Rising rents and falling home values may encourage sales in the Boston area
Prospective homebuyers may want to invest in one of the houses for sale in Boston or the surrounding suburbs as a way to take advantage of the falling home prices in the state.
Prices increased nationally month-over-month by 0.9 percent in March 2012 and by 0.6 percent in February 2012. However, due to rising rents and falling prices in the Hub, rental affordability declined by 9.2 percent. This creates unique opportunities for people looking to purchase property, as it is now more cost-effective to buy a home rather than rent one in and around the metropolitan area.
Rising rents have affected the housing market in several major cities, and as of April 2012, asking prices rose nationally by 1.4 percent quarter-over-quarter. In addition, the numbers lead prices by approximately two or more months and are 1.4 percent higher in March 2012 than a year ago.
Homebuyers with the financial means should act now to purchase property in one of the many appreciating suburbs of Boston. Wellesley has seen steady median home price increases over the past few years. In 2009, the median home was valued at $770,000, and in February 2012, prices increased to approximately $849,000, the Boston Globe reports.