Home Buying in Watertown>Question Details

Rebecca Mason, Home Buyer in Watertown, MA

I'm interested n buying a condo in Massachusetts near Boston in the $200,000-$280,000 K range. I found a

Asked by Rebecca Mason, Watertown, MA Mon Nov 19, 2007

place I love however, my family is advising me to wait out the market. They say buying anything now is crazy because the prices are going to fall dramatically. I'm having a hard time convincing myself it's worth wasting another year on rent money when I've found a fairly priced condo that I love? Any advice?

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Prices, especially in the Boston area do seem to have stabilized somewhat. If the condo is fairly priced and you plan on staying there a while, it would probably be a good investment, especially as a first time buyer. I have a recent blog post on this topic and would be happy to help further.
0 votes Thank Flag Link Thu Dec 23, 2010

It is very difficult to predict if prices will move down by a significant amount, adjust lower slightly or stabilize. Things to consider when deciding on whethter to purchase or continue to rent should include how long you plan on staying in the unit, a cost to rent vs ownership analysis, job stability, your own risk tolerance and an analysis of how much it would cost you to own the same unit if prices dropped and interest rates change. The longer you plan on living in the unit the safer your investment will be. It appears that there will continue to be uncertainty in the market for some time. You are fortunate to have family watching out for you. Keep gathering information, look for a good opportunity and most of all pay attention to interest rates. If prices drop slightly but rates increase a percent or two, it may cost you more to own later, even if prices do come down. Best of luck with your home search.
0 votes Thank Flag Link Wed Dec 22, 2010
Hi Rebecca,

I work for a real estate team in Watertown and while the market could fall some more, statistics show prices are stabilizing right now. But there's always a deal out there. Good luck with your search.
Web Reference: http://www.MikeDelRose.com
0 votes Thank Flag Link Thu Dec 3, 2009
Hi Rebecca,

Have you bought yet??
0 votes Thank Flag Link Wed Jun 24, 2009
Hi Rebecca, The real estate market close to Boston--- within 10 miles is not going to go down much further. The best thing to do with your agent, I am assuming you do have one, look at the origional list price, days on market, have there been any other offers? Have your agent pull the comparable sales in the area and come up with a fair offer, meaning not 100k below asking but put a little negotiating room between asking and what your offer actually is. Interest rates are low once again, and keep in mind your interest on your mortgage payments and your real estate taxes are deductable on your taxes. Most of all, I tell people that " you will know it when you see it" Ask yourself if that is how you feel about this property. If the answer is yes, then I say go for it. Best of Luck, Cheryl Henderson Century 21 Adams 857-891-1216
0 votes Thank Flag Link Tue Nov 20, 2007
Rebecca the real question for you to ask your family is who is the real estate agent in the family, and who is the mortgage professional. Family and friends love to offer their opinion, but it is often wrong. For a buyer right now the mortgage rates have remained low, and inventory is high creating competition. It is truly a great time to buy. Your family may be right that prices MAY be lower in a year, but will the rates be as low as they are now....probably not, and what happens if we pull out faster than expected you will be paying more at a higher rate, and the place you love won't be there anymore. I don't mean to scare you, but if you see a place that you love, and the payments are within your price range, then there is no time like the present. You arn't buying a stock or a bond, but a home that you will spend every day in for years to come. Hope that helps.
0 votes Thank Flag Link Mon Nov 19, 2007
Hi Rebecca,

Now is a great time to buy. Rates are low and sellers are negotiating. If you love a place there is no time like the present. We don't expect the market to crash, it's anticipated to remain steady. You also need to calculate out the money you will spend for renting - why pay someone else's mortgage?
0 votes Thank Flag Link Mon Nov 19, 2007
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