As Boston continues to become a hub for major corporations, the housing market continues to experience seemingly puzzling trends. Major corporations such as GE, Keurig, and Google have recently made Boston their home, which has brought an influx of employees and their families to the area. This is great news for the City itself, but, with the lack of housing or land for expansion, the housing market is experiencing an extreme rise in prices at the same time as seeing a decrease in sales.
Prices are at an all-time high due to the increasing demand from this influx of buyers. Any attractive home put on the market is met with multiple offers (many above asking) and with no mortgage or inspection contingencies. With less homes being built and sold, the few attractive ones out there are forcing Buyers to throw caution to the wind in order to get an offer accepted.
One solution city buyers will be looking towards next is the close suburbs that provide easy access to the City, but this trend continues even in these suburbs. What can a buyer do when faced with such competition? We have some strategies, give us a call.
For more info, check out this article.
-Attorney Dominic Poncia
