Somerville might be the ideal place for baby boomers
With real estate in Boston on the upswing, suburban homeowners who no longer have children living with them have begun to sell their properties in favor of city life. Baby boomers who have been waiting on the sideline for the past few years may want to downsize and relocate to homes and apartments in the Hub, The Boston Herald reports.
However, boomers who do plan to move into the city will continue to seek a sense of community in the neighborhood they wish to relocate to, and local real estate expert Frank Carroll believes the ideal place is Somerville. This community is situated north of Boston, but with public transportation around every corner, residents enjoy the amenities of city life without negative characteristics like loud and busy streets late at night.
Somerville has something for everyone
For prospective buyers who want to sell their suburban homes and move to Somerville or another neighborhood, the time to buy is now, as a new survey by HomeGain shows prices are on the rise.
According to the report, approximately 80 percent of real estate professionals and 62 percent of homeowners see prices increasing over the next two years. In contrast, 5 percent of agents and 14 percent of homeowners foresee values going down between now and 2014.
Homebuyers who enjoy the idea of moving to Somerville might be interested in the local asking price and sale price in the area. Currently, the average real estate asking price in Somerville's 02143 ZIP code is $430,569, according to ZipDataMaps. The average real estate price, however, is slightly below at $424,949.
Market rebound means the time to buy is now
Whether a prospective homebuyer wants to invest in a stand-alone home or purchase a condominium in Somerville, property values have been on the rise. Therefore, it's important for prospective buyers to start the relocation process sooner rather than later. This means finding a proper buyer for a suburban property, and arranging finances to acquire another mortgage or loan for a down payment. While the real estate market remains in flux in many neighborhoods across the United States, Boston's housing market has found renewed strength and appears to be recovering rapidly. Become a resident of Somerville today to appreciate the value in city life, and the potential benefits of an improving economy in the Hub.