Good News for Boston-Area Buyers: Smoother Purchases in Real Estate

With mortgage rates and home prices expected to rise, prospective homebuyers in the Greater Boston area could use a little good news this winter.

That’s good, since we have some for you. Take heart in a new report from Zillow. Zillow surveyed over 100 forecasters to find that real estate investors will be flooding the market with inventory in the next few years.

Winter scene in the Public Garden, Boston, Mas...
Winter scene in the Public Garden, Boston, Massachusetts, USA. (Photo credit: Wikipedia)

Many of these sellers bought their homes when foreclosures were rampant, and prices hit all-time lows. Now, the market is recovering, and savvy investors are ready to cash in.

There are two ways you can take advantage of the new market opportunity:

1. Less Competition from Boston Real Estate Investors

As prices continue to rise, fewer investors are buying houses to fix and flip. That means that you won’t get into any price wars with people that have deeper pockets–and lower stakes. Less competition also gives you some negotiating wiggle room, allowing you make a more conservative initial offer. That wasn’t as possible a few years ago, when inventory was scarce.

2. More Boston Home Inventory

Speaking of inventory, that gives us another reason to celebrate. If the pundits were right, Boston and its surroundings should see an influx of homes entering the market. Not only does this translate into less competition from other house hunters, it also means that you’re more likely to find the house of your dreams.

For those eager to close on their new house sooner, none of this is bad news. Interest rates are still low now, and values exceptional. But if you have to wait a couple years, there’s a good chance you’ll find the market less bloated and more varied.

If you have any questions at all about securing a mortgage for a home in the Boston area, don’t hesitate to reach out to me. I’m here to help.

Sources: boston.comZillow

Phil Ganz (117 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

Leave a reply