Sales of existing homes around the nation in March spiked to the highest level since February 2007, according to the National Association of Realtors (NAR). This represents a 1.5 percent increase from the prior month.
They’re moving up in the working world and starting families. They’re also the most likely demographic to use a real estate agent when purchasing a home.
Millennials are expected to make up 33 percent of homebuyers in 2017 and they’re making Boston one of the most popular places in the country to settle down.
Across the country and in major cities like Boston, apartment rentals are picking up steam due to a low supply of homes for sale and affordability issues.
According to the U.S. Census Bureau, 52 out of the nation’s 100 biggest cities had more renters than homeowners in 2015. Since 2009, 21 of those 52 cities have been home to a majority of renters versus home owners.
As the U.S. economy continues to prosper in Boston and around the nation, the Federal Reserve has responded with a quarter-point interest rate increase. Economic growth and newly created jobs are two of the driving forces behind the rate hike.
Whenever there is a rate increase, it’s going to affect consumers in different ways. Below are a few examples of how this latest increase may impact your finances.
If one thing is certain, it’s that real estate in and around Boston is in high demand. The city is also packed with recently completed and ongoing construction of new apartments and condominiums.
While the market has been ideal for sellers, there are positive signs indicating relief is on the way for buyers. If you plan to be in this market soon, on either side, these predictions can help guide your strategy.
While new apartment buildings and condos are being constructed across Boston, one developer has its sights set on revamping four waterfront buildings in Dorchester’s Port Norfolk. Development firm City Point Capital wants to convert the buildings into a hotel and new condominiums.
In the 12 years since the Massachusetts Association of Realtors (MAR) began tracking in-state home sales, the number of people looking to pick up and move is at an all-time low. The amount of home listings from November 2015 to November 2016 plummeted nearly 35%. Condo sales fell 30% during the same timeframe.
From Beantown and beyond, this is the perfect time to sell a home or condo in Massachusetts.