Wellesley, MA Real Estate is ending the year of 2011 on a surprisingly upbeat note. Mortgage rates are again at historic lows, averaging 3.91% this week for a 30 year fixed rate loan. In addition, inventories are down, to the lowest levels since 2006, and home prices are up from a year ago. The rebound is captured here in the 2011 3rd Quarter Housing Report
While the real estate news is hardly earth shattering, it is an improvement and in these uncertain times any improvement is great news. Life is gradually coming back to real estate, construction of apartment buildings is up and consumer confidence levels have increased.
Low mortgage rates remain a real lure for buyers, offering huge savings over the lifetime of a loan, and real estate investors are seeing value in placing their dollars in property as opposed to the volatile stock market. While the nation’s real estate markets continue to struggle rates will remain low, which is great news for buyers, especially for Wellesley, MA real estate buyers which is already showing signs of life!
If the job picture continues to improve and inventories continue to lower, markets around the country will continue to inch back. While there will most certainly be more bumps in the road we can look forward to starting 2012 in a better position than a year ago, a great way to begin a new year.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Wellesley Real Estate market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.