Jennifer Athas, Contributor at the Boston Herald, on the local Real Estate market
Oct 11, 2011|
Jennifer Athas, a contributor at the Boston Herald, discusses the local real estate market. Where are the buying opportunities? Jennfer tells us!
Transcript - will not be 100% accurate
You know her name is just not that's up to -- Jennifer. Happens from the -- Boston Herald she's a contributor at the Boston Herald where -- talking about real estate -- Jennifer Jennifer welcome to the show are you don't. Why are you break -- Jennifer. -- let's talk about six good reasons to buy a home. You know there's a lot of speculation. That housing prices are gonna go low orbit. Everything I read from the national media tends to be talking about in -- Nevada and Arizona and in Miami. Areas where the market really tumbled what about here in Boston had prices hit the bottom yet. That's an excellent question -- you know Terry -- the end of third quarter. And compared to last year third quarter of Massachusetts. You're basically saying prices that dropped less than 1%. So we're still seeing a little decline. Year over year. Slight decline in Boston it's a different story. Boston the prices rose. Compared to last. Is that condos as well as houses. That's condos and houses and that's how I analyzing my market because if you're looking -- a metropolitan market it's usually more content. Are now our houses affordable and I ask you this question from the perspective perspective. Of a tent you know if you're renting -- property now maybe you and your wife or renting a place in the rent is 15100 dollars 2000 dollars a month. Continue buying a property. For similar payment to Iran it is. Oh absolutely that's because the interest rates are so -- And there are definitely a lot of programs out there that still allow lowered down payment. There are OK -- which is that -- -- referring to FHA at HA exactly what He had three and a half percent down for three and a half percent down him. So it's cheaper I think what you're saying it and correct me if I'm wrong are you suggesting that it's cheaper to buy a place than it is to pay rent. You know it depends on someone's circumstance depends on their income and depend on their tax bracket contest to really just came out with them correct -- by index for the whole country and Boston is that it's less that it made it may be less expensive to rent. But it might make more financial sense to buy. -- so okay so the inning this study said it's still less expensive to rent now do they take taxes into consideration -- Exactly it so when you have that you know mortgage interest deduction for someone disabled so that -- -- mortgage interest. You know at the end of the day and if you're able to use that deduction. It's probably. Better to buy. All right now what about mortgage rates have ever seen mortgage rates -- slow Jennifer now while. Now you're young right so you just can't wait a so mortgage rates are low that's a good reason to buy now right. Absolutely it's the mortgage rates and yet there are a lot of programs out there as well -- people keep talking about the underwriting standards. And it's sort of like it was ten years ago when He went to it'll only had to decide. -- -- tax returns to be -- statement sent him you know and they did diligence on potential. Yup what about the the sentiment on the part of sellers is that a is that a buyer's market or is it the seller's market -- the sellers come around the idea of saint. Gee you know my house used to be worth. 350000. Dollars and today it's only worth 29 India they willing to let it go or they still hanging on to that 350 price tag. You know it depends if you have that you have a Mexican have a lot of sellers that are still hanging on I think a lot of people have sort of He has seen the scene. You know -- -- situations where they need to settle. And if their analysts 30000 or 40000 they might be able to get a discount on and other property. At the end of the day in office. -- He depends on the person you're talking to each -- each house you look at is gonna be different in terms of the motivation of the -- right so distressed properties EA are you still seeing a lot. There were a couple web sites for Fannie Mae and Freddie Mac where you could. Go on and find foreclosed properties is still much of that action going honors their auction activity going on. Yeah I think in Massachusetts area and especially in the Greater Boston area you're dealing with short sales which is a different situation. Properties still owed by the fire but you negotiate a price with the bank. And how does that work -- I've heard higher horror stories about that people waiting six months a year to try to buy -- house. Exactly it's really that you really need patience. But at the end of the day you're looking at probably getting a property for Stephanie and the dollar. Wow that's cheap Nellie is there a lot of distressed property out there like DC much it's been let run -- it let. Goal you know like where it was foreclosed on and somebody -- pave the they nobody heeded the place or anything like Saturday didn't secure the building. Yet when you hit a -- they're they're still completely -- it. So that's something that I would have to -- and have to be an experience. Either contractor or have done it before it's not something you wanna go and -- first for your first time home purchase. We're the best bargains in -- for 95. Right let's say your you know your. You're a little bit flexible as to where you live where can you find really good home values are some communities cheaper than others in terms of where you're seeing discounts off fuel prices. Oh absolutely. I think Melrose is a great victory on great value right now yeah I think. Summer that Somerville. Stone them you areas that are still. You -- on a commuter rail schedules -- -- very -- highways to get into this city's -- significant values there. Values that surround sound like Weston are wildly with the prices. There are pretty much. The thing that killed her when American with that that's peak. Yet -- many buyers around Jennifer. There are there a lot of and buyers and high end what are they looking for they look in to downsize and move into the city year they move into the verbs what are they doing. You know I think a lot of we're seeing a lot of activity in the western suburbs the -- the left and area you're seeing I think it was probably -- for 427. Homes sales. And -- wildly alone while since the beginning of the year over a million dollars because that's that are close to 22007. Yeah so those areas say they didn't get hurt as badly as CEO Lawrence in some of the communities that really saw a drop off and property values. Well Jennifer appreciate your time thank you. Great thanks thanks so much at all Jennifer at -- from the Boston Herald she's a contributor to the Boston Herald joining us today on -- money you too can join us every day. -- money.