I'm delighted, and so are my clients, that we were able to secure this elegantly appointed Back Bay 2 bed 2.5 bath condo with soaring ceilings on the river side of Beacon Street! The front parlor living room overlooking Beacon Street has a gas fireplace and custom built in cabinetry. The rear parlor dining/family room has a gas fireplace and sweeping Charles River views. There is elevator access for ease of living between floors. Renovations include new hardwood floors, new vanities, and elegant custom drapery.

See more photos and details for 484 Beacon Street, #1.

Are you starting a home search in the Boston area? Keep in mind that the seIler of pretty much every property you will see, whether it's a small condo, a brownstone home, a loft, or a luxury condominium, will be represented by an experienced, professional Boston Realtor. And you as a buyer should be, too! To help you understand how I work with my buyer clients, here's my Purchasing Overview.

You can view my recent sales and listings here.

If you have questions about buying or selling Boston real estate, please call me at  617-584-9790 or email joe.wolvek@gibsonsir.com.

 

If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.

This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.

Home Price Appreciation in the Years Ahead

Over 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return to more normal levels of appreciation through 2027.

The big takeaway is experts aren’t forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate. And when they look further out, they see steady price appreciation in the long run. That’s a great example of why homeownership wins over time.

What Does This Mean for You?

Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. Here’s how a typical home’s value could change over the next few years using the expert price appreciation projections from the survey mentioned above (see graph below):

In this example, if you bought a $400,000 home at the beginning of this year and factor in the forecast from the HPES, you could accumulate over $54,000 in household wealth over the next five years. So, if you’re wondering if buying a home is a sound decision, keep in mind what a strong wealth-building tool it is long term.

Bottom Line

According to the experts, while we may see slight depreciation this year, home prices are expected to grow over the next five years. If you’re ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) are projected to grow. Let's connect to begin your homebuying process today.

INTRODUCING 100 BELVIDERE STREET #8F: $1,200,000 837 SF BACK BAY 1 BED, 1 BATH GARAGE PARKING Beautiful boutique full-service in the heart of Back Bay

Welcome to the Belvidere! Located in the heart of Back Bay, it’s one of Boston's most sought-after boutique full-service buildings. With on-site management, the Belvidere provides exceptional service around-the-clock from its’ skilled staff  of 24 hr. concierges, doorpeople, valets and others. Connected to the Pru and Copley Malls, the Belvidere allows residents to live, work & play all within easy, covered walking distance of dining, shopping, and other amenities. Beautiful common areas, a residents’ library and a dining room serving continental breakfast daily. Sensational rooftop terrace. Unit details and photos! Open Saturday 11:30-1PM, Sunday 12-1:30PM

 

Are you planning to buy a home this spring? Though things are more balanced than they were at the height of the pandemic, it’s still a sellers’ market. So, when you find the home you want to buy, remember these four tips to make your best offer.

1. Lean on a Real Estate Professional

Rely on an agent who can support your goals. As Bankrate notes:

“. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.”

Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.

2. Know Your Budget

Understanding your budget is especially important right now. As Sandy Higgins, Senior Wealth Advisor at Capstone Financial Advisors, puts it:

“Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?”

The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. It helps you be more financially confident, and it shows sellers you’re serious. That can give you a competitive edge.

3. Think Through Everything Before Making an Offer

Today’s market isn’t moving at the record pace it did during the pandemic. That means you may have a bit more time to think before you need to make an offer. According to Danielle Hale, Chief Economist at realtor.com:

“In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.”

While it’s still important to stay on top of the market and be prepared to move quickly, there can be more flexibility today. Lean on the advice of your agent as you explore the options in your market.

4. Work with Your Advisor To Negotiate

During the pandemic, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. Fortunately, today’s market is different, and you may have more negotiating power than before. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull.

Bottom Line

When you buy a home this spring, let’s connect so you have the guidance to make your best offer.