\u201cThere were times in the past couple of years where, after going to an open house<\/a>, I\u2019d be writing up an offer on the hood of my car for clients to get it in time,\u201d says Gary Dwyer<\/a>, an exclusive buyer\u2019s agent who ranks in the top 5% of Boston agents.<\/p>\n Need help? Don\u2019t worry. We\u2019ve done the research and talked to local real estate pros who know all the necessary steps to buy your dream home in Boston.<\/p>\n As of August 2019, the median price of a home in Boston was $507,400<\/a>. In fact, 2019 saw all-time highs in Boston home prices<\/a>. But being closer to downtown Boston causes an increase in housing costs.<\/p>\n Dwyer explains that high prices are pushing many buyers out of the \u201ccore Boston market,\u201d which includes areas like Beacon Hill, Back Bay, South End, Seaport, and South Boston, where the average price per square foot was $1,965 in the second quarter of 2019, up 13.1% annually.<\/p>\n Sellers will also sometimes purposely price a property at less than fair-market value<\/a> to get multiple offers on the table. \u201cBuyers need to do a good comparable analysis<\/a> to know what the fair-market value is, and where the property will actually come under agreement,\u201d Dwyer says.<\/p>\n Buyers, more than ever, are concerned about the length of their commute.<\/p>\n A 2019 study by the Massachusetts Department of Transportation shows that rush hour in Boston spans between 6 a.m. and 6 p.m<\/a>., when anywhere from 17% to 66% of all roadways inside Route 128 and I-495 are congested. Yikes!<\/p>\n Because of this significant traffic, homes closer to the center of the city demand a premium price. According to the study, the median price of single-family homes within a five-mile radius of Boston is about $775,000, but drops down to about $565,000 15 miles out. Prices begin to fall below $400,000 once you get 30 miles outside of Boston.<\/p>\n What does this mean for you as a buyer? Your big challenge will be to find a home within your sweet spot of commute time and budget.<\/p>\n If you’re a household with school-aged children, the top school in Massachusetts, Boston Latin School, is in the city. But with 33 public elementary, middle, and high schools recognized on the U.S. News and World Report\u2019s Best School Ranking<\/a>, there are plenty of other great options to pick from.<\/p>\n Children attend elementary and middle schools based on home location, whereas high schools are city-wide, meaning students are able to apply for any high school in the Boston Public School district<\/a>.<\/p>\n Other districts in the area with good schools include Brookline, Newton, Wellesley, Needham, Winchester, Lexington, and Concord.<\/p>\n Boston was ranked the second-best public transportation<\/a> in the United States in a 2019 study by WalletHub. But to really rack up these benefits, you need to be closer to the city center for easier access to public transportation and a shorter commute.<\/p>\n The city of Boston has an average Walk Score of 81<\/a>. The most walkable neighborhoods are Chinatown, the North End, Bay Village, Beacon Hill, and Downtown, which also all have a 100 Transit Score.<\/p>\n However, you\u2019ll be paying a premium price for these hot neighborhoods and short commutes, as the average price of a condo in these areas is $1.8 million, according to the 2019 Elliman Report.<\/p>\n There are plenty of museums scattered throughout the city, but if you want easy access to bustling nightlife, start your home search in the North End. Not only does it have the restaurants in Boston\u2019s \u201cLittle Italy,” but it puts you in walking distance to Faneuil Hall and Quincy Market, which is filled with bars and clubs like Ned Devine\u2019s and Hong Kong.<\/p>\n This neighborhood is also a short distance away from TD Garden, home to the Celtics and Bruins as well as a popular concert venue. You can also find great bars here along Canal Street.<\/p>\n Another neighborhood close to nightlife is Back Bay. Basically in the center of the city, it has easy access to Fenway Stadium and the nearby bars on Lansdowne Street as well as the Boston Theater District, which offers both dance clubs and touring musicals.<\/p>\n To get the most bang for your buck, you\u2019ll have to look further out from the city center.<\/p>\n Areas like Roxbury, Dorchester, East Boston, Jamaica Plain, and High Park are more affordable. For example, in East Boston, the average asking price is $518 per square foot<\/a> as of March 2018, according to a report by NeighborhoodX Boston. The tradeoff, though, is longer commutes to the center of the city and more limited access to public transportation.<\/p>\n With 52 colleges and universities in metropolitan interwoven in Boston, the city is bustling with students and college life. Students and professors might look for properties closer to the school itself.<\/p>\n Jamaica Plain is just 20 minutes from Downtown Boston, which features schools such as Emerson College and Suffolk University. The Fenway and Kenmore area has a plethora of colleges, including Emmanuel College, Wentworth Institute of Technology, and Simmons College.<\/p>\n The Brighton\/Allston neighborhood is closest to Boston College and Boston University, and it is just over the water to easily access Harvard University and MIT. Beacon Hill also has an easy commute to Cambridge schools and Downtown Boston.<\/p>\n There are a few additional costs and factors to consider when buying a condo in Beantown.<\/p>\n If you plan on buying into a condo association in Boston, Dwyer recommends getting a condo owner\u2019s policy to protect what isn’t covered by the master insurance policy that\u2019s typically included in your monthly fee.<\/p>\n Condo occupancy can also cause big challenges for unsuspecting buyers. In some buildings, owner-occupancy might be less than 50%<\/a>, and some lenders might not be willing or able to finance a unit in those buildings \u2014 and even if they can, buyers will have to bring 20% to 25% of the condo price to the table as a down payment.<\/p>\n The charm and character of a historic brownstone may be appealing, but buyers interested in these buildings may be facing the heat \u2014 literally. While 93.5% of new single-family homes<\/a> have a central AC system as of 2018, it typically isn\u2019t found in older Bostonian homes from the 1950s or earlier.<\/p>\n If central air is a deal-breaker in your housing search, look for a property with central air already set up instead of determining how to install it, which is an expensive trend Dwyer is seeing.<\/p>\n \u201cBefore people were buying these old houses knowing that there was no central air, and it was more of a secondary consideration if they were going to do some renovations<\/a>,\u201d Dwyer says.<\/p>\n Rather than using escrow, buyers will need a real estate attorney<\/a> to draft a sale contract. This is a two-step buying process, where the agents write and submit the offer to purchase, followed by a period of due diligence. Then, an attorney crafts the final purchase and sale contracts.<\/p>\n According to Ali Alavi, an attorney at Alavi + Braza, P.C.<\/a>, which specializes in real estate law and buyer representation in Boston, an attorney who can navigate the uncharted waters is essential with a big purchase.<\/p>\n Finding a real estate attorney who stays abreast of new developments, laws, and regulations is essential to the closing process, and could even help determine what contingencies to add to protect the buyer during the initial purchase offer like a home sale contingency, which means that the transaction is dependent upon the sale of the buyer\u2019s home.<\/p>\n \u201cI work with some lenders where they actually will not only pre-approve the buyer but they’ll also underwrite for the buyer,\u201d Dwyer says. \u201cSo, they have all the information about the buyer already nailed down.\u201d<\/p>\n When it comes to inspections, Dwyer recommends beginning with an initial home inspection<\/a> and going from there. For example, if there\u2019s evidence of mold<\/a>, a buyer would want to have a mold test and air quality test.<\/p>\n It\u2019s becoming more common for sellers to have home inspections done before listing their properties. This means small issues, like tightening doorknobs to servicing the HVAC unit, will be addressed upfront, which helps speed the buying process along.<\/p>\n![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/12\/buy-house-in-boston-finance.jpg\")
<\/a>Start with your budget in Boston<\/h2>\n
Public transportation demands a premium in Boston<\/h3>\n
![\"Books](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/12\/buy-house-in-boston-books.jpg\")
<\/a>Find quality public schools right inside the city<\/h3>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/12\/buy-house-in-boston-train.jpg\")
<\/a>The sweet spot for a shorter Boston commute<\/h2>\n
Be close to the best nightlife in Boston<\/h3>\n
If budget takes precedence<\/h3>\n
Getting easy access to local universities<\/h3>\n
Things to consider when buying a condo in Boston<\/h2>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/12\/buy-house-in-boston-neighborhood.jpg\")
<\/a>Sacrificing A\/C in historic homes<\/h2>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/12\/buy-house-in-boston-street.jpg\")
<\/a>The specifics on buying in Boston<\/h2>\n
Dealing with inspections and upgrades<\/h3>\n
Look for homes in July and October to get a lower price<\/h3>\n