“We’re in the 8th inning,” some have said. “We’re in extra innings,” say others. Generally speaking, real estate cycles last about ten years. The last real estate cycle peaked in 2007, so it came as no surprise when experts predicted real estate prices to dip last year.
Except, they didn’t.
In fact, metro area home prices climbed 6.7% last year. Rents also increased by 2.9% over the past year.
There was a flurry of excitement in Boston’s real estate community last week. Amazon announced its shortlist of 20 communities it’s considering for its second North American headquarters, aptly named “HQ2”. Boston had made the cut!
As we’ve noted before, HQ2 would be a tremendous boon for the Greater Boston real estate market. The company plans to build upwards of 8 million square feet and could add upwards of 50,000 jobs to the local economy.
Are you a future first-time homeowner living in the Boston area?
The market for Boston realtors can be competitive. Even before you start making offers and deal with loan applications, there are a series of steps you need to take.
Advice from professionals in the business could help facilitate the process. Here are 5 tips from realtors that will help you before buying your first home.