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Beth, Home Seller in Jamaica Plain, Boston,...

Market woes impacting JP?

Asked by Beth, Jamaica Plain, Boston, MA Thu Sep 18, 2008

Do you feel the recent market problems associated with the investment banking problems will impact sales inJP? I rent my condo and am looking to sell after the lease is up in May 2009.

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The JP market is strong this season (2014) but there is still an inventory shortage. This is leading to multiple offers, but with patience and the assistance of a real estate pro buyers are still finding great homes in JP!
0 votes Thank Flag Link Tue Jun 17, 2014
Hi Beth,

I am a Realtor in JP since 1990. I have been through (although just the end of it) one market decline.
Buyers (& renters) will continue to come to Jamaica Plain. The schools & hospitals (and all of the jobs they provide) are plentiful.
Then the community, the green space and the ease of public transportation will keep our area very strong.
Some of us... agents, sellers & buyers may have to adjust to longer mortgage com. dates, using more experienced mortgage people, Realtors etc.
I am not worried.
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0 votes Thank Flag Link Thu Sep 25, 2008
The short answer - yes it will impact JP.

Even if markets are local (and they are), the economy is global and a large portion of the buying pool has investments that have just lost value, live in homes that are losing value, and have jobs that are becoming less stable, and will need mortgages that are now more difficult to obtain. Not everyone fits into these categories, but a large portion of the buying pool does and that will impact the market. Sure your home may be a one of kind that is in high demand, and if that is the case, you just need one buyer and you may be fine.

The Greater Boston market has done very well over the past few months, actually recording gains according to the Case-Schiller index, but you things have been rough over the last couple of weeks.

Good luck. Also, some investors like to buy condos that already have tenants in place.
0 votes Thank Flag Link Thu Sep 18, 2008
Within a few months anyone who is going to go belly up will have or the government will have shored them up. Right now it is affecting the way banks lend money to other banks. With the governments infusions of cash for banks to loan, and onc ethe banks start to loan money again, good buyers will be able to buy. Here in the Boston market we are in better shape than alot of other areas although we are not in a good market by any means. Thisngs should improve by may as well as may is the biggest selling time of the year here in New England anyway to give you a boost. Good luck Beth
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0 votes Thank Flag Link Thu Sep 18, 2008
No, it doesn't have to affect JP. Real Estate is hyper local and is dictated more by micro economic issues. The big investment crisis (macro) could affect mortgage rates and the ability to borrow money which depending on local mortgage situation could affect JP ... To figure this out you need to look at supply and demand plus leverage (the mortgage market): These three factors together will create a good, bad or just "ok" local market in JP.

Right now the absorption rate for condo's in JP is 28 properties a month. This means at the moment there are 4 months worth of inventory on the market which is quite strong compared to some other soft markets.

Hope that helps!
0 votes Thank Flag Link Thu Sep 18, 2008
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