If you’re like most potential home buyers, you’ve been watching the housing market with a generally confused look. One minute things seem to be improving, the next minute predictions of doom and gloom reappear.
It seems that nationwide, the housing market is getting better, meaning prices are stabilizing, it’s easier to get a loan, and people are generally more willing to buy and sell homes. However, every city has its own ups and downs, and Boston real estate is no different.
Across the country, the price of homes rose 1.3 percent in the third quarter. This may not sound like much, but for the current market, it’s a huge improvement. However, in Boston, the price actually fell 0.1 percent in that same time period.
For prospective home buyers, this is both good and bad news. Good, because home prices are less than they would be. Bad, because there will likely be fewer homes for sale than there would normally be, and the ones that are for sale may be lower quality than you’d like.
However, don’t let one statistic sway your opinion on the Boston real estate market. Generally, Boston homes for sale have been doing better than the national average in terms of value. That means a slight decrease in Boston home price won’t necessarily mean Boston’s doing worse than the rest of the country. Also, suburbs tend to be hit harder than the city, so it’s likely if you’re looking for the city life, home values will be up.
There are other variables to consider that may indicate that Boston is not doing as poorly as this loss of 0.1 percent would imply. First, the population of Boston has been declining. That means that reasonably, fewer people should want to buy houses in Boston. The fact that generally the housing prices stayed the same or rose and there was a small dip this past quarter show that the market is doing better than it should.
The takeaway message is fairly simple. If you’re hoping to buy Boston real estate and you can get a loan, now is a good time to find a slightly lower price. It is likely that prices will increase in the near future, so this small dip in cost can work in your favor. Beware of the fact that there are likely fewer houses for sale right now than previously, so if you can’t find a place that suits you, maybe waiting a few months will provide better results. For home sellers, the dip in prices is relatively small, so consider putting your home up for sale.
If you'd like to talk about the current real estate market, please contact me at 617-413-2879 and please visit my website at www.MaryCraneProperties.com.