Here's an outline of the home buying process and what you can expect. This reflects Boston’s stronger economy, as well as the growing concentration of wealth in neighborhoods that had previously been under the radar. 6,168 single family homes for sale in Massachusetts. Boston … We collected the responses below before the outbreak of novel coronavirus in the U.S. How might its spread impact the housing market this year? Well-positioned product will continue to do well, as will mid-luxury segments tapping into lower absolute price points for more boutique buildings with less amenities and different construction types (not steel or concrete). Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan. I have a feeling that gentrification will have more young people living farther out—the new Somerville of 1995 might be in Quincy, Waltham, Malden, Chelsea, or Revere—and these places will become interesting because they offer affordable rents and the chance for people to have large parties, play and record music, and engage in large-scale art projects. There are reasons to think that house price growth will stall as prices outpace what people can afford and limit future appreciation. One of the oldest and most historic cities in the US is also experiencing one of the most rapid urban revitalizations in the country. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. wood frame, etc.). Now's the time when your agent's negotiating skills come into play. The Boston Planning & Development Agency runs this program. Perfect opportunity to own a home on the most desirable street in Boston's North End/Waterfront! I suspect Boston will be even more expensive in five years, but I wouldn’t be surprised if pockets of comparatively cheaper housing arise from local market pullbacks or boomer downsizing. View all stories in First-Time Homebuying. We are in a housing affordability crisis, but in the city at least I don’t feel that prices are going up because investors over-anticipate future demand. Congratulations! In the past 15 or so years, Boston has fundamentally changed. Homebuyers on a budget need to think outside the box, top real estate agents say. Buying a home in Boston is difficult for anyone, but all the more so for first-timers. Gentrification: The middle-income earners are increasingly being pushed farther out, into longer commutes. One way to make buying a house easier is starting the process at the right time. With many small condo developments in the works, and a revamped transit system for people who need to commute to the city, Chelsea could soon be Boston's Brooklyn. Why? Will it appeal to a variety of buyer profiles (i.e., parking for empty nesters, a den for people with newborns or for people who work from home)? If you are able to buy in Boston, you are in a position of privilege. Will you be able to sell it for more than you purchased it, and if so, how can you add value to your investment to help ensure this? Though not technically a part of Boston proper, this suburb has become the top alternative for people who find the Boston market a bit too pricey. Features include a living room with large windows providing … Here's an outline of the home buying process and what you can expect. Convenient shopping … Climate change: The low-lying areas that are built on reclaimed land are inherently more risky, and should be priced lower to reflect this higher risk of flooding. You can find tools to assist you in your first home buying experience on this page. 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