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With spring right around the corner, you may be wondering if you should wait to enter the housing market. Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained below 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
3. Either Way You Are Paying a Mortgage As a paper from the Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”
4. It’s Time to Move On with Your Life The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. Bottom Line
If you are ready and willing to buy, find out if you are able to. Meet with a local real estate professional who can help you find your dream home.
The Greater Boston Area housing marketing is booming!
Sales prices in Newton, Brookline, and Cambridge have consistently appreciated over the past three years. This trend is reflected in the two graphs shown here, one for condos and the other for single family homes.
The three areas under discussion all have easy commuter access to Boston Proper as well as to the Longwood Medical Area, and many Boston centers of technology and research. In addition, they are chock full of amenities including outstanding dining, cultural and entertainment options. As a result, in the past few years, many buyers have had to compete in multiple offer situations for properties in these towns…even during the slower winter months.
Compiled from the Multiple Listing Service
Relocation buyers often struggle to comprehend the unique Boston housing market .Although they want and expect to get easy commutes (and the other amenities mentioned above), due to the strong prices in Boston, many have had to consider living further out and having a longer commute.
If you are moving to the Greater Boston area, an experienced Buyer’s Agent will help you be prepared and well postitioned to find the home of your dreams.
If you are thinking of selling your home, a well seasoned Realtor can help you maximize your marketing exposure and create a plan to ensure that you net the highest possible amount on your sale. Even in a strong seller’s market, sellers who have a good agent invariably net considerably more after paying the commission than sellers who sell without professional help.
Days on Market can be deceiving when it comes to Boston new construction homes. Many of the homes come on the market early in the construction phase, sometimes even before ground breaking. Many consumers find it difficult to visualize the final product, so the home may not sell until the finishes are in place. For example, this stunning Wellesley home just went under contract in the last week in January 2016 after many months on the market. While it may seems like this house has been idle, the reality is that the final phase of construction was first completed about a month ago. Many people would find this home amazing, not only because of the stunning finishes, but also because of the unusual layout which brings light in from many angles (see photo of stairway). The open floor plan leads to a wonderful great room with wet bar, gas fireplace, and a coffered ceiling. French doors open to a deck which overlooks a wooded lot and a small stream running just beyond the property line. What made me fall in love with this gracious home was the beautiful master suite. The his and her bathrooms–connected by a huge white tiled shower–is a unique and lovely feature.
Gorgeous kitchen with island wash sink and huge pantry
Beautiful homes like this one are hitting the market at a slow pace due to the lack of buildable land and the high cost of materials and labor.
“House hunters seeking brand new construction in the Boston area better prepare to ante up. Buyers can expect to pay anywhere from $700,000 to well over $1 million for a new house inside the Route 128 beltway…Closer into Boston, restrictive zoning and a scarcity of building lots has combined to drive new home prices through the roof.” Excerpt fromBoston.com
Best advice: find an experienced Buyer’s Agent to guide you through the choices in buying new construction in the Greater Boston Area.
20 Manor Avenue Wellesley, MA MLS #71830376 Under Agreement Offered at $1,599,000
5 full baths, 1 half bath
Approx. Living Area 4,700 sq. ft.
Approx. Lot size: 13,462 sq. ft
Sun filled open layout!
Listing agent is Kristi Ross with Hammond Residential.
Would you like assistance from a Buyer Agent’s in finding similar homes? Contact me at 617-797-9497 or email Janet@JanetPorcaro. By the way, I work ALL winter!
Newton New Construction Under Agreement in 8 Days!
29 Parker Avenue Newton, MA
The spring market is starting early and I was not surprised to see this home fly off the market! Beautiful classic colonial located just minutes from Route 9 with major commuter access and the popular new shopping and dining mecca The Street in Chestnut Hill. This stunning home features open layout in the enormous kitchen and family room. Lovely fireplace surrounded by custom built-in’s with windows nested on either side. French doors open to a stone patio which looks out to bordering conservation land.
The kitchen has everything a master chef could want including an over-sized stove with pot filler and built in grill. This house is a beautiful place for the family to gather for supper or for those sit down table cloth affairs, there is a dining room with a coffered ceiling. The formal living room with french doors could also make the perfect home office
The second floor features four bedrooms with a spacious master suite with amazing walk-in closet and full spa bath. Two bedrooms share a jack and jill bath with toilet room and double sinks. Fourth bedroom has en suite bath and walk in closet. Laundry room is located in the spacious landing. Last but not least is a stunning finished basement with full bath, lots of storage, a large room which would be great for home theatre or play room, and french doors opening to a second room for your home gym, office, or whatever your life style prefers.
New construction homes in Boston West are in great demand. Due to zoning restrictions and a lack a good land to build upon, Newton new construction is hard to come by. A well crafted home like this is a gem.
“Boston.com tells the story of new construction homes in Boston with prices going through the roof. “The western suburbs are the most expensive place to buy a new home, with prices often starting at well over $1 million and going up.” – Excerpt from Boston.com.
Beautiful stone work in the patio
29 Parker Avenue, Newton 02459
MLS 71951446 Offered at $1,679,00 4 bedrooms 4 full baths, 1 half bath 4,450 sq. ft. living area approx. (including finished basement) 8,800 sq. ft. lot approx. 2 car garage
Listing agent is Dan Demeo with RE/MAX Leading Edge. If you would like a Buyer Agent’s assistance in finding similar homes, contact me at 617-797-9497 or email Janet@JanetPorcaro.
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