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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Boston Real Estate Market Review | 2013

Can you believe there are less than three weeks remaining until we ring in 2014? As we wrap up 2013 and start making predictions for the upcoming year, I’d like to go over a few housing trends that stood out over the past 12 months. Whether you decided to buy a home or sell your home in Boston this year, you likely took notice of a few prominent themes in the Boston real estate market. Here’s a look at the most significant trends in real estate from 2013.

1. Mortgage rates remained near record lowsThose who decided to buy a home in Boston this year were met with affordable interest rates. Although they increased quite significantly in late spring, the average is still below 5% going into the New Year.

2. Low inventory resulted in bidding warsPickings were slim in the Boston real estate market in 2013. A combination of low inventory, low mortgage rates and rising home prices led to the return of bidding wars between hopeful homebuyers.

3. Cash buyers remained prevalent Lawrence Yun, chief economist of the National Association of REALTORS® reported that one third of all home purchases in 2013 were made with cash. Furthermore, Buffini and Company noted that 19 percent of winter buyers plan to pay for their new homes with cash going into 2014.

4. Home prices increased more quickly than anticipatedAccording to Trulia.com, the median sales price for all properties in the Boston real estate market is $439,000, up from $389,450 at this time last year. That’s a 12.7% increase year-over-year, which has been great news for homeowners.

5. Rising rents created an influx in first-time homebuyersIt’s no secret that rental prices are rising faster than home prices. Many renters have had enough, and are more motivated than ever to buy a home in Boston and start building equity.

2013 has been a strong year for the housing recovery. If you decided to buy a home in Boston, you were probably involved in a bidding war, but were fortunate enough to receive a very low mortgage rate. Homeowners who sold a property this year saw their home values appreciate, and likely received an offer or two above asking price. As we move into 2014, the housing market is predicted to strengthen even more. If you need any assistance as you navigate the Boston real estate market, please contact me! I’d be happy to help make your dream of homeownership come true. 

Ken Snyder
Keller Williams Realty Boston-Metro
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