Consider investing in Boston property, rather than renting
In July 2012, more homes in the United States started down the path to foreclosure, a new real estate study finds. The uptick in foreclosure starts comes as lenders began to tackle a backlog of unpaid mortgages, even as they pull back on home repossessions, The Boston Globe reports. If you have considered buying one of the homes for sale in Boston before, you might want to follow through and claim one of these at-risk properties.
The number of homes that received an initial notice of default increased approximately 6 percent in July 2012 compared to July 2011, the news source reports. Filings of initial default notices have also increased on an annual basis for the past three months. However, banks took back 21 percent fewer homes in July than they did a year ago.
On Average, 104,000 homes have entered the foreclosure process each month going back to May 2012. While that metric is well below the 178,000 average seen in 2009, the relatively high mark still is a cause of concern. However, some homebuyers may actually benefit from the increase in foreclosure starts.
If you are a parent of a child who recently graduated from high school, and he or she plans to move to the Greater Boston area to attend school, you might want to consider investing in property, rather than renting from a local landlord. Rents keep growing nationwide, and with some Boston neighborhoods showcasing affordable for-sale properties, you might see a hefty return on investment if you buy now.
Brighton is a neighborhood just outside of downtown Boston, and it is a favorite hangout spot for many college-aged Bostonians. Currently, the average sales price of property in the community is $277,914, according to ZipDataMaps, while the average asking price is much higher at $386,106. This indicates that current homeowners believe their properties are worth more than buyers are willing to submit and, if you get a great deal now, you might be able to cash in down the line when your child is through with school and off on his or her own.
Whether you are a real estate investor or average American, you can find value in owning multiple properties, and Boston offers affordable opportunities for you to grow your portfolio.