Home of iconic historic monuments like Plymouth Rock and Paul Revere's House, Boston is known for its rich heritages. The city is also known for its waterfront views and high-end real estate. But what it's also known for is its emphasis on education. With 134 public schools and some of the most prestigious universities in the world, education is important to the residents of Boston, Massachusetts.
Those in the market for Boston real estate will find themselves facing two basic options: Condos or Houses. Either buy a comfortable condo or opt to spend a bit more per square foot and get a single-family home. Because of the lack of land in the city itself, single-family Boston homes for sale are a bit pricier, and you can find quite a few choice options away from the heart of the city at times. Understanding the pros and cons of buying a condo will help you make the right decision for your specific situation.
Benefits of Living in a Condo
In a climate like Boston's, it’s essential to prepare your home for the approaching cold winter season in order to protect it against serious damage, especially if you’re thinking of putting your home up for sale during the coldest part of the year. However, if you wait until the last minute, you could be caught off guard by an early winter storm or you may find yourself carrying out these tasks in the bitter cold.
Is your condo ready for the Fall Market?
Prices have skyrocketed! This is true all over the city. Inventory is low! There are only 14 condos on the market and rates are on the rise. 37 out of 45 condos that sold within the last 2 months received offers above the asking price."
When making an offer to purchase a home in Boston's competitive real estate market, you might want to consider what contingencies you can afford to include. In a seller's market, home buyers will probably find themselves in bidding wars where they will need a competitive advantage over other buyers. For this reason, many choose to opt out of including contingencies when placing their offer. Here are some factors to consider when making an offer on a Boston home.
The Market Is Growing
As we enter the dog days of summer we also look at the year and realize that one half of 2013 has passed and much has changed in the real estate market. Gone is the news of doom and gloom and now there are stories of bidding wars and rising prices.For sale signs are turning into sold signs quicker than a year ago. One segment of the market that has seen significant gains are Cambridge and Somerville condominiums.
Here is a look at the numbers behind the condominium boom:
Here are the numbers for the first half of 2012
As you prepare to move to a new Boston area home, one of the first questions you will need to ask is whether it's smarter to buy first or sell first. You have the option to sell your home first and then look for and buy your new property, or you can buy first and then focus on selling your new home. Both have definite benefits and drawbacks that you will need to consider.
Selling First, Then Buying
Boston real estate is growing in popularity. Experts indicate the market is seeing a significant recovery, which is good news for homeowners. If you are just entering the market and hoping to find your next home you'll need to move wisely. Boston home sale prices are competitive, and to snag that home you desire you'll need to be as well.
How to Buy When There's a Shortage of Homes
For Boston home buyers looking for an investment opportunity, purchasing property near a college or university is an excellent option. Both Harvard and Boston University offer a wide range of investment property for anyone looking to purchase real estate in Boston.
If you have been looking for a property to buy in Massachusetts the process is about to get a whole lot easier. The multiple listing service that serves Massachusetts also known as MLS Property Information Network will be updating their system to no longer allow listing agents to keep homes with a contract to purchase in "active" status. The new changes will help would-be home buyers figure out what homes are actually available and what homes have accepted offers.