The real estate market in the Greater Boston area continued its upward trajectory with many multiple bid offers with over-asking prices in January even with the backdrop of rising interest rates. As buyers calculate their monthly payment increase of a half-point uptick in rates, $100-$160 depending on the size of your loan on homes $500,000-$800,000, with 20% down, it still makes better sense to buy now than watch prices go higher.
As I reported last month, Zillow is projecting 10%-12% increases across many of the Boston area's cities and towns and that only means that $600,000 home today will cost $60,000 more in 12 months. That's a nice return on your investment so why wait when you can buy now and live in your own home and build equity in the process?
