For the third year running, Massachusetts reigns supreme as the top state for families, according to WalletHub. Its blend of economic opportunities and safe environments for children secures its position at the pinnacle. WalletHub’s analysis applauds Massachusetts for its stellar education, child care, health, safety, and family fun offerings, cementing its status as the ultimate family destination. Despite perceptions of high costs, WalletHub ranks Massachusetts third for affordability. While housing and childcare expenses may be higher, the state’s robust incomes make it a viable opt ..read more

Are you gearing up for a move? Curious about the housing market’s pulse, where prices are headed, and what’s in store for mortgage rates? If you’re nodding along, you’re not alone. Here’s a peek into what industry experts foresee for this season’s real estate scene. A Surge in Inventory Odeta Kushi, Deputy Chief Economist at First American, notes a promising trend: inventory is on the upswing. But hold your horses – it might not be enough to meet the soaring demand just yet. Lisa Sturtevant, Chief Economist at Bright MLS, emphasizes this, pointing to the steadfast demand from the millennial c ..read more

Are you feeling overwhelmed by the idea of saving for a hefty down payment on your first home? You’re not alone. The common belief that you need 20% down to buy a house isn’t always accurate. In fact, for many buyers, it’s far less. According to The Mortgage Reports, while putting down 20% can help you avoid mortgage insurance, it’s not a requirement. The National Association of Realtors confirms that the median down payment for all homebuyers is just 15%, dropping even lower to 8% for first-time buyers. The good news? There are numerous resources available to assist with down payments. With o ..read more

Amidst the rent-versus-buy debate, new data from the Federal Reserve’s Survey of Consumer Finances sheds light on a significant factor: homeownership dramatically impacts net worth. On average, homeowners enjoy a net worth nearly 40 times greater than renters, thanks to the wealth-building potential inherent in owning a home. Homeownership offers a unique avenue for wealth accumulation, primarily through home equity. Unlike renters, homeowners benefit from property appreciation and monthly mortgage payments, which act as a form of forced savings. This financial advantage underscores the long-t ..read more

As we embrace the dawn of 2024, the pursuit of homeownership undergoes a transformative shift. Technological advancements are at the forefront, reshaping the way individuals interact with the real estate market. Virtual tours, artificial intelligence-driven property matchmaking, and digital mortgage processes are becoming integral components, offering a seamless and immersive experience that brings the dream home closer to fingertips. In this digital era, the path to homeownership is not just a transaction; it’s an interactive and personalized venture guided by innovation. Financial empowermen ..read more

Homeownership is not just a key part of the American dream; it’s also a path to financial stability and wealth accumulation. When you own a home, your net worth can grow significantly over the years. Let’s delve into the ways in which homeownership fosters this financial growth and why it’s considered one of the most enduring investments one can make. 1. Equity Building: The Foundation of Wealth One of the primary ways homeownership increases net worth is through the accumulation of home equity. Equity is the difference between the market value of your home and the remaining balance on your mo ..read more

Your credit score is a critical piece of the puzzle when it comes to qualifying for a home loan. It gives lenders an insight into your ability to make payments on time, pay back debts, and more. It’s also a factor that helps determine your mortgage rate. Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for. An article from Business Insider explains generally how your FICO score range can make an impact: “. . . you don’t need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a grea ..read more

If you’re looking to buy a house, you may find today’s limited supply of homes available for sale challenging. When housing inventory is as low as it is right now, it can feel like a bit of an uphill battle to find the perfect home for you because there just isn’t that much to choose from. If you need to open up your pool of options, it may be time to consider a newly built home. Here are other perks that come with considering a newly built home: Customization: Depending on the stage of construction, you may have the ability to personalize certain finishes, materials, or floor plans to suit yo ..read more

Don’t wait for home prices to fall! If you’ve put your plans on hold hoping home prices will fall, you should know that inventory remains a problem with both Boston and the suburbs. New condo listings year-to-date in Boston are down 27.99% vs. last year, and closed units are down 31.57%.  And with inventory down, it also means that home prices will continue to go up.  According to Selma Hepp, Chief Economist at Corelogic, “under supply of housing will continue to heighten market competition and put pressure on prices in most regions.” If you are looking to buy a home now, understand ..read more

Understanding the Challenge: Why Boston’s Real Estate Inventory is Low Are you looking to buy or rent a home in Boston? You’re not alone! Boston is an amazing city with top universities, hospitals, museums, restaurants, beautiful parks, and vibrant neighborhoods. However, the city’s current real estate market faces a challenge that has many buyers and renters worried: low inventory. In short, there are not enough properties to meet the demand, making it difficult for buyers and renters to find the right home at the right price. Why is inventory so low? One reason is the limited amount of land ..read more