This summer is a great time to buy a home
Here are four great reasons why you should consider buying a home today instead of waiting!
1. Prices Will Continue To Rise.
Home values will continue to appreciate for years. Waiting to purchase no longer makes sense. CoreLogic’s latest Home Price report predicts prices will continue to increase at a rate of 5.2% over the next year.
2. Mortgage Interest Rates Are Projected To Increase
An increase in mortgage interest rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have increased by half a percentage point already in 2018 to around 4.5%. Most experts predict that rates will rise over the next 12 months.
3. Either Way, You Are Paying a Mortgage
As a home owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
4. Its Time To Move On With Your Life
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to savings.
Information provided by KCM Crew.
Here’s May 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
May 2018 Greater Boston Real Estate Market Trends
Steady price appreciation, rising interest rates and a shortage of homes for sale in Greater Boston resulted in slower sales of single-family homes and condominiums in May according to data released by the Greater Boston Association of REALTORS® (GBAR).
Sales of single-family detached homes experienced a modest 2.4 percent decline in year-over-year sales in May, as 1,217 homes were sold compared to 1,247 homes sold in May 2017. Despite this softening of sales, this was the fifth highest sales volume on record for the month of May and reflects a 43 percent increase over the 853 homes sold in April. The condo market had a similar cooling in sales volume as 1,060 units were sold last month, which compared to 1,091 condos sold in May 2017 is a 2.8 percent decrease. This was the eighth highest condo sales volume in May and reflects a 23 percent gain in units sold from 859 one month earlier.
- May condo sales DOWN -2.8%
- Median prices UP +4.8% ($550,000)
- Active Listings DOWN -0.3% to 1,955
- Listings added to the market UP +7.5% over last year (1,738 from 1,617 in 2017)
- May single-family home sales DOWN -2.4%
- Median prices UP +5.4% ($629,000)
- Active Listings DOWN -5.3% to 3,080
- Listings added to the market UP +9.6% over last year (2,506 from 2,287 in 2017)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
Address: 27 Chestnut Street Unit 3A, Boston, MA 02108
Offered At: $1,250,000
Open Houses: Sunday, June 3 12:30-2pm and Monday, June 4 5:30-7pm
Offers Due: Tuesday, June 5 at 4pm
Make this home Yours!
On Beacon Hill’s desirable South Slope is this three bedroom two bath condo located at The Hilltop Condominium. This home is ready and waiting for your tasteful design and complete renovation. Large open living dining with floor to ceiling windows. Existing master bedroom with private bath overlooks Chestnut Street. Two bedrooms open onto the veranda above the common courtyard. Galley kitchen with large window facing courtyard. Common roof deck with amazing views of Boston skyline and Charles River. On-site Superintendent, common laundry, private deeded storage and common fitness center round out this great home. Very convenient to Whole Foods, Boston Common, Public Garden, The Esplanade, MGH and all the shops and restaurants of Charles Street. Interior photos virtually staged for marketing purposes.
- Office: 617.394.8648
- Fax: 617.507.5666
- Cell: 617.833.3376