The spring season officially begins tomorrow here in Boston, MA, and we’re finally starting to see some rising temperatures! That is great
news for all of us with spring fever, looking forward to enjoying the outdoors
and warmer, sunnier days ahead. It’s also great news for the Boston real estate market, because real estate always reawakens and gets busy as the temperatures
warm up.
As your Boston real estate agent, I’d like to inform you
that if you want to buy a Boston home, now is the best time for you to do it!
Not this summer, not in the fall, and not next year. Right now is the optimal
time for home-buying. To help you understand why, here is a summary of reasons that The KCM Crew shared for buying a home now:
1. Competition is about to increase. As the spring market heats
up, competition from other Boston homebuyers will increase and it’ll be harder
to score the house of your dreams. Not only will you lose negotiating power,
but you might lose the house you love altogether to another buyer! Realtor Magazine recently reported that four million renters say they’re eager to buy.
This could be who you’re up against!
2. Price increases are on the horizon. As the housing market
and economy continue to recover from the downturn, home prices continue to rise
and home equity returns. Nationally, home prices are predicted to increase by
4.5 percent in 2014 and by over 19 percent from now until 2018! The sooner you
buy, the less the home might cost. Also, if there is less competition, the
seller will have less power to raise the price, and there is less chance that
you’ll find yourself in a bidding war.
3. Interest rates are projected to rise. While home prices are
predicted to rise, mortgage rates are predicted to do the same and already have
been increasing each week for awhile. Major mortgage companies have
projected that the 30-year mortgage rate will be over 5 percent by the spring
of 2015, but some predict it will reach 5 percent even by this summer! As you
can see from this infographic, a small rise in mortgage rates adds up really
fast in extra money paid per month.
Buying a Boston home will also help create family wealth,
because homeowners are found to have a net worth 30 times greater than that of
renters! Also, by purchasing a home soon, at the lowest possible price, you’ll
hopefully be then selling it someday at the highest possible price, as the
Boston real estate market continues to recover and homeownership appreciates in
value.
When you’re ready to buy a Boston home, or you have
questions about all of this, contact me, your Boston real estate agent. I am
ready to help you as soon as you’re ready to buy!
Patti Fine
Phone: 617-642-7585
Email: pf@pattifine.com
Email: pf@pattifine.com
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