Boston home sellers threaten to rent their properties if they aren't getting their asking prices
Real estate in Boston, MA, is in a transitional phase, as home sellers have finally found themselves on solid ground. In fact, in some cases, sellers are calling the shots in the Bay State housing market.
The Greater Boston area is experiencing double-digit increases in asking rents as the summer moves forward, according to The Boston Globe. Rents across the metro area saw a 10.3 percent year-over-year increase through the end of June 2012. This uptick is compared to a 5.4 percent national jump, which puts Boston in the top five cities seeing an above-average rise in rents. The only metros experiencing greater increases are San Francisco, Oakland, Denver and Miami.
What's more, Boston area home sellers who aren't getting the asking prices they want are threatening to pull their homes off of the MLS listings in Boston. Many homeowners believe they can rent the properties instead, reports Boston Globe blogger Scott Van Voorhis.
If the price isn't right, sellers are betting they can make up the difference through rentals. Homebuyers looking to move into the Hub better come prepared with pre-approval from a solid lender and be willing to submit to the will of sellers in the area.