With the rise in mortgage on properties in Boston, more people are beginning to wonder if buying a home is feasible right now. But fret not, according to experienced real estate agents and property management companies Boston real estate is just warming up.
The Boston real estate market has seen an increase in buyer activity that is being attributed to forecasts about mortgage and prices going even higher than the current rates. Some buyers are even bidding at a rate higher than the asking rate, reports CBS Local.
Traditionally, property market prices go through a 5-7 year cycle. Our real estate market is currently in the second year of this cycle. What does this mean for potential buyers and sellers? Mortgage and house prices can increase further. This is probably the reason why many people who wish to own a home are buying now because prices are expected to go further up instead of coming down.
Additionally, Boston property management companies are reporting an increase in the number of renters. The National Housing Pulse Survey of 2013 indicates that more renters desire to buy a house of their own.
The number of renters wishing to buy a home has gone up from 25% to 36% from 2011 clearly indicating that the real estate market will see a further boost in the number of homeowners.
“The increase of renters in the Boston market signals that more people are interested in buying a home in Boston,” says Brian, an agent at one of Boston’s property management companies. “Most renters prefer to rent an apartment in Boston so the process of searching for a home to buy is more convenient and efficient.”
Inside Real Estate News reports that rates might just go higher in coming years so now would probably be a good time to buy instead of waiting. While the number of houses available on the market is currently low as compared to the number of potential buyers, now is perhaps an opportune time to buy that dream home.