Boston Market Statistics: The #1 Reason to Buy a Boston Home in 2013!

Happy New Year! How did you ring in 2013? Were you celebrating inside your Boston home, at a local establishment or at First Night Boston? I hope you enjoyed yourself and that you came up with a fantastic New Year’s resolution.

If you’re a renter in the Boston, MA area, as a Boston real estate agent, I have the perfect resolution for you. Buy a Boston home this year. Why? It’s the better investment.

While home prices are quickly rising in the Boston, MA area, rental prices are rising even faster! Boston.com reported that asking prices rose 4 percent from December 2011 to December 2012. In comparison, rental prices rose 6.4 percent! Specifically, a one-bedroom median rent in 2009 was just under $1,500 and is now $2,000. A two-bedroom rent was $1,985 in 2009 and is now $2,500.

The math speaks for itself. As a renter, you should buy a Boston home as soon as you can! With home prices and home sales predicted to continue increasing this year, houses will cost more the longer you wait, and the options on the market might decrease. But mortgage rates are still historically low right now, which really helps to make owning a home affordable.

How can you prepare to buy a Boston home this year? Here are some steps to take. When you’re ready, contact me, your Boston real estate agent! I’ll be looking forward to your call!

Schedule a meeting with a lender to find out what your credit score is and how much of a loan you can receive, based on your credit score, credit history, employment, residence, savings and numerous other factors. This first step is a must, because only then will you know what your home affordability is and what type of homes and price ranges to look at. Plus, home sellers want a buyer that is already pre-approved. It shows that you are serious about buying.
If you’re credit score is less than ideal, do all you can to bump it up. Use credit cards regularly, but pay them off as often as possible. If your income level is on the low side, find a second job to increase what you have set aside for a down payment. Cut back on dining out, brew your own coffee at home, host game nights and do whatever you can to save. Every little bit helps!
Once you’re ready to start looking, head to my website to browse the Boston real estate market. Contact me, so I can find you homes that are in your price range and in your ideal location. We can visit showings and open houses, negotiate prices, schedule inspections and come up with a closing agreement. As your Boston real estate agent, I’ll be with you every step of the way!