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South Boston Market Report
The South Boston Real Estate market continues to show its strength and is one of the best real estate markets in Massachusetts. We’re lucky we call this home!
By the end of the first quarter of 2011 there were 65 condos sold in the South Boston Real Estate market that spent an average of 144 days on the market. Compare this to 76 homes that were on the market for 109 days in 2012. The biggest story of the Southie market has been the decrease in inventory with 224 condos being on the market on March 31st of 2011 and 153 on the market in 2012. That is a 32% percent decrease!
The rapid sales pace for the South Boston Real Estate Market of the first two months of 2012 carried through into March. Specifically In the month of March we had 28 condos sell for an average of $375,554. This was 96.75% of the seller’s asking price. Compared to March of 2011 it is a 25% sales increase when 21 condos sold in South Boston.
One of the most promising trends that we are seeing is that the units going under agreement in the South Boston Real Estate Market continues to keep pace pointing to a great Spring Market. In March of 2011 we saw 38 units go under agreement compared to 49 properties in March of 2012.The average under agreement price was up 5.5% with an average sale price of $455,529 in March of 2012.
Market knowledge matters when it comes to buying or selling a home in South Boston. If you or anyone you know are thinking about buying or selling a home in South Boston then put your trust in RE/MAX, the #1 Real Estate Company in the World and the winner of the JD Power & Associates for working with both Buyers and Sellers in 2011. Contact Jeffrey Chubb, the #1 RE/MAX Agent in Boston at 617-480-2600 or visit him online at www.MoveWithChubb.com.
I Only Need 3.5%Down?
I get the question ‘so I need 20% down in order to buy a home, right?’ almost every day. The answer is NO! Even though guidelines have changed, you can still buy a house for as little as 3.5% down! Many first time homebuyers are using the FHA and Fannie Mae loans to help them achieve the American Dream and in many cases paying less in a Mortgage then they were in rent!
It’s my job to work with you, review your situation and find the solutions and provide you with the knowledge, advice and resources so you can make the best decision for your individual needs. Working with the largest mortgage lender provides me the capability to do more and provide you with more options and more competitive rates.
Whether you are a first time homebuyer, a move-up buyer or an investor looking to take advantage of the current environment then it is important for you to speak with a qualified mortgage banker before going house hunting. The financing piece of mind that comes with a full pre-approval will speak volumes as you go through the process and will provide you with a competitive edge when you find that dream home. Always remember that there is never any obligation to speak with me and that I never charge any fees for a pre-approval.
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