Dear home buyer,
At Nuhom, transparency is at the center of what we do and how we do it. The purchase of your home may be one of the largest investments in your life. Understanding what you’re buying, who is helping you buy it, and how all parties are involved is something you have the right to know. In fact, in this case, given the financial decision involved, it should be overemphasized.
Recently, the Department of Justice (DOJ) and the National Realtors Association (NAR) settled an antitrust case which we hope and believe will bring more transparency to the experience of homebuying. To clarify, the NAR is the governing body of all of the area multiple listing services (MLS) and it’s brokers and agents. …
Homeownership is an opportunity for you to grow wealth, stop renting, and satisfy your needs at various life stages. These are a few of the many reasons why you may consider buying a home, but the truth is, the process to do so can be cumbersome. Given the technology available today, we believe home buying is broken. But, it can be fixed!
This year, with rock bottom interest rates, homebuyers have been incentivized to buy a home during the pandemic. However, coupled with low inventory for sale, this has fueled record high home prices. Bidding wars and offers with little to no buyer contingencies became the norm, especially for single family homes. …
Dear home buyer,
We’ve seen it especially in the Greater Boston market — Homes selling for $50k over asking price! $30k over asking price! And so on. Homebuyers and sellers often talk about their home sale experience based on their purchase price relative to the asking price. Is this the right way to think about it? When home buyers see a lovely home hit the market, they focus almost entirely on photos and the asking price.
But, what is the asking price and where does it come from?
The asking price on a home is arrived at by the seller and the seller’s agent. It’s their way to attract (you) buyers and eyeballs to the property. The asking price is often not geared to match home comparables. Home comparables are similar homes and their recent sale prices. …
Can you imagine being able to buy a home online?
Today, it seems like all forms of buying and selling have moved online. We have seen that the current pandemic has accelerated the use of online mediums and marketplaces.
While geared mainly towards distressed properties, sites like auction.com and hubzu.com allow you to buy a property in an auction style format and complete much of the home transaction online. Although these sites are geared towards flip investors, the process and technology can be applied to the consumer home buyer.
In 2019, Amazon launched TurnKey in partnership with Realogy, who own household brokerage name brands like Coldwell Banker, Gibson Sotheby’s and Century 21. With TurnKey, Amazon and Realogy hoped to match potential homebuyers with local agents using the Amazon portal. Customers who purchased a home with that agent would receive up to $5,000 in Amazon Home Services gift cards and smart home products like Amazon’s Echo Dot, Ring Doorbells, Fire TV along with installation services. Due to covid-19 reasons, this program was discontinued in early 2020. Given Amazon’s 215 million monthly visitors (Statista), it could position itself to be one of the largest lead sources out there. …
Dear home buyer,
Let’s start with a helpful definition:
At Nuhom, we define the ‘equity home’ as a home you buy which appreciates in value over time. This doesn’t have to be your first home purchase, but it certainly can be. That appreciation in value is your equity and you can access it in three ways:
Home Equity = (Home Value) — (Mortgage Balance)
The two best ways to create equity or value…
Dear Home Buyer,
We believe that real estate if bought right, is one of the best long-term wealth creators and investment diversification methods available to individuals. Buying a multifamily property has been one great way for many to get their feet wet in the real estate market. For those who are also looking for a way to get out of renting, buying a multifamily can allow you to live in one unit and rent out the others. Many of our clients are doing this in two and three unit multifamily properties.
Boston home owners have generally been quite successful with property value. This is a market where buyers have dwarfed sellers, jobs and population growth have been up, and local research and institutions have been a bedrock. These reasons have provided home price stability and value growth in Boston. …
I am so excited to start my new career in marketing at Nuhom. When I initially heard about the innovative, fast, and easy manner in which Nuhom approaches home buying, I was thrilled to know that someone had finally revolutionized the real estate market. Nuhom is onto something, and it’s big.
Real estate has been around for a long time, yet unlike almost every other industry it hasn’t adapted to modern times. Traditionally, the home buying process has not kept up with consumer behavioral shifts and technology. Before hearing about Nuhom I thought to myself, “how could the real estate market transition to adapt with technology and make the experience easier?” The answer? Nuhom. …
You may have heard from a parent or a friend that you need to be able to make a 20% down payment in order to buy a home. Is it true? Simply said, no it is not true, but if you don’t put down 20% there are considerations.
Providing a 20% down payment on a home is called getting a ‘conventional and conforming’ loan, but for many, this can be difficult. Let’s say you have a home with a purchasing price of $600,000, that would be a $120,000 investment plus any closing costs. That is no chump change! Banks and lenders have created mortgage products in which you can provide as little as 5% of the purchase price. Also, if you qualify for an FHA loan or another government insured program, you can put down 3.5% …
We have been closely monitoring the Boston real estate market during Covid-19 and its impact. Below is what we see so far.
Source: MLS, Freddie Mac, Home Type: Single Family, Multi-Family, Condominiums, Counties: Middlesex, Norfolk, Suffolk
Dear home buyer,
Buying a home is an exciting time in your life! However, the process as it stands can be a large undertaking both in spending time making decisions and investing hard-earned money.
We continue to believe homeownership is a great way to create your own living experience, escape the rental cycle, and in many cases create wealth over the long term.
As a company, we recognize the efforts and time invested by the home buyer in the home buying process. …