First-Time Home Buyer in Cohasset:  6 Things to Know

First-Time Home Buyer in Cohasset: 6 Things to Know


Have you set your sights on settling down in Cohasset as a first-time homebuyer? With all the charm of a small New England town and easy access to big city amenities, Cohasset is located along the coast just south of Boston.

In the town of just over 8,000 people, there is a strong sense of community and belonging. The scenic shoreline, picturesque parks, and serene walking trails of Cohasset offer plenty of opportunities to enjoy the outdoors. Additionally, the city is home to a variety of excellent restaurants, shopping options, and arts and culture establishments.

As a first-time home buyer in Cohasset, the area offers a diverse range of housing options to choose from, and the prices can vary greatly depending on the location and the type of property you're interested in. A median home price in highly desirable neighborhoods can easily exceed $1 million, with some properties fetching prices as high as $2.5 million (and more!). As a first-time home buyer, don't worry if that's not in your budget; there are also up-and-coming areas with more affordable options.

1. Make yourself stand out

In a competitive housing market like Cohasset, it's important to differentiate yourself as a buyer. Home prices are among the most expensive in the state, with a median home value in Cohasset trending a little over $1.22 million as of February 2023, and the average days on market for homes in the area is 76 days. Take the following steps to show sellers you are a serious buyer and interested in getting a deal done:

  • Make sure you are pre-approved for a mortgage before making an offer to show the seller that you are a serious buyer.
  • Write a letter to the seller explaining why you are interested in the property and why it would be a good fit for you and your family.
  • Be aggressive with your offer price, but only offer what you can afford.

2. Find a good real estate agent

Find a Cohasset real estate agent who knows the area and has experience working with first-time homebuyers. Pamela Bates has 16 years of experience working with buyers and sellers in the Cohasset market. She has helped buyers at all price points find their first home.   She can be a valuable partner in your home buying journey and provide the following services:

Expertise in the local market

Pamela has a deep knowledge of the Cohasset market.  She can provide valuable insights into current market trends, pricing, and neighborhood features.

Access to off-market listings

Some homes may not be publicly listed on the market, but a well-connected real estate agent, such as Pamela, may have access to these off-market listings. This can give you a competitive edge in a hot housing market like Cohasset.

Help with negotiations

Negotiating an offer can be stressful and complicated, but a knowledgeable real estate agent can help you navigate the process. Pamela has helped buyers purchase over 150 homes and  can help educate you on what is a reasonable offer and counteroffer and can help you negotiate terms that work for both you and the seller.

Assistance with paperwork

Buying a home involves a lot of paperwork, from the initial offer to the closing documents. Pamela can help you understand and complete the necessary paperwork to ensure a smooth and successful transaction.

3. It doesn’t always make sense to put down 20%

The 20% down payment can help you avoid private mortgage insurance (PMI), but it's not always necessary or feasible for first-time homebuyers. Loan programs that require less than 20% down are available, so it's important to explore all your options and work with a lender who can help you find the right mortgage. For example, MassHousing offers affordable mortgage products with low down payment requirements and competitive interest rates.

4. Be prepared to pay property taxes

In Cohasset, property taxes can be high, so it's important to factor these costs into your budget when buying a home. The property tax rate in Cohasset is 11.8%, which means that for a home with a median value of $1.3 million, the annual property tax bill would be around $14,040. Your real estate agent or lender can help you estimate property taxes for homes you're interested in and factor them into your monthly mortgage payments.

5. Discover available loans and homebuyer assistance programs

There are many loan programs and homebuyer assistance programs available to first-time buyers in Cohasset. For example, the state offers the ONE Mortgage program, which provides affordable financing and down payment assistance to low- and moderate-income first-time homebuyers. Your real estate agent or lender can help you explore these options and determine which programs you might be eligible for.

6. Take a homebuyer education course

Many homebuyer assistance programs require the completion of a homebuyer education course, which can provide valuable information and resources for first-time buyers. A course on homebuyer education is required for some mortgage products offered by MassHousing, for example. These courses cover topics like budgeting, credit, and the home-buying process and can help you feel more confident and prepared as you navigate the housing market as a first-time home buyer in Cohasset.

Discover more tips for becoming a homeowner in Cohasset

This desirable coastal community offers a rich history and several distinct neighborhoods, which means that choosing the right location and navigating the buying process as a first-time home buyer in Cohasset can be daunting.

Choosing the right Cohasset real estate agent can make all the difference when it comes to finding and buying your dream home. Using her experience in the local market, Pamela Bates can help you find the perfect property and negotiate the best deal. Pamela provides the skills and resources for first-time homebuyers to help them achieve their goals.

Ready to explore more insightful real estate tips? Follow Pamela Bates on Instagram (@pamelabatesrealtor) for exclusive behind-the-scenes looks and expert advice!

Work With Pamela

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.

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