Market Conditions in the City of Boston

Market Conditions in the City of Boston

Foreclosures are down; sales of single-family homes are up. Mortgage rates are about as close to a record low as they have ever been, at a time when prices are on the rise.

Basically, these are the market conditions in Boston right now. Of course, as with everything else, there are exceptions to these rules.

Suburban residents are playing the “I’ll scratch your back if you’ll scratch mine” game. In other words, prospective buyers are telling prospective sellers, “If I can sell my house, I’ll buy your house.”

In order to be able to do this, sellers and buyers are doing a lot of interesting things. These include placing contingency clauses in home contracts, temporarily “floating” two mortgages—one on the house they are selling, and the other on the house they are buying—until such time as the for-sale house is purchased.

Just as with anything else, whether or not you can afford to buy a home anywhere in Boston or its suburbs is a personal decision that only you and your spouse or partner can make. High-end homes and/or homes in locations that you may have once believed were far beyond your reach have become more affordable, and, yes, interest rates are also down. But, you still must determine whether or not you can meet even reduced payments.

The same things that must always be considered when buying a home, no matter what the economic situation is, still hold. Your debt-to-income ratio, your credit score, and your employment situation, including the possibility that it could change, are all still factors in the decision.

Property taxes and municipal services, in some instances, will also play a role. Although you may not consider them a part of the mortgage, they are a part of the overall expense of owning a home.

Market conditions in Boston are continuing to fluctuate, just as they are in other parts of the country. Before making what is going to be one of the most important decisions you will ever make, you still need to consider all angles of buying a home.

If you do decide you are able to make that investment, there are Realtors available to help you find just the right house. Or, if you prefer to go the “for sale by owner” route, these are available, too, and you can find people who can help you navigate the home-buying process.