3 Reasons Why You Should Buy a Home in Boston, MA NOW!

Home ownership can be a major, but extremely worthwhile, undertaking. As an experienced Boston real estate agent, I've worked with many clients throughout the years to find their dream home in the community they desire in and around Boston, MA. While the real estate market has long been a buyer's paradise, there are a few reasons why you should consider purchasing before 2014. If you've been thinking about taking the plunge and buying one of the many beautiful Boston homes available, here is why you shouldn't wait any longer:

1. Interest Rates Are Expected to Rise. Take advantage of the incredibly low mortgage rates now, because they have nowhere to go but eventually up. Additionally, after January 1st, 2014, several new mortgage lending rules go into effect nationally. One of these new regulations requires lenders to take a much harder look at your debt-to-income ratio before deciding whether or not to approve your loan application. Potential borrowers will not be allowed to exceed a 43% debt-to-income ratio for mortgage loan approval. 

2. Home Prices are Affordable, But Expected to Rise. Going hand-in-hand with interest rates, average home prices are also expected to slowly rise. Boston homes are still very affordable, but the longer you wait, the less affordable they may become. According to a July S&P/Case-Shiller 20-City Composite Home Price Index, home values in May 2013 were up 12.1% from where they were in May 2012. As home values increase, so will sellers' list prices as they move to put their home for sale on the market. Take advantage of historically low interest rates and home prices now, instead of waiting too long. 
  
3. Protection from Inflation. 30-year fixed mortgage rates protect your loan against inflation, which can be significant over the life of the loan (typically a 30-year period). Given today's very low interest rates, locking in your mortgage for the next 30 years at today's prices is a smart move. 

I've been a Boston real estate agent for many years and have worked in a variety of markets. The best time to buy a house is now as waiting until 2014 can be costlier as well as a bit more difficult to obtain a loan. Should you have any questions about the home buying process, I encourage you to contact me today. I look forward to working with potential clients to find the property that they can make their home!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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