Lots of new real estate reports have been released at the
national and local level. As your Boston real estate agent, I’d like to keep
you informed as much as possible about what is going on! If you’re gearing up
to sell your Boston home, or to buy a Boston home, you should know what’s
happening in the Boston real estate market.
The Case-Shiller Index released its latest report about home
prices. Nationally, home prices jumped 12.2 percent in top metro markets from April to May. That’s a huge jump! Although, it’s important to know that this number
includes the re-sale of foreclosures, which throws the number off a bit.
In Boston, MA, home prices rose by a modest 1.8 percent in
May over April, according to Boston.com. This is a much better number to look
at, considering it is based off local statistics only. Historically, home
prices are still relatively low, so it’s still a good time to buy a Boston home.
It’s good news for Boston home sellers, too. While home
prices only rose 1.8 percent month-to-month, prices are still up 7.5 percent
from a year ago! Nationally, the median existing-home price rose 13.5 percent in
June, compared to June 2012, according to the National Association of Realtors.
So the Boston real estate market is doing quite well in its house recovery.
Another sign of a strong, permanent housing recovery is that
foreclosure inventory and distressed sales have decreased to their lowest
levels since tracking began in October 2008. All three housing measure index
components rose as well. Home sale conditions rose five points, home sale
expectations increased seven points, and traffic of prospective homebuyers rose
five points.
What does all this mean? It means that housing sentiment is
high! According to DS News, eight in 10 Americans believe that owning a home is
a good financial decision. The number of renters who want to own is up, and more than half of
renters say owning a home is a top priority, according to a NAR report.
What does all this mean for you? As a Boston home seller:
- Home prices and home values are rising, meaning you can sell your home for a great price!
- Buyers are eager, meaning your home is likely to sell very fast.
- Because mortgage rates and prices are rising, if you want to move up in the Boston real estate market, now is the time to do it.
What it means as a Boston homebuyer:
- Home prices are rising, but they’re still low by historical standards.
- Mortgage rates are rising too, so the sooner you buy a Boston home, the more you’ll save.
- Homebuyer sentiment is up and more renters are entering the market. Beat the competition!
If you have any questions about all this, contact me, your
Boston real estate agent. I’d be happy to help you out!
Phone: 617-642-7585
Email: pf@pattifine.com
Patti Fine Real Estate
Greater Boston Area Homes
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