Boston Real Estate Market
Are you in investing in the Boston Real Estate Market Well if you are on a look out then it is best for you do a market survey of the real estate market in Boston.
Boston is the capital of Massachusetts and has its own significance in terms of real estate. Boston is one of the richest and the most happening cities of the United States. The financial economy of Boston depends a lot on the educational institutes. It is the home to many world famous universities and each year Boston is flooded with a new batch of students. Boston also has the very famous Logan International Airport.
The real estate in Boston is a booming business. The areas in Boston range for expensive luxury places to reasonably priced and affordable apartments/ houses as well as commercial property. The uptown areas of Boston provide a wide variety of residential neighborhoods as well as commercial real estate.
All throughout the year the Real Estate Market keeps on moving in Boston, it being one of the places in demand never falls short of real estate properties. Like the other stock markets and economy even real estate market moves on a cycles that covers a period of 5 to 10 years. The market for real estate should be studied properly before any dealing is done. You should at least check the rates of properties for the past 4 – 5 years and then strike a deal. This would be beneficial for you if you were new to the place. Moreover checking the rates can give you an idea as to how much you need to invest. A lot depends on the mortgage rates also. When the mortgage rates are high most of the people don’t take investment on their cards.
The Real Estate Market is very unpredictable. At times it soars up and remains on a high for few years, sometimes it is just flat and at times it drops to such a low and remains at a low price for some years. A lot depends on the mortgage interest rates and the economy and
drop in the interest rates starts another cycle all together. Many new investors tend to buy property when the Real Estate Market is on a high contemplating that the market will rise further and they would be able to make a profit. But those who are well versed with the trends buy when the real estate market is in the dip season and then reap interest when the rate increases suddenly.
Apart from the phases of the Real Estate Market individual property also undergoes its phases. An individual property can be bought before the construction starts in the form of a new home inventory or owned property. Mostly people tend to invest in houses for families, as this is the most sought investment. Many people give out their earlier homes on rent rather than selling them. This gives them a profit as well as additional earning. Moreover people are now a days investing in hotels, vacation homes or condos.
Once you have decided to invest in real estate then location is not a problem. There are a number of places put on sale regularly and these can be easily bought with the help of real estate agents or property management companies. You can get to know about the available properties from the internet. The internet is flooded with information and provides details of the properties on sale. You can also search through the magazines as well as newspapers that advertise sale of some of the properties. You can also get a listing from the MLS (Multiple listing service).
The Boston market as for present is seeing a rise in prices for the last two months there has been a rise of 5 – 10 % in the value of real; estate. The reason for the increase in the value is due to lack of investment. The trend for condominiums is increasing day by day and this is also one of the reasons to contribute to the rise in the real estate values. With the advent for condominium trend the sale of apartments and houses has decreased to a large extent. This has lead to the increase in the rents. Another reason that can be attributed to the rise in real estate value is the shortage of availability of three bedroom apartments for students.
Apart from these reasons as the interest is showing a constant rise it has lead some of the buyers to stop buying property at the moment. They are prevailing in the renter status as for now. There is also a lack of dorms in the Boston area. These are some of the reasons why the market in Boston despite there being a boom is dry as for now. But besides this there are still some potential buyers in the market who are looking forward to see a dip in the prices, which will make situations favorable for them.
So if you are considering investment talk to a real estate guru who can guide you in the right direction. He can suggest you other options and you could consider those rather than taking up buying when the rates are at a high. Never do this blunder of investing in real estate without knowing the current scenario. You could end up in loosing money as well as you might not get a good deal. It is better to wait for the market to slow down a bit and then invest this way you can mint money when the prices rise again. So have a look at the market before you invest your valuable money.
