I hope you are off to a happy and healthy start in 2010! At CondoDomain we anticipate that it will be a busy year for the urban real estate market. There is a lot of speculation about what will happen in the real estate market this year. Let’s just take a look at what we KNOW is happening! Here is a snap shot of what we are seeing right now:
– The $8,000 first time home buyer tax credit has been extended until April 30th (must close by June 30th). It has also been modified to include buyers in higher income brackets and a $6,500 credit for repeat home buyers.
– New developments such as The Clarendon and The W are nearing completion and will soon unveil their model units. In the past few weeks multiple units have closed in each of these buildings and residents were able to ring in the New Year in their new home!
– Mortgage rates continue to remain very low and most of our clients are locking in around 4.5%. If the housing market makes the comeback we hope it will in 2010, you can bet these rates will not last for long!
– Home prices have fallen. In many areas of the city it is cheaper to buy a property than it is to rent a similar property.
It seems to me we are poised for great things this year. Here’s to Boston Real Estate in 2010!
Happy New Year!
(Photo of The Clarendon Back Bay)