After the rental season, homeowners look to sell in Boston
Much of Boston revolves around the academic schedule. When students begin to pour into the city around September 1st each year, the vacant apartments fill up, and landlords are able to look at what they have left from a new perspective. If a certain property fails to garner attention from prospective tenants each year, it may be worthwhile to consider fixing it up and adding it to the the list of houses for sale in Boston.
Rona Fischman, a Boston Globe contributor, says even suburban communities are affected by the rush of the academic season and it can sometimes put landlords in a bind. However, these people may increasingly consider selling their rental properties to homebuyers, especially with home values in Massachusetts going up, and buyer confidence improving slowly.
Fischman goes on to comment on how the supply of homes in Greater Boston can sometimes be affected by looming rental deadlines. In a few instances, after September 1st passes, some property owners are tired of holding onto vacant units and look to sell them. Fischman says that this creates an influx of new properties on the market, which may appeal to buyers who have struggled to go through with a home closing in the area because of competitive bidding wars. Conversely, unsold homes in the area may also be converted into rental units if sellers haven't seen the type of offers they had hoped for. All in all, the beginning of September can have a serious influence on the state of the housing market in the Hub.
This season, housing is already looking up in the Bay State. Recent reports show home sales in Massachusetts are the best they've been since July 2005, which goes a long way in boosting consumer confidence. Of course, even the nearly 5,000 homes sold in Massachusetts in July 2012 won't be enough to reverse the numerous effects of the housing collapse, but it's a start.
Homebuyers looking into purchasing property in Greater Boston may find increasing inventory this Fall. With sellers more willing to enter the market, and landlords unwilling to hold onto vacant property, your next home may have been a rental unit mere months ago. Whether you want to upgrade and move into a bigger property or you are relocating for work, Boston might have the home perfect for your lifestyle.