Boston, You're My Town, Say Buyers
by Blanche Evans
With reports of home sales easing, Boston-area Realtors say buyers are just taking a breather and spring will be as hot as the Red Sox again. "Boston, the capital of Massachusetts and located on the Atlantic coast, is a city of many contrasts from red brick sidewalks and brownstone townhomes to newer construction with state-of-the art amenities," says Realtor Louis Maloof. "It's a bright and vibrant city where politics are a hobby but sports are taken seriously, Boston has a rich history and is in the midst of creating an exciting future.' Maloof says, "In Suffolk County, which includes all of Boston, the average residential selling price from January to August of 2004 is $352,000 which is up 9.2 percent over the same period last year. Sales volume over this period is 714 units which is up 35.1 percent over the same period in 2003." Says Realtor Roman Shulman, "As we all keep hearing, today's real estate market is driven by purchases. With rates about 0.75 percent higher than the lowest point, everyone who wanted to refinance has already done so. However, with everyone expecting the rates to move up some more, and real estate prices still growing, forward-looking people are buying up homes as well as investment properties. The reasons for continuing real estate price appreciation in and around Boston are improving economy and some level of migration of people and businesses from states like California, where prices have reached unreasonable levels. The two factors combined create more demand, pushing home prices higher." He advises, "It may in deed be a pretty good time to finally consider making the move. Don't forget to get a pre-approval letter from your mortgage company, as the seller would want to see a proof that you are a qualified buyer." Brighton "Who said prices are falling?" says Realtor Ruth Malkin. "It's another record-setting year in Brighton where condo prices have increased 9.3 percent and single-family homes now sell for an average of $484,367, up 14.6 percent from 2003. Two bedroom condos are now selling at an average price of nearly $300,000 and prices seem to continue going up in the early days of 2005. In 2000, the price for a two-bedroom average $183,688. In 2004, 535 condos sold in Brighton. (Source: MLS)" Malkin suggests, "First-time homebuyers still drive the market with these "entry-level" homes. Lower rents have not deterred these buyers and new financing programs make it easier than ever." |
