful for a buyer to know what the market value is, so that they understand if the property is a) a bargain b) priced at market value c) “overpriced.”

For a buyer ready to go, it is helpful to have an experienced buyer’s agent such as myself on board in the decision-making process. Having seen the vast majority of properties listed for sale in Cambridge in the past ten years, I can help the buyer understand an opportunity in terms of other relevant properties now for sale, currently under accepted offer, or recently sold. I can do this because I am familiar with these other properties and can compare and contrast them with the property of potential interest to the buyer client. I can also carefully review with a buyer client the various terms of their offer and help the buyer make informed decisions about all aspects of the offer they are making. As a buyer’s agent, I can also recommend home inspectors and real estate attorneys, among others.

If you are considering buying (or selling) in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937.  I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

Take the pulse of the Cambridge right now on Twitter.

The Cambridge Real Estate Blog.

Sometimes, buyers feel they are five shots behind in their search. Is the preapproval letter up-to-date? Have you and your broker reviewed the active inventory and made sure you have seen the properties of interest? Are you keeping a close watch on new listings? Have you confirmed that you understand your price range and are not missing something just outside of the range you are looking in? What have you learned about your search in reviewing the properties you have seen?

A good buyer’s agent is like a goody caddy – right there beside you to help you make informed decisions every step of the way.

Over the last ten years, I have been struck again and again by how a commitment to working together to stay on top of the market and not losing sight of a buyer’s specific requirements and particular situation leads to the winner’s circle – a residence which a buyer feels good about owning.

Off to see if Tiger can catch up with the leader!

If you are considering buying or selling in Cambridge, I am here to help. I can be reached at ccherney@hammondre.com or 617-733-8937.  I am a Harvard graduate, a Cambridge resident and a top broker in the city since 1999.

To gain instant access to photos and descriptions of all MLS properties now for sale in Cambridge, MA log in as as new visitor at Cambridge Real Estate.

Take the pulse of the Cambridge right now on Twitter.

The Cambridge Real Estate Blog.