Boston Condos for Sale and Rent

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Top reasons why people are moving in 2022

Buying a Boston condo for sale is a major life decision. That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s shifting market and wondering what it means for you.

While mortgage rates are higher than they were at the start of the year and Boston home/condo prices are rising, you shouldn’t put your plans on hold based solely on market factors. Instead, it’s necessary to consider why you want to move and how important those reasons are to you. Here are two of the biggest personal motivators driving people to buy homes today.

A Need for More Condominium Space

Moving.com looked at migration patterns to determine why people moved to specific areas. One trend that emerged was the need for additional space, both indoors and outdoors.

Outgrowing your home isn’t new. If you’re craving a large yard, more entertaining room, or just need more storage areas or bedrooms overall, having the physical space you need for your desired lifestyle may be reason enough to make a change.

A Desire To Be Closer to Loved Ones

Moving and storage company United Van Lines surveys customers each year to get a better sense of why people move. The latest survey finds nearly 32% of people moved to be closer to loved ones.

Another moving and storage company, Pods, also highlights this as a top motivator for why people move. They note that an increase in flexible work options has helped many homeowners make a move closer to the people they care about most:

“. . . a shifting of priorities has also affected why people are moving. Many companies have moved to permanent remote working policies, giving employees the option to move freely around the country, and people are taking advantage of the perk.”

If you can move to another location because of remote work, retirement, or for any other reason, you could leverage that flexibility to be closer to the most important people in your life. Being nearby for caregiving and being able to attend get-togethers and life milestones could be exactly what you’re looking for.

What Does That Mean for You as a Boston Condo Buyer?

If you’re thinking about moving, one of these reasons might be a top motivator for you. And while what’s happening with mortgage rates and home prices in the housing market today will likely play a role in your decision, it’s equally important to make sure your home meets your needs. Like Charlie Bilello, Founder and CEO of Compound Capital Advisorssays:

Your home is your castle and should confer benefits beyond just the numbers.”

Boston condos and the Bottom Line

There are many reasons why people decide to move. No matter what the reason may be, if your needs have changed, let’s connect to discuss your options in today’s housing market.

Updated: Boston Real Estate Blog 2022

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Looking to buy a Home or Real Estate Investment Property? Want to avoid a Housing Bubble and subsequent Housing Crash? Then understanding Migration Data and which cities Americans are moving to is very important. Simply put: some cities have an influx of new home buyers and renters, while others have an exodus.

The Southeast US is the biggest inward migration area of the country. Metros such as Raleigh, NC and Tampa, FL are receiving some of the highest levels of inbound migration in the country. In addition, areas across the southwest such as Austin, TX and Phoenix, AZ are also big inbound migration areas.

High levels of people moving to these cities has created upward pressure on home prices and rents. And sure enough, evaluating home value growth data from Zillow confirms that areas with higher levels of inward migration have seen higher levels of appreciation.

But what’s interesting is that migration into metros like Austin and Tampa has actually been fairly stable. Data from the US Census Bureau shows that, in percentage terms, the same share of people are moving to these areas each yeas today as they were 15-20 years ago.

Even worse, in markets such as Phoenix and Raleigh, the share of inbound migration has declined significantly over the last 15 years. This is a curious result, because it suggests that the recent surge in home prices across these markets is not necessarily a result of a big surge in migration.

Home buyers and real estate investors looking to buy in Sun Belt markets should be very careful because it does not appear like the current levels of migration support the increase in home prices experienced in 2021. This could mean that these markets are in big Housing Bubbles that could eventually turn into Housing Crashes.

Boston Condos for Sale and Rent

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Boston Real Estate 2021

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According to many Boston real estate brokers, the Boston real estate market is expected to continue growing in 2021, and it’s largely driven by the lasting impact the pandemic is having on our lifestyles. As many of us spend extra time at home, we’re reevaluating what “home” means and what we may need in one going forward.

Here are 4 reasons people are reconsidering where they live and why they’re expecting to buy a home this year. 

1. Record-Low Mortgage Real Estate Interest Rates

In 2020, the average interest rate for a 30-year fixed mortgage hit a record low 16 times, continuing to fall further below 3%. According to Freddie Mac, the average 30-year fixed interest rate today is 2.65%. Many wonder how low these rates will go and how long they’ll last. Len Keifer, Deputy Chief Economist for Freddie Macadvises:

“If you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory.”

This sense of urgency is driving many to buy this year.

2. Working from Home

Remote work is a new normal for many businesses, and it’s lasting longer than most expected. Many in the workforce today are discovering they don’t need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits. David Mele, President at Homes.comsays: 

“The surge in the work-from-home population has rewritten the playbook for many homebuying and rental decisions, from when and where to relocate, to what people are looking for in their next residence.”

The reality is, for some people, working remotely in their current home is challenging, especially when there may be other options available.

3. More Outdoor Space  (Outdoor High Rise Balconies)

Another new priority for homeowners is having more usable outdoor space. Being at home is driving those in some areas to seek less densely populated neighborhoods so they have more room to stretch their legs. In addition, those living in apartments and townhomes are often looking for extra square footage, both inside and out.

According to the State of Home Spending report by HomeAdvisorof the households surveyed, almost half reported spending 27% more on outdoor living over the past year. This is a trend that’s expected to grow in 2021 and beyond.

4. Avoiding Real Estate Renovations

It’s recently come to light that many homeowners would also rather buy a new home than go through the process of fixing up the one they have. According to the 2020 Profile of Home Buyers and Sellers report from the National Association of Realtors (NAR), 44% of home buyers purchased a new home to “avoid renovations or problems with the plumbing or electricity.”

Depending on what needs to be addressed, today’s high buyer demand may make it possible to skip some renovations before selling. Many of these homeowners have prioritized buying over renovating for convenience and potential cost savings.

Boston Real Estate and the Bottom Line

It’s clear that homeownership needs are changing. As a result, Americans are expected to move in record numbers this year. If you’re trying to decide if now is the right time to buy a home, let’s connect today to discuss your options.

Boston Condos for Sale and Rent

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