The Pulse...Boston Real Estate Blog
Get weekly updates and insights on the actual “pulse” of the Boston real estate market in real time that you cannot get anywhere else!
97 Year Old Agent Offers Real Estate Insight
A recent MSN article features 97-year-old real estate agent George W. Johnson, who has been in practice since 1936. Experiencing numerous property booms and busts, he offers a rare insight to the real estate market based on lessons learned during key times in US history (including the end of the Great Depression!!). If you are currently looking into purchasing a piece of Boston property, heed the following advice from someone with over 70 years of industry experience.
Be wary of one-company towns: Johnson warns that any town that’s dependent on a single industry or company is in jeopardy of market turmoil. He cites his firsthand account of the 1960’s downturn of the Seattle market as an example. Towards the end of the decade, aerospace company Boeing laid off nearly 60,000 employees, sending the market into a downward sprial. Johnson stresses the importance of widening your real estate search criteria to include the area’s economic status economy.
Avoid getting greedy. Johnson blames human greed for the weakened state of the economy and claims that people get too caught up in the attractiveness of a bargain. He advises people to accurately and honestly assess their financial standings and to remove their blinders when it comes to deals that seem too good to be true. Doing this, he states, will decrease any dependency on the bank.
Timing is everything. Johnson says that the current market serves as a good time for first time home owners to buy, stating that "A buyers market doesn't come along that often … you just can hardly help but make money on whatever you buy today at the prices they are." Enlisting the help of an experienced Boston buyer agent can help you make the most of this transaction.
If you don't have to sell, hang on. Confident that the economic struggle is nearing an end, Johnson believes it is in the best interest of homeowners to keep their current home. He predicts things will look up within the next year or two.
If you are currently looking for a piece of Boston real estate, browse our online selection of Boston apartments, and Boston homes.
New Technology Helps Boston Real Estate Search
Searching for the piece of Boston real estate that’s right for you just got a whole lot easier. Boston is among one of the 30 cities that will get to experience a new product that will allow potential homebuyers and renters to make decisions based on neighborhood public transportation costs and accessibility. Walk score, an online walkability index, has recently launched Transit Score, a new product that provides custom commute reports, as well as a home and transportation costs calculator.
Transit Score works by providing each entered address with a rating from 1-100, with 100 being “Rider’s Paradise”. For example, 52 Commonwealth Ave, one of our Back Bay apartments, scored a 97 because of its multiple transit options within a quarter of a mile. The website also features a home and transportation costs calculator to help the user gage the impact of their location choice.
Location is important criteria when selecting a home, and Transit Score reports help potential homebuyers and renters choose the residence that’s right for them based on convenience and costs. It’s no surprise that people are starting to use Transit Score to narrow their search for Boston homes and Boston condos.
Curious? Check out your Transit Score!
Five Reasons to Purchase a Home Now
If you have recently been entertaining the idea of purchasing a home, act on it! Certain market conditions and the stabilizing economy make this an ideal time to buy that piece of Boston real estate you’ve been dreaming of. Here are five reasons why you shouldn’t hesitate to buy a home now.
Low Mortgage Rates: Within the past week, mortgage rates have reached a record low, dropping to below 4% for the first time since 1991. This drop in the 15-year home loan means that homebuyers can potentially pay off their homes in half the time while saving thousands of dollars. Additionally, when home buyers borrow at these low rates, they start building equity with their newly purchased homes.
Attractive Home Prices: Because of the economy, home prices have gone way down. As a result, there are many homes on the market that are considered luxury real estate without the hefty price tag. Many homes with luxurious amenities are currently affordable to the masses. Prices have also gone down due to the fact that many sellers wish to sell their houses quickly- a move that puts the ball in the buyer’s court.
Move-in Ready Houses: According to the Harvard Joint Center on Housing, many houses on the market are already in move-in condition because homeowners have continuously been spending on home repairs and maintenance. A move-in ready home means less of a headache for the buyers.
Appraisal Guidelines Have Been Adjusted: Mortgage company Fannie Mae has once again adjusted its appraisal guidelines, which give appraisers more leeway in the appraisal process. The result of this is a faster closing process, which is enticing to almost anyone looking to purchase a home.
Home Buying Assistance Programs: In addition to low mortgage rates and low housing costs, home buying is even more affordable thanks to various loans, grants, and community housing programs. Such housing assistance programs provide middle-class families with that extra amount of money they need to be able to purchase a home.
I’ve you’ve been considering buying a home, don’t wait! Contact one of our agents or view our online listings of Boston condos and Boston homes for sale.
Act to Stabilize Neighborhoods
During a time plagued by high foreclosure rates, renters of Boston real estate can rest easy knowing that a new consumer protection bill will protect them from eviction. The new law, which was passed by the state last Wednesday, aims to keep individuals in their homes and stabilize neighborhoods by providing renters with protection against eviction from foreclosed properties.
The bill, which is appropriately called “An Act to Stabilize Neighborhoods,’’ will also help individuals keep their homes by forcing lenders to make good-faith effort to work with those who are behind on payments. In addition, the bill will extend the MA “right to cure” law from 90 to 150 days, requiring lenders to provide homeowners who are behind on mortgage payments an additional period of time to pay their bills before taking back the property.
As with any new bill, there are mixed reactions within the state.
Local lenders worry that it will become increasingly difficult to sell newly foreclosed homes that have tenants living in them. Some are also concerned about the added amount of time to the foreclosure process that will occur as a result of this bill.
On the other hand, housing and consumer advocates say the new law comes at a perfect time, given the increasing amount of MA foreclosures. According to the Warren Group, the first half of the year suffered a 56.7% increase in the amount of foreclosures since last year.
Despite the mixed reviews, one thing is for certain- this new law is favorable for those who are currently renting or looking to rent a Boston home or condo. Contact us to inquire more about our wide selection of rental listings.
Market Shows Increase in Boston Condo Sales
A recent Boston Globe article reveals that Boston condo sales for the second quarter of 2010 have soared. The data, which is based off of comparisons with the second quarter in 2009, shows that sales from this quarter have increased by 30%. In addition, the average sale price decreased by 3.6% to $443,500.
Between the months of April and June, 849 condos were sold, compared to 653 condos during the same period in 2009.
Zeroing in on a more specific slice of the market, sales in luxury buildings increased 9%, and the median price rose to $665,000 (11.8% more than the second quarter in 2009).
The recent sales increase can most likely be attributed to low interest rates and continuing improvements in the economy. Prospective buyers have more confidence in the Boston real estate market, as this data represents the third consecutive quarter of sales growth in the downtown Boston neighborhood, which includes the Back Bay, Beacon Hill, South Boston, and the South End.
The rest of the article is here. Also be sure to view our great selection of Boston condos and luxury real estate!
