Zillow, a real estate research company, recently put out its first quarter Zillow Negative Equity Report, and it had some bad news for homeowners in the Boston area. Although the percentage of people who are upside down on their homes is smaller than the national figure â€“ 22% versus 31.4% â€“ the average negative equity for Boston area homeowners is greater than the national figure â€“ $85,000 versus $75,644.
Some Boston area communities are struggling more than others. In Brockton, 53% of homeowners are underwater. In Chelsea, 46% are underwater, and in Randolph, 42% are underwater. According to the report, Worcester County is the county with the highest rate of underwater homes in the state, at 30%.Patrick Oâ€™DonnellÂ REALTORÂ®, CBR has extensive experience and expertise in the Quincy, Weymouth, and Braintree real estate markets that will benefit you whether you are looking to buy or sell a home in the area. Buying or selling a home is one of the most important things you will ever do, and we can help make that experience as smooth and successful as possible.