Homebuyers— Market Moving Upward in Boston Real Estate

For many homebuyers in the Boston real estate market, the right time to buy can be difficult to determine. In fact, Boston homebuyers in the past months (even over the winter) may have "waited it out" to see where things were going in the local market. But with new data released by real estate brokerage Redfin, it seems homebuyers have much to be happy about going forward into the summer.

More Options, More Inventory
The past few months have been characterized by a lower amount of inventory for Boston homebuyers  With not much to choose from, buyers may have decided to put their moving plans on hold— but things are changing! "Inventories of existing home are 6 percent higher than year-ago levels," according to the National Association of Realtors. "The higher inventory levels of homes for sale means that buyers have more choices this summer."

Fewer Competition
The current Boston real estate market is seeing upward swings in inventory and on the other end of the spectrum, less competition. This is great news for homebuyers who may have been caught in a bidding war over other properties in the area. Bidding wars are down by double-digit margins this year, Redfin found, while competition from other buyers continues to fall.

Home Prices Slowing
One of the greatest hurdles of homeownership this season has been housing prices in the Boston Metro Area. Increases have priced out certain buyers or simply prompted others to continue saving and try again at a later date. However, this past May only saw a 5 percent increase of existing home prices compared to the previous year (double digit increases were common last year). "Homebuyers are benefiting from slower price growth due to the much-needed rising inventory levels," said the NAR's chief economist.

Lower Costs
When it comes to buying a home in Boston, the cost of borrowing plays a big factor. This summer, homebuyers can expect lower borrowing costs as mortgage rates are now less than half the historical average of a 30-year fixed-rate mortgage. Mortgage rates now are hovering around 4 percent, while the historical average is 8.7 percent.

If you're ready to buy a home in Boston this summer, I'd be happy to help! There are many other reasons to take advantage of this season's market conditions— Contact me to discuss!

Ken Snyder

Keller Williams Realty Boston-Metro

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