By Allyson
Kreycik, Senior Loan Officer, Guaranteed Rate
The start to
2015 has been one for the record books in the Greater Boston Real Estate
Market! We’ve all been busy! We are
seeing consumer confidence being at its highest in the past few years. Buyers feel comfortable making the move and
pulling the trigger on a new home. It
helps that mortgage rates continue to be at near record lows with the 30 year
fixed rates staying under 4.00%. We are
seeing banks start to relax a little in guidelines on down payment and credit
scores. Fannie Mae will now do 3% down
payment programs. FHA reduced their
monthly Private Mortgage Insurance rates.
The conventional loan limits for Greater Boston increased to
$517,500. All good things if you are a
buyer.
As a seller
it has been the best time to sell as we are seeing prices per square foot that
we have not seen before in Boston. As a
buyer – although rates are great – the low inventory can be frustrating as it
leads to bidding wars, risky offers with waiving financing, appraisal and even
home inspection contingencies just to have a competitive offer.
My advice.
Be prepared by getting the information you need a head of time. If you have to spend a few extra thousand
for the home of your dreams know that in the long run it will amount to a cup
of coffee each month. Hire a professional Real Estate Agent that knows your
market to help guide you as you make one of the biggest purchases of your life
and enjoy the process- a little drama can be fun!
