The Boston real estate market 2016-speculations and stats
2016 is here and is off to a better start for Boston real estate than 2015. However, it looks like sales of condos, single-family homes and multi-family homes will be approximately 10% higher than the last year. The primary reason for this growth the changes made to Mortgage Guidelines last year.
However, the change involves lower-down payment requirements on a variety of loan programs, including jumbo mortgages. Loan and mortgages models will be modified to bring more buyers into the market.
The new system would eventually give consumers credit for additional reoccurring payment like rent, mobile phone bills and utilities. The changes will enable buyers to invest in property no matter
…show more content…
2008 meltdown has set a stage for modifications in the regulations.
So therefore, if you are thinking of buying a house in Boston, start your search as soon as the new inventory comes in. Don’t wait for long, as in such market situation everyone would love to grab the chance.
All factors indicate that 2016 will be a big year for the housin market in the region. Interest rates are still low, mortgage guidelines are loosening and inventory is on low site. All this adds to advantage to Boston housing market.
Let’s have a look at the present Boston condo market
There are some neighborhoods in the region that has witnessed highest 5-year increases. Let’s peek at a few of them
• Dorchester: Median 2015 price: $345,000, a huge change since 2010 +99%
• Fenway: Median 2015 price is $475,000 and an increase of +61% since 2010.
• South Boston: in 2015, the median home price was $560,000 which is +54% more than 2010.
• East Boston: Last year, the median price was $320,000 which is +52% more than the year 2010.
• Bay Village: The median price in the region is $800,000 which is +47% more than 2010.
• Brighton: The area has seen +47% of the increase in the median prices since 2010. Presently, a property cost around