Good news for home purchasers or refinancing a home in the Boston, MA area: the housing market in Boston has been on the way up since last year and is expected to be among the top 10 housing markets in 2014.
What is Helping Boston Home Prices
This is based on a report published by a well-established and respected real estate portal Zillow that recently issues its list. Anyone who observes the housing market in Boston closely can tell that there has been a definite upsurge in the prices of houses in the area and this trend is expected to keep going in the year 2014. The rise in house prices has been linked to improvements in economy and opening up of new job opportunities, a higher demand of houses, and lower mortgage rates of all time which have in turn returned the number of foreclosures in the area. When people have more job opportunities in a certain area – like they do in Boston at present – they move to the locality and since they need a place to live, the demand goes higher. This in turn improves the prices of the houses.
Sellers Get a Boost, Buyers Get More Inventory
Home owners will definitely benefit from this as they can sell their property in the coming year at a higher profit than ever before. According to the S&P/Case Shiller Home Indices, the house prices in the Boston area have jumped nearly 10 percent in the last year. This is a very encouraging trend and it will continue if the economic situation remains positive in the coming year.
Attractive Home Loan Rates
While experts in real estate say that the mortgage rates will be higher in 2014 than they were in 2013, it will still be possible for homeowners to secure a mortgage much more easily. Lack of affordable housing in the Boston, MA area has been a problem in the past, but with easier mortgage options and payment at a decreased rate, homeowners will most likely benefit from the situation. However, the situation might not be welcomed by all lenders who will have to work hard to beat their competitors as more buyers come to the market and many lenders will be offering rates that are much less than what they were charging before.
The list compiled by Zillow has been based on the past market trends and the predictions by real estate experts on how this trend will change in the coming year. While nothing is set in stone, the overall consensus is that the housing market in the Boston, MA area will experience a boost and will continue to gain strength all through the year 2014.