The Massachusetts Association of Realtors recently reported that home sales in the Greater Boston Area and throughout Massachusetts are up significantly from last year. While this may sound like the chef telling you that the menu items are delicious, it really is true, and the numbers are impressive.
The increase in home sales is reflected in the number of homes sold and in the price. The number of single family home sold in Massachusetts this past December increased a full 13% over December of 2011. The number of condominiums sold in Massachusetts in the same time frame increased more than 14% over last year.
Prices for homes sold in Massachusetts have increased as well. The median price for single family homes sold in December 2012 increased over 10% higher than December 2011, from $275,000 to $303,500. The median price on condominium sales is showing a similar increase of 8.7% from $260,000 to $285,500.
And this, is reason number 1 to buy a home in Massachusetts now – prices and quantities of sold homes are steadily and significantly increasing. The market appears to have hit bottom and started a rebound. If the indicators are true, buying now puts you into the market while the rebound is still beginning, hitting the cycle at a time when you may be able to buy into some great equity increase – like last year’s 7-10%!
Reason number 2 for buying a home in Massachusetts now is nothing new but nothing short of spectacular – fantastic interest rates! Mortgage rates are still hovering in the 3’s. Mortgage rates this low create tremendous affordability and dramatically decrease monthly payments. Once the market ‘recovery’ is in full swing, these rates are bound to increase.