The inventory of distressed properties in the Boston area and throughout the nation appears to be shrinking, according to recent data. Distressed properties include both foreclosures and short sales. Keep in mind that in some areas, because of the various durations of judicial foreclosure, these properties take longer to get to market than others. Check out these intersting infographics below for more information and be sure to check out our Boston Foreclosures page!
The average market time for Boston real estate is currently around 99 days on market, which is a significant increase from the duration we were seeing just 3 to 6 months ago in Greater Boston. If you have been shopping for a home in Boston recently and have been getting frustrated by losing out in multiple offer situations, the market looks like it is headed for more of a buyer's market. If you couple this info with the expected rise in mortgage rates over the next 6-12 months, this could be the perfect time to shop for a home as a buyer! Take a look at this helpful infographic for more information about average market time in Boston as it compares to other major American areas.
In the parlance of our times, those born approximately 1980 to 2002 are considered to be "millennials" because of their direct connection and focus on the year 2000 millennial. As this group is now mostly in their late twenties and early thirties they are starting to represent a larger and larger percentage of the home buying population. The question is, what are their buying habits, statistically speaking, in the real estate marketplace?
According to recent data, around 77% of millennial homebuyers are couples, either married or unmarried, and they have a median household income of around $66,000. They also tend to have a predominant reason for wanting to stop renting and buying - simply, they want to own their own home. As we have seen in previous posts, the Affordability Index indicates that purchasing a home, with our current interest rates, is quite reasonable on the household budget, so these stats are really not that surprising. Take a look at this infographic for more details and contact the Boston Realty Team at 617-987-4811 for help finding your perfect home in the Greater Boston area!
Crucial to the answer to this question is something known as the Affordability Index, which uses median home prices, mortgage rates, and median household income to determine how much, as a percentage, of monthly household income is being spent on a motrgage payment (principal and interest). Although expressed as an index number, it is simpler to look at the percentage, which nationally is averaging about 15% right now.
A good rule-of-thumb is that anything 20% or higher indicates a good time to sell, while below that benchmark indicates a strong time to buy. Although this figure hovered in the 12% range about a year ago, the 15% current ratio still represents a strong market for buyers. As interest rates are expected to rise in the next 12 months, this change could have a drastic effect on this index, which means your window for buying in the 15% area may be about to close.
Regionally, the west is currently above 20%, while the northeast has kept its solid index, so take a look at this helpful graphic and contact the Boston Realty Team, 24/7, 617-978-4811 for help with all your home buying needs. Also visit our helpful neighborhood guides and figure out which locale is best for you!
Homebuyers have many decisions to make when it comes to navigating the multitude of listings available, but it has to start with the property type. If you are looking for a primary residence this really means that you must decide between a single family (attached or detatched), traditional condo unit or a townhouse. Each of these property types offers pros and cons when applied to the criteria of maintenence costs, privacy and even pet-friendliness. Take a look at this helpful infographic for a detailed breakdown of how these property types differ and hopefully you can get this first hurdle out of the way!
Call the Boston Realty Team, 24/7, at 617-987-4811 with any questions about how to find that ideal property!
After reading an intersting post on the blog of the Vermont Realty Team we thought it would be helpful to share this information here. For those who have ever searched for that ideal Boston MA Real Estate for sale, you are probably aware that every property has pros and cons and sometimes those cons lead you to make an offer well below asking price because the property doesn't have that "perfect" quality you desired. However, when that perfect property does finally present itself, many buyers will go above and beyond the norms to make sure they don't miss out. Check out this intersting infographic that details more about what buyers in this situation are willing to do!
When flipping through your cable channels you may have come across some of the popular reality TV shows about real estate - shows where the buyers find their ideal property and close on it quickly and without too many obstacles. Occasionally, in the real world, this does happen but normally successfully closing a real estate transaction hits more speed bumps and requires more expertise. Take a look at this helpful infographic and contact the real experts at the Boston Realty Team for help, 24/7 at 617-987-4811.
When you are looking to buy or sell Boston MA Real Estate using a professional real estate agent can make all the difference. Below, in our infographic, are the top ten reasons why you should make this choice. From helping with negotiation to knowing how to price your listing so it can sell in a reasonable amount of time, licensed agents have skills that can be crucial to you having a successful and profitable transaction! Call the Boston Realty Team today, 24/7, at 617-987-4811, for advice and help on any aspect of your real estate deal!
Don't neglect the increasingly important curb appeal when you go to sell your Boston home. Simple things like gardening and decluttering of your yard can have a significant impact on potential buyers. You want them to have an emotional response to your property, even before they step foot inside. Take a look at this helpful infographic for some great tips!
You may have noticed that short sales have pretty much disappeared in the Boston market. This is because Boston housing prices have seen a tremendous rally over the past 18 months. So, does this mean that the US economy has recovered? Not according to the latest stats from Core Logic! According to their info graphic below nearly 7.1 Million homeowners are still underwater on their mortgages.
What does this mean for Boston homeowners?
We advise that if you need to sell your home you think about getting it on the market which will allow you to still capture some of the tail end of this sellers market before interest rates go up and bring home prices down which will also bring more short sales back to the Boston housing market.