Buying and Selling a home in the Greater Boston Area

Rent or Buy in Somerville, MA - You be the Judge 

This week we are highlighting Somerville, MA in our rent versus buy breakdown.

Whether you rent or buy a home does depend in large part on how long you anticipate staying in one area.  If you think you will be moving in less than a few years, it may make sense to rent. Otherwise, this rent versus buy analysis for Somerville may help you decide.

A quick look at Craigslist and boston.com showed rentals for 1-2 bedroom apartments in Somerville MA coming in at $1,800 and higher. Let’s work with this new Somerville rental on Fitchburg Street: 1 bedroom apt., listed for $1,800/month (heat and hot water included).  To rent, you would need $5,400 for the first, last and security or $7,200 for first, last, security and fee.               

                                  For Rent: Fitchburg Street, Somerville Rental

For Sale: Tufts Street, Somerville Unit 4

Multiple Listing Service shows this listing ampng the active Somerville condos on Tufts Street: 2 bedrooms, 1 full bath, 940 square feet, listed for $264,900.  A 5% down payment would be $13,240 with a mortgage of $251,655, based on a 4% interest rate, condo fee and real estate taxes the monthly cost would be $1,530.

You can search here for recent Somerville closings:  Avenue 3 Sold Properties Search

Total monthly costs for the 2 bedroom condo $1500.00 compared to the 1 bedroom apt. for $1,800 . 

Our advice? Look at your own situation, investigate the numbers and understand which alternative is right for you. If you'd like to have a conversation about this topic Contact Us, we'd love to hear from you and answer any of your questions. 

All the current available listings in Somerville can be found here: Avenue3PropertySearch

 and here are the pending sales for Somerville and all the other communities we track ...

  pending sales

Source:  MLSPIN

Rent or Buy in Medford MA - You be the Judge 

This week we are highlighting Medford MA in our rent versus buy breakdown.

Whether you rent or buy a home does depend in large part on how long you anticipate staying in one area.  If you think you will be moving in less than a few years, it may make sense to rent. Otherwise, this rent versus buy analysis for Medford may help you decide.

A quick look at Craigslist and boston.com showed rentals for 2 bedroom apartments in Medford MA coming in at $1,800 and higher. Let’s work with the low figure of $1,800/month.  To rent, you would need $5,400 for the first, last and security or $7,200 for first, last, security and fee. 

65 Palmer Street, Medford, MA

Multiple Listing Service for Medford MA shows a recent 2012 closing: Cape style 7 room single family on Palmer Street, closed for $304,000 in early February.   A 5% down payment would be $15,200 with a mortgage of $288,800, based on a 4% interest rate and real estate taxes the monthly cost would be $1,639.

Search for recent Medford closings:  Avenue 3 Sold Properties Search

Total monthly costs for the single family purchase $1,639 compared to the $1,800+ for the apartment. 

Moral of the story, be sure you look at your own situation, investigate the numbers and understand which alternative is right for you!

Look for more active listings in Medford at: Avenue 3 Property Search

And here are the pending sales for Medford and the other communities we track ...

  pending sales

Source:  MLSPIN

Download Free Home Buying Kit

Find tips on buying a home by downloading our very informative Better Buyer Kit and begin your real estate search here: Avenue 3 Real Estate

Rent or Buy in Belmont, MA - You be the Judge!

  Current rental inventory in Belmont MA is low and with various price ranges, ex: Belmont Hill single family renting for $4,300 / month to 1 or 2 bedroom apts. in 2 family bldgs. from $1,400 - $2,400 / month.  Rents are expected to continue to rise through 2012. 

 Now may be a good time to think about a home purchase.  With over 60+ Belmont properties (A3 property search) currently on the market and 30 year fixed mortgages at 4% or lower it may make sense to buy now.

Recent Belmont condo closing:

   2 bedrooms, 1000 square feet with parking closed in October 2011 for $295,000.  With 5% down ($14,750), a 30 yr fixed mortgage at 4%, including condo fee and taxes bring the monthly expenditure to $1,821.....search for recent closings here...A3 Sold Properties Search

and here are the pending sales for Belmont and the other communities we track weekly:

  pending sales

Source:  MLSPIN