It's Not All Bad News!

With the start of each day, or just about, our morning papers are littered with articles discussing the horrendous condition of the housing market. Whether we are reading about foreclosures, mortgage rates, median home price sales, or inventory levels, the news always seems to build on our fears. But the fact is that the market is still quite active, many properties in Boston are selling, and as mortgage rates move toward historical lows, the current condition creates a perfect time to buy for the right individual.

We've seen quite a bit of this recently in the Boston market. There are buyers out there, plenty of them, and as certain property values have exhaled to more realistic levels, they are being sold. When desirable properties hit the market it's not unusual to see several buyers get quickly involved in the bidding process.

Sunday's Globe ran a great article discussing three exceptions that often make a property be "less affected" by a poor housing market. They were "Location", "Price", and "Condition". To read the article, click this link - "Bidding Wars? Quick Sales? It's Happening!"

Condo Market Picking Up?

The real estate market is cyclical. It always has been, and it always will be. The slow market of recent years was sure to break at some point, and lately there's been strong signs of that progressing period being upon us. The median price of single-family homes fell a few percent in the past couple of months, more then likely compensating for the market's overvaluation. The median prices of condos fell 1.2% alone, compared to an 8% gain the previous year. In what can only be received as promising news, Warren Group of Boston declared a recent increase in real estate sales. Whether the increase is due to the mild winter, or to housing becoming more affordable, analysts aren't quite ready to commit. Whatever the cause, its terrific to see activity buzzing in Boston's condo market.

Kimberly Blanton of The Boston Globe wrote,

"Real estate agents statewide told of a flurry of recent activity... They reported their open houses are busier and buyers who window-shopped last year are now putting deadlines on finding a house. Some sale listings have even elicited multiple bids, they said."

It is impossible to declare whether or not this recent trend is a defining indication of the real estate market turning, but it is certainly reason to be optimistic.


Sources: "Housing market on mend?" Kimberly Blanton, The Boston Globe, February 28, 2007