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Boston
Real estate investors have been attracted to Boston real estate because of the rising home prices and appreciation rates, giving them major equity. If you own an investment property in Boston, now would be an optimal time to sell, as it is a seller’s market. However, for investors who have not invested in this city yet, affordability is a challenge. The total value of all homes rose 6% last year.
There is a high demand for properties from millennials but a low inventory of single-family homes and condos. Construction continues to fall behind, hence, it is possible the low inventory will continue this year.
There is a silver lining. Boston was named the country’s third hottest real estate market in the 2017 forecast. The criteria that contributed to this ranking were low unemployment rates, large population of millennials and boomers, and affordable rental rates.
Still, it looks like Boston real estate is for investors with money. Due to the increase in mortgage rates, getting approved and finding affordable homes will continue to be challenges.