Buyer, Seller Confidence Carries Over to Summer in Boston Real Estate

Recent surveys of nationwide real estate lately have reported a number of promising and bright futures ahead for local markets. For instance, more now find Boston real estate to be the best long-term investment, over stocks and savings, in addition to findings that confidence was soaring for both buyers and sellers this spring. The latest from Prudential's Real Estate Consumer Outlook Survey shows that same buyer and seller confidence for Boston area real estate will carry over into summer and thus, fuel the local market.

The survey shows an eight-point jump from last year in those who believe summer is the best time to buy a home in Boston. It seems confidence is still booming as 77 percent of consumers surveyed reported a favorable view of housing— a percentage now up 12 points from last year. Surprisingly, the group with the most optimism about the local real estate market is Millennial homebuyers.

The survey also found what points to a busy summer season ahead for both Boston homebuyers and home sellers. "Nearly 70 percent of those surveyed say they are committed to buying or selling a home now, a six point increase compared to [the same survey] at the end of last year," reported Realtor.com.

The confidence on both sides of the Boston real estate transaction stems from buyers and sellers understanding that home values are promising right now and mortgage rates will not stay this low for much longer. With the harsh winter we had, however, neither side was able to make much of a move. Boston homebuyers and sellers sprung into action this spring and as we push into summer, many more will follow suit. 

"The optimism and enthusiasm we're seeing through the survey underscores consumers' motivations and pent-up demand," said one leader of the survey. "As more homes come to market and lenders ease their stringent underwriting guidelines, we anticipate busy times ahead in real estate."

So, take that as a sign, Boston buyers and sellers! If you're among the almost 70 percent of survey participants who are committed to buying or selling this summer, you may not want to delay! There are busy times ahead and I'm happy to help you make your next move. Contact me today to see which homes are available for you and how you can go about making the most of your Boston home sale this summer.

Ken Snyder

Keller Williams Realty Boston-Metro

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How to Know If You're Ready to Buy Boston Real Estate

In my last blog post, I touched on how more Americans now see their homes as the best long-term investment, over others like stocks, gold and even simple savings. Another similar study found that homebuyers are now more confident than ever that now is the right time to buy a home in the Boston area. But the real question comes just before you begin that journey to purchasing a new home in Boston— are you really prepared? This season, especially before the busy summer gets underway, consider the following and factor into your preparation as a Boston homebuyer:

Time Your Purchase

Timing your Boston Metro real estate purchase can really make or break the sale— it's all about knowing which time will work best for you. A good rule of thumb is to begin your preparation one year before you plan to buy. Start with a mortgage calculator to find how much home you can afford, weighing the costs against your current expenses and determining how much you'll be saving (or not saving.) Be sure you take into account other expenses like homeowner's insurance, utilities and property taxes to get a good idea of total cost. Remember, if the numbers aren't exactly where you'd hope they'd be, you can always wait to purchase a home. Timing is everything.

Tend to Your Finances

Finances are the majority of what factors into your home purchase in the Boston area. Now is when you can start looking through your credit report, searching for errors to correct, and if you've not seen your credit score before, take the time to see if you can improve it. After all of your credit errors have been solved and your finances are clean and ready, you can begin saving for your home's downpayment. To purchase a home in the Boston area, you'll need at least 3.5 percent, so take that into consideration.

Know What You Like

When the time comes to start searching for homes for sale in Boston, make note of what you like. What types of homes catch your eye? Is it the number of bedrooms, the square footage, the overall style of the home? Learn exactly what features you want in a home and make a homebuyer wish list. Knowing what you like will make your home search much easier and you can narrow down homes by location and price range.

Preparing to buy a home in Boston is a process and one that may be best if started at least 12 months in advance. Don't delay! Get started today on the tasks above and if you have any questions, feel free to contact me! As your Boston real estate expert, I'm happy to discuss other steps you can take to ensure your homebuyer success this season.

Ken Snyder

Keller Williams Realty Boston-Metro

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Homebuyers Confident About Boston Real Estate Investment

As we head into the busy summer season, many Boston residents may consider making a move to a new home in the area. With rising rates and Boston housing housing prices, it is still a great time to buy a home and it seems more and more are recognizing the investment of Boston real estate  According to a new Gallup poll, most Americans see real estate as the best investment by far— even over stocks!

The Costs
Many reasons factor into real estate as the best investment, one of those being the costs of renting. If you live in Boston, you may be considering buying a home for that exact reason. Renting costs are rising as well and many see owning a home as the better use of their money. Another housing study from Harvard found that over half of all participants agree that owning a home makes better financial sense than renting.

The Benefits
Owning a home has many benefits, including those associated with finances and building long-term wealth. The Harvard study also found that of current homeowners, 71 percent stated that buying and owning a home was a positive experience for them— while just 34 percent found renting to be a positive experience. If buying a home in Boston is on your to-do list this summer, you might like to get started to beat the busy buying season and snag your dream home to start enjoying the homeowner benefits.

The Demand
Now that housing is being recognized as the best investment for many Americans, the local real estate market is about to get busy! In fact, HousingWire found that 90 percent of current renters have the desire to buy a home and will soon begin the process to make that a reality. You won't want to delay as the summer months heat up— chances are so will the competition in the Boston real estate market!

Ready to make a move to a new home in Boston or make your first purchase to switch from renting to owning? Contact me today and we can get started on finding you a Boston property that fits your wants and needs. As your local real estate expert, I am happy to answer any questions you have about the market or what it takes to get into that home you've always dreamed of. I look forward to hearing from you!

Ken Snyder

Keller Williams Realty Boston-Metro

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Top Reasons to Sell Your Boston Home This Spring

Despite the strengthening of the Boston real estate market, some home sellers are still on the fence about listing their homes. Every home seller is wondering— where are housing prices headed? Where are interest rates headed this year? Is it really worth it for me to sell my home now? The answer is, yes! Boston housing prices are rising and interest rates will continue with them for the rest of the year. But aside from those three big aspects of selling a home in Boston, here are a few more to consider:

Demand is rising
Summer is coming and many home sellers are aware that this is the busiest time for the local real estate market. Serious buyers may have already come out to snag great Boston homes earlier this season, but the rest are now preparing to take the market by storm. Demand is about to increase significantly, especially as more sellers pick up on the higher sales prices we're seeing. Buyers are ready and able to buy homes in Boston, so don't miss out!

Competition is down
For now, home sellers do not much much competition in the local market. But this won't last long— it is a fact that housing inventory grows from spring through summer as moving conditions are favorable. Not to mention more homeowners have regained positive equity in their homes and are ready to move again. Many of these homes are about to hit the market and you can beat them to it if you list your Boston home this spring. The inventory will only continue to grow over the next few months, you won't want to wait!

It's time to move-up!
Maybe you're one of those homeowners who's regained positive equity in their Massachusetts homes— there has never been a better time to move up! The Boston luxury real estate market is booming, meaning larger, more expensive homes are a hot ticket item! Have you been considering purchase one of these homes? Now is the time. According to KCM, Keeping Current Matters, "Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait."

Moving to a new home this year will not only be less expensive this spring, but less of a struggle! You now have less competition, as a Boston home seller, and your home will be in demand. If you're ready to make your home sale happen, contact me to discuss what we can do to ensure your success!

Ken Snyder

Keller Williams Realty Boston-Metro

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