U.S. real estate market news is mostly positive right
now, but how does the Boston real estate market compare specifically? Turns
out, Boston, MA is also on the upside in home prices and home sales! As your Boston real estate agent, I'd like to fill you in on the top national and local real estate news:
National News
- MSN Real Estate reported that the number of improving markets increased from 80 to 99.
- NAR reported that home sales and home prices were up in August, making it the sixth consecutive month with improvements!
- A home builder survey showed builder sentiment to be at the highest levels since June of 2006.
- CNN Money explained why it’s really smart to take advantage of low mortgage rates right now.
- Inman news reported that because housing inventory is shrinking, median home prices are increasing.
Local News
- The Boston Globe shared a comparison of home prices and sales in 2006 versus prices and sales in 2012. Boston’s median sales price in 2006 was $1,592,500, but now it’s $1,721,500! While 24 was the number of sales in 2006, it’s 36 in 2012! Most other local communities fared just as well. South Boston’s median sale price in 2006 was $382,000 and is now $432,000. Number of sales in 2006 was 37 and is now 54. Brookline also had an increase in home prices, from $980,000 in 2006 to $1,222,000 in 2012. However, Brookline was one of the few Boston area cities listed with fewer homes sold in 2012 than 2006.
- Another sign of an improving Massachusetts real estate market is that foreclosures dropped almost 30 percent compared to this time last year.
- Also, buying a home in Boston is much more affordable than renting, in both the city and the suburbs! On the North Shore, buying is 52 percent cheaper than renting, and in western suburbs, it’s 45 percent cheaper. In Boston specifically, it’s 41 percent cheaper to buy a home than it is to rent, with a monthly savings of $918, according to the Trulia survey reported on by The Boston Globe.
All of these points look positive for the Boston real estate market! However, reports by the Boston Globe also show that consumer confidence
in buying and selling in the Boston area is split. One report said that while
confidence in housing is growing, sentiment on the overall economy is falling,
though they often go hand-in-hand. For buyers, inventory is low, causing fear of bidding wars.
Where are my Boston home sellers? With eager buyers,
inventory down and home prices increasing, now is the perfect time to sell your
Boston home! Head over to my website for home-selling tips and selling mistakes to avoid
making.
Boston homebuyers, with mortgage rates low, you can’t let
this opportunity pass you by either. Head to my website for Boston listings, tips
on buying a home and moving tips.
When you’re ready to get started with the buying or selling process, contact me! As your Boston real estate agent, I am ready and willing
to help you accomplish your Boston real estate goals.
Patti Fine
Phone: 617-642-7585
Email: pf@pattifine.com
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