Any Boston real estate attorney can tell you how busy he or she has been in the past month. The Boston Globe reports that home sales and prices have increased again in Boston for the month of May. While that does seem like indications of a housing recovery for Boston, a lot of experts are bracing for the real deal when the home buyer's tax credit ends.
According to the Boston Globe, the tax credit incentive drove up sales 36.8 percent last month as compared to May 2009. The average price of a single family home in Boston also saw a significant increase. Median prices for such homes went up by 2.6 percent for May 2010.
In spite of such rosy statistics, there are some people who are waiting to see what the housing market looks like in the next few months. The Boston Globe quotes Glenn Kelman, chief executive of the online brokerage firm Redfin, as saying that sales may have been boosted artificially because of the tax credit and that the month of July will tell the real story about Boston's real estate market. He predicts that it is not going to be pretty: "Entry-level demand has been sinking like a rock. July is going to be very soft.''
In spite of such a pessimistic outlook by some, there are others who say that buyers are still interested even without the tax credit. They say that the tax credit was just a tool that was needed in order to jumpstart the real estate market. These new buyers are interested in buying homes because of low interest rates and because they feel like the housing market is more stable.
No matter what the take on the Boston economy, there will be sellers and there will be buyers. If you are interested in either selling or buying a home, going over your options with a Boston real estate lawyer is a good idea.
Related Resources:
- Home Sales In MA Indicate Some Real Estate Recovery (FindLaw's Boston Real Estate Law News)
- Should I Hire a Real Estate Agent or Lawyer to Buy a House? (FindLaw)
- Call A Boston Real Estate Attorney (FindLaw)
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