Boston Real Estate

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What Is A Good Salary To Live In Boston?

Are you thinking about moving to Boston and wondering what a suitable salary would be? You’re not alone. Boston is an amazing city- that’s why millions of people from across the world consider moving to Boston every year. Our metro housing market is known to be pricey- the cost of living in Boston is significantly higher than the national average. However, you do get what you pay for; although living in Boston is going to come at a premium, it’s often well worth the price of admission. So, why is Boston so expensive? Supply and demand. The demand for housing in Boston has outpaced supply for decades- leading to higher rents. We also experience high home purchase prices compared with most of the country. Housing cost is the largest expense you need to consider if you want to move to Boston. As a rule of thumb, you should budget to spend no more than 1/3 of your monthly salary on rent. Households need to have money left over after paying rent in order to live comfortably, which is why your rent-to-income ratio should not go above 33%. You should adopt and deploy a leasing and/or sales strategy that matches your income. Consider increasing the number of roommates you have in order to secure a superior apartment for the same price point, or even less. Click to view full article: What Is A Good Salary To Live In Boston?

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2023 Boston Apartment Rental Market Report

As of the first week of January, Boston’s apartment rental market seems to picked up right where it left off in 2022. Boston’s average rent price continues to push to new record highs with each passing week while apartment inventory is at an all-time low for January. Even as economic conditions have worsened and rent prices have declined nationwide, Boston rents have continued to climb due in part to the historically low new apartment supply we’re experiencing. Still, rent price growth has rapidly decelerated over the past few months in Boston. Based on current energy and fiscal policies, an economic resurgence is unlikely to happen any time soon. The problematic and confusing economic policies coupled with inflation also suggest that Boston’s rent prices are about to stagnate and possibly fall. Let’s take a closer look at the main trends driving Boston’s apartment rental market in 2023. Click to view full article: 2023 Boston Apartment Rental Market Report

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FAQ: Property Inspections for Boston Multifamily Investment Properties

A property inspection is one of the most critical steps when buying or selling Boston multifamily investment properties. This article will cover everything you need to know about property inspections before buying or selling Boston investment real estate. Considering that the Greater Boston Area has numerous two and three-family properties that are often over 100 years old, it is a great idea to give your inspection process the due diligence it deserves. What is a property inspection? The goal of the inspection is to find any problems or possible problems with the property that may need to be fixed before its sale. A professional, licensed inspector thoroughly checks a building during a property inspection. Most of the time, the inspector will look at the building’s structure, its mechanical and electrical components, and any noticeable flaws or risks. Property inspections are frequently performed as part of the due diligence process. When you have a multifamily investment property in Boston, you are most likely going to have nearly all of the units occupied, so be prepared for some delays and surprises in the inspection process. Often times tenants are not ready for the inspection, even though they have been notified, so it is not uncommon to lose ten to twenty minutes of your time just waiting for them to let you in and make it possible to walk through. Click to view full article: FAQ: Property Inspections for Boston Multifamily Investment Properties

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Top 7 Boston Multifamily Home Renovation Projects to Increase Property Value

When it comes to investing in a Boston multifamily home, one of the keys to success is to make creative upgrades and attract tenants who pay more. That means taking the time to renovate in a way that improves the property’s value and marketability and reflects positively on you as an investor. You can have tremendous success investing in Boston real estate if you focus on adding value that returns your capital quickly and starts working in your favor longer term. Boston is an old city and there are always value-add opportunities in multifamily if you seek them out. With this in mind, let’s explore seven renovation projects that can help your Boston multifamily home investment succeed in this highly competitive market. Click to view full article: Top 7 Boston Multifamily Home Renovation Projects to Increase Property Value

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What Is A Good Salary To Live In Boston?

Are you thinking about moving to Boston and wondering what a suitable salary would be? You’re not alone. Boston is an amazing city- that’s why millions of people from across the world consider moving to Boston every year. Our metro housing market is known to be pricey- the cost of living in Boston is significantly higher than the national average. However, you do get what you pay for; although living in Boston is going to come at a premium, it’s often well worth the price of admission. So, why is Boston so expensive? Supply and demand. The demand for housing in Boston has outpaced supply for decades- leading to higher rents. We also experience high home purchase prices compared with most of the country. Housing cost is the largest expense you need to consider if you want to move to Boston. As a rule of thumb, you should budget to spend no more than 1/3 of your monthly salary on rent. Households need to have money left over after paying rent in order to live comfortably, which is why your rent-to-income ratio should not go above 33%. You should adopt and deploy a leasing and/or sales strategy that matches your income. Consider increasing the number of roommates you have in order to secure a superior apartment for the same price point, or even less. Click to view full article: What Is A Good Salary To Live In Boston?

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Boston Sales Market Report Q1 2023

Boston’s real estate market saw total property sales crater during the final quarter of 2022 amidst rising interest rates and a sluggish economy. The city’s 30 day median sales price took a nosedive in December as a result, dropping $67.5K compared to November 2022. With inflation still high, incoherent energy policies, tech layoffs and more rate hikes forthcoming; it appears like Boston’s real estate market maybe sliding towards a period of challenging times. Total Real Estate Sales in December Down 43% YOY In Boston Total sales for Boston real estate in December (347) marked a -43.76% drop compared to December 2022. Total sales for January 2022 fell ever further to 321. Even worse, Boston recorded 1,099 total real estate sales in MLS during Q4 2022 for all property types, which was the lowest Q4 total in the past 5 years. Without a doubt, the Fed raising interest rates 7 times last year put a damper on demand for real estate in Boston. Click to view full article: Boston Sales Market Report Q1 2023

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Can Real Estate Agents in Boston Work from Home?

The demand to work from home has increased, and real estate is no exception. Across industries, increased flexibility is the major reason professionals want to work remotely. Real estate already offers this perk. As a real estate agent, you can make your own schedule and maximize your time. However, working entirely from home is not a good idea if you want to be a successful real estate agent in Boston. Boston is a competitive market where you need to constantly meet people, build relationships, and interact with a swath of real estate professionals so you can better hone your strategies and closing abilities. Working in an Office is a Benefit Although many experienced agents take this for granted, there’s an incontrovertible truth that offices with a high in-person presence have more knowledgeable agents and close a greater amount of deals. New agents should take note of this, and ask themselves why. Click to view full article: Can Real Estate Agents in Boston Work from Home?

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Should Your First Boston Real Estate Purchase Be A Multifamily Home?

If you’re a first-time home buyer fortunate enough to have some capital to put down, purchasing a multi-family home in Boston could open all kinds of doors for you! A multifamily property (or multi-dwelling unit) is defined as a residential building with two or more units under one roof or several buildings in one complex. Duplexes, townhouses, apartment complexes, and some types of condominiums are all examples of multifamily properties. The Boston real estate market, overall, continues to be robust- with renters in various multi-dwelling units staying put longer and renewing their leases at higher rates than in the past few years. With a ready down payment and the right mortgage, you can potentially purchase a multifamily property as easily as if you were buying a single-family home. Investing in a multifamily property in Boston can provide you and your family with a comfortable place to live, a financially lucrative rental business, and passive income for years to come. Your renters will help you cashflow your investment and offset your bills while you learn the “ins and outs” of being a landlord. So, should your first Boston real estate purchase be a multifamily home? Here are a few things to consider: Click to view full article: Should Your First Boston Real Estate Purchase Be A Multifamily Home?

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How Boston Property Owners Can Reduce Apartment Turnaround Time

Attention Boston property owners. If you own or manage an unoccupied Boston apartment then you’re probably starting to feel a sense of panic. Each and every day that your apartment remains empty is costing you money. Have you actually sat down and calculated how much cash you’re losing? We’re talking about a potential of thousands of dollars per month. It’s bad for your bottom line and your stress levels. You purchased the property to make money, not lose it. The good news is that there are always people looking to move to Boston. That means you’re not limited to tenants who only want to move in by the popular September 1st date. Now, you just need to do what it takes in order to catch the attention of the right tenant. We can help. Here’s how Boston property owners can reduce apartment turnaround time. Click to view full article: How Boston Property Owners Can Reduce Apartment Turnaround Time

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Featured Greater Boston Homes That Could be Yours!

Buying a home is one of life’s great milestones. Whether you’re looking to buy a single-family home, a condo, or a multi-family home for sale in Boston, the decision to purchase real estate is a big one. Keep in mind, while the price tag might be smaller on a condo or single-family, multi-family homes might cost you less out of pocket each month. If you’re not sure how you want to move forward in your property ownership journey, you need to talk to professionals. A mortgage specialist will be able to help you figure out how much you can afford to purchase. They can also guide you if there are any steps you need to take before you qualify for a mortgage. A real estate professional specializing in Boston rentals and investment sales will be your best resource if you are considering purchasing a multi-family. It’s important to work with someone that can help you accurately price your rental unit(s) to maximize the return on your multi-family investment. Let’s take a look at a few different options for Boston real estate. Click to view full article: Featured Greater Boston Homes That Could be Yours!

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What are the Benefits for Landlords to Signing an Exclusive Right to Rent Agreement?

Massachusetts Landlords have multiple routes when it comes to listing a rental property. Those options range from listing it directly by owner, to using dozens of real estate agencies in the area. This article will discuss the benefits for landlords to signing an “Exclusive Right to Rent Agreement,” and the important factors to look for in a real estate agency. What is an exclusive right to rent agreement? In this type of agreement, you as a landlord give exclusive rights to one agent or company to rent your property during a specified period of time. What’s unique in this arrangement, is that it entitles the agency to be the exclusive listing agent for that property. It commits the landlord not to list it with any other agent or real estate company. This agreement is signed for a limited period of time, and the agent is paid a commission only if the property is rented during the fixed term of the agreement. Keep in mind, it doesn’t have to cost the property owner anything out of pocket! In the current market environment, only 12% of property owners are paying the full broker’s fee, 10% are paying some of the broker’s fee, and 78% of property owners are not paying any of the fee- the tenants are paying the fee. The Real- Time Availability Rate (RTAR) is 1.01% in Greater Boston, so owners are at an advantage here. Click to view full article: What are the Benefits for Landlords to Signing an Exclusive Right to Rent Agreement?

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How To Get Started Investing In Multi-family Homes In Boston

The Boston real estate market is hot- prices keep rising in 2022, making it intimidating for new investors. However, if you think it’s too complicated, or even impossible, to invest in the city’s thriving multi- family market then think again. In some instances, you may even be able to achieve a lower net monthly payment for a multi-family home in Boston than for a single-family home. Keep in mind, there are a few steps to follow if you want to successfully invest in Boston real estate. 1. First, do the Math Your first step should be to determine how much you can afford to pay. Depending on the loan product, the down payment can be anywhere from 5% to 30%, or more. Typically on an investor loan (non-owner occupied), lenders are looking for at least a 20% down payment. However, if you’re going to occupy a portion of the property, the down payment could significantly change. Click to view full article: How To Get Started Investing In Multi-family Homes In Boston

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Interior Design Ideas to Transform Your Basement

When moving to a new home, having a finished basement can be a real selling point. Of course, then you must decide what to do with the extra space. This can be especially difficult if you have multiple people with multiple different interests! You can always section off different areas and spaces for different activities, or create one big area for everyone. When it comes to Boston real estate, where space is highly valuable and quite expensive, a great basement can be a huge plus in quality of life! Read below for our tips on different fun ideas for your basement! 1. Basement Entertainment Room If you want an extra room to spend time with family and friends, an entertainment room is a great idea. You can section off an area for a home “movie theater”—a TV, couch and popcorn machine is a good start. Put a shelving unit in with board games. This is a great way to keep organized and know where everything is. As TV’s get larger, thinner and more affordable, setting up an entertainment room is getting easier and cheaper than ever! Click to view full article: Interior Design Ideas to Transform Your Basement

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What Will Happen To Home Prices in 2023

As the economy drags into a recession in the second half of 2022, we’re already seeing the negative effects on housing markets nationwide. Home sales have cratered over the past 3 months as a result of the Fed raising interest rates 5 times in 2022. Home prices have already begun backtracking as a result, casting a shadow of doubt on the future of the housing market. Many are wondering what is going to happen to home prices in 2023. Most industry experts agree on one thing: Click to view full article: What Will Happen To Home Prices in 2023

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Boston Condo Market Report

The red hot real estate market in Boston is finally cooling off as we head towards the end of 2022. After a decade-long period of record growth, soaring inflation and rising interest rates have effectively put a chokehold on demand for Boston real estate. Year-over-year total sales for all property types in Boston have been in the red for 10 consecutive months now, the longest span since 2010. Even more concerning is the fact that total sales have dropped by margins below -20% for the past 4 months, indicating the demand destruction is accelerating. Click to view full article: Boston Condo Market Report

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Boston Multi Family Market Report

Demand for multi family homes in Boston is eroding based on the most recent MLS data. Total 30 day sales of multi-family properties were down for the fourth month in a row in Boston. This drop in total sales occurred as economic conditions have worsened. Soaring inflation has prompted the Fed to raise interest rates 6 times thus far in 2022, effectively stifling demand for Boston real estate. The market for multi-family was not immune to this trend. Median sale prices for Boston multi-family properties have leveled off over the last 5 months after seeing record growth throughout the previous 10 years. For the first time since the last housing crisis, year-over-year median sale prices for multi-family properties hit negative margins in 3 of the past 6 months. Click to view full article: Boston Multi Family Market Report

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Boston Single Family Market Report

Boston’s real estate market for single family homes took a big hit last month. Total single family sales in October were down by -14% year over year in Boston after the Fed raised interest rates in September by 0.75%. That was the third increase of 75 basis points in four months and 5th rate hike of 2022 up until that point. As a result, median sale prices for single family homes took a big hit in November and are trending downward. Boston Single Family Median Price Hits Lowest Point Since November 2021 Last month, Boston’s median sale price for single family homes was $759K. While still up +7.09% year over year, it was the lowest median sale price recorded for the City of Boston since October 2021. It was also a steep drop from the $943,013 single family median sale price recorded just a month earlier in September. Click to view full article: Boston Single Family Market Report