It's a seller's market in Boston
Real estate in Boston, MA, has long been a stable asset for homeowners. However, with median family wealth plunging 38 percent from 2007 to 2010, according to a new Federal Reserve report, the housing market in the Hub has been tough for both buyers and sellers.
There is light on the horizon, however. In fact, recent reports indicate that the Boston market may finally be on the mend, especially for sellers. Recently, the Hub landed near the top of a local real estate expert's list of major metro markets across the country where inventory levels have driven home values up, The Boston Globe reports. Higher home values occur when a city or town has a low level of for-sale homes, which makes the properties that are on sale more coveted.
Boston found itself at number 11 on the low-inventory list, having seen a 37 percent drop in the number of available homes over the past year, the news source reports. The subsequent effect of housing shortages has caused listing prices to rise 11 percent to approximately $300,000.
Home sellers in the Boston area may finally have some leverage in the marketplace and, if they choose, can relieve themselves of homeownership and its responsibilities.