Home Depot profits may mean higher asking prices in Boston
The Home Depot Inc. recently released its latest financial earnings, which show that more Americans are spending money on home improvement products. This uptick in revenue for America's largest hardware store may mean sellers are preparing to spruce up their properties, which may add more homes for sale in Boston to the market.
The home improvement store saw its net income increase by 12 percent during the second quarter of 2012, as buyers spent more on bathroom accessories and kitchen installations. Currently, Boston features a diminishing housing inventory, with many properties lasting only a few days on the market before they are claimed by eager buyers. Additionally, values have been driven up because of the shortage, and buyers may be forced to submit higher down payments than they expected to purchase the homes of their dreams.
The median asking price for real estate in Boston is $329,900, which is flat on a month-over-month basis, but up 0.3 percent from the same time last year. If you plan to relocate to the Hub, you might want to make sure your finances are in order, as sellers are asking more for their homes, and other buyers are adhering to the increase in value.