Market Conditions in 02482>Question Details

Ek, Both Buyer and Seller in Boston, MA

How would you describe the market conditions for buying / selling?

Asked by Ek, Boston, MA Mon Aug 6, 2007

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J. Perron’s answer
Prices are definitely down compared to last spring because of the $8000 first time buyer credit last spring. The credit caused a feeding frenzy among 1st time buyers and pushed prices higher with bidding wars, etc. When the credit ended, the market died for sellers (last summer was the worst). As long as a P&S was signed by April 30, the buyer credit was available. Closings last May, June and July would still reflect some of that activity. My guess is that the real comparison numbers will come in around August this year.
0 votes Thank Flag Link Wed May 4, 2011
Good for Buyers with a downpayment and good credit. Bad for sellers who are looking to sell quickly, and don't even attempt to try and get the price points sellers were getting even just 14-18 months ago. It will not happen.
Buyers know that there is a lot of inventory to choose from, and unless you really stand out and give them a reason to pick your home, be prepared for longer days on market and low offers. Of course every situation is different. To save equity try a Flat Fee Listing company. You could save thousands!
See our link below.
2 votes Thank Flag Link Wed Feb 27, 2008
For the first time buyer this is a great time to buy a home as long as you have good credit. The interest rates are still very good. They may be going up but that is speculation on my part. As far as selling it can be great too if you didn't purchase a home in the last 3 or 4 years when the market was very high. If you have owned for more than 5 years and haven't borrowed on equity it is a good time to sell as well.
1 vote Thank Flag Link Sat Jun 21, 2008
Very good for qualified buyers with good credit and sellers with realistic expectations! A good broker can make all the differnce in the world for both sides!
1 vote Thank Flag Link Thu Mar 6, 2008
Well, it's slow for certain. Although there are individual towns (like Needham, for example) where properties are beginning to go under agreement more quickly than other neighboring towns.

But overall it's a buyer's market.

Now if you're a seller, I am of the opinion that you should calculate the value of your property and also what you need in order to buy the next home you want to live in. You may find that you can "discount" your present home sufficiently well to "shock" the market, get your current home under agreement, and still have enough profit to be able to move to your next home.

In any event, it is foolhardy, in my opinion, to buy your next home until you have sold your current one, unless the prospect of carrying both mortgages is okay with you.

Good luck,
1 vote Thank Flag Link Sat Sep 1, 2007
It depends on the area. Some areas are exceptionally good and real estate is very busy and other places no one is buying.
0 votes Thank Flag Link Fri Dec 24, 2010
Six answers and 4 of them, a resounding, "yes!" Not exactly surprising...
While it MAY be a opportunistic time to purchase, it MAY
only be for a particular person(s).

First and foremost, is purchasing power and job stability.
Total debt-to-income ratio (DTI) not too exceed 35%- to have a cushion.
At LEAST 10% down preferably 20%- never mind the FHA 3% down. That is a recipe for trouble.
Of course good credit and enough earning power to sustain the mortgage payments,
with a contingency if a buyer loses their job.

Overall, it is not exactly the best time to buy. The majority of housing assets are overpriced.
Due to uneducated sellers and professionals.
Due to sellers owing more than the home is actually worth.

So, if you want to make a home purchase, you need to answer 'yes' to the following:

You have a good, stable job? You have 20% down?
You want to buy a home that is worth no more than 3.5 times
your gross income? Your total debt (mortgage included)
will not exceed 35% of your gross income?

Then perhaps it is a good time to buy. As long as the above criteria
can be met. Otherwise, the risk of default becomes greater and
the negative consequences are usually life changing. Today's buyers
truly need to proceed with caution and be more objective than ever before.
Weighing the 'risk' - 'reward' ratio very, very carefully.
0 votes Thank Flag Link Fri Dec 24, 2010
It is definitely a great time to buy. Depending on the amount of equity you have in your home, it could also be a good time to sell if you'll be "trading up". I did a recent blog post on this topic with some information directly related to Wellesley.
0 votes Thank Flag Link Thu Dec 23, 2010
Hello. It is varying by towns and by price point. In order to provide an answer that will be useful, please provide those towns in which you are most interested. Thank you!
0 votes Thank Flag Link Mon Aug 6, 2007
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