2013 was a groundbreaking year for real estate transactions in and around Boston, but what does this mean for 2014? While many are expecting the market to remain strong there have been some important changes to the real estate landscape that will undoubtedly have their effect. For instance the average mortgage rate has jumped up a full percent since this time last year and is attributed to a slight slowdown in home sales this past December. Some economists are optimistic, since rates are still relatively low, buyers will want to lock in a rate before they creep higher. One thing nearly all economists are in agreement on is that as the general economy improves mortgage rates will continue to climb. The rise in rates seems to have the most significant effect on first time homebuyers since even the slightest increase in mortgage rates can drastically alter what property they can afford to purchase. In 2013 the real estate market experienced growth in nearly every measurable category including median sales price, volume of properties sold and the number of properties that sold for over asking price. Much of this is attributed to strong buyer demand and historically low inventory levels. Market specialists claim that had there been more inventory the figures from last year would have only been that much stronger. An increase in overall inventory would also help to balance out pricing in Boston and surrounding communities where many properties last year sold in bidding wars for well over asking price. If in 2014 we see an increase in inventory, I would expect for pricing to balance out and the market to remain strong. If inventory levels were to remain low or dip lower, the expectation would be for prices to continue to inflate due to a continued strong demand. For more information about the real estate market in 2014 contact Scott Accorsini at firstname.lastname@example.org.
This year -according to MLS- The North End and The Waterfront have 52 available properties for rent; Last year at this same time, the market only had 19 properties available for rent. Landlords are not pleased with this statistic. However, consensus in the area shows landlords are not worried. The city does have ups and downs and we realize from the calm after the storm that the market is beginning to settle. Owners in the North End and Waterfront know their property will always pull an extremely high demand.
|2014 Available Rentals in the NE and Waterfront:||2013 Available Rentals in the NE and Waterfront:|
|52 Available on 1/7/2014||19 Available on 1/7/2013|
|One Bedrooms: 28 Available||One Bedrooms: 8 Available|
|Two Bedrooms: 22 Available||Two Bedrooms: 11 Available|
|Three Bedrooms: 2 Available||Three Bedrooms: 0 Available|