In Massachusetts, and our Wellesley & Metrowest Boston area, the housing market had a banner year in 2013. Home sales and prices hit numbers that haven't been seen in a while...But what does that mean for 2014? Experts agree that 2014 will be a year that sees continued growth and stabilization in the housing market, with home prices rising, greater activity among underwater homeowners, and fewer foreclosures.
What is important to note is that to buy a home in the 2014 marketplace, you will need incredible credit or have the ability to put together a cash offer. In November of 2013, the average FICO score for conventional home loans was 756, while the average score for denied applications was 729. Don't expect the credit standards to loosen up anytime soon, with the new regulations from Dodd-Frank, lenders will be closely monitored to prevent risky products from entering the marketplace.
Still, even Warren Buffett is smiling about the state of the housing market, and knows the numbers will continue to climb- offering many individuals the opportunity to own a home. What does that mean for the Wellesley & Metrowest area? Sticking with the 3 elements to home ownership;
1- Fixed Mortgage
2- Affordable Payments
3- Long-term Hold
If you are looking to buy or sell in the Wellesley MA & Metrowest Boston area....NOW IS THE TIME TO ENTER THE MARKET! Know what you want, do the research on the home and area you desire, and put together a plan and budget of how you will achieve your goal.
Team Lynch has the knowledge, technology and Real Estate Experience to bring together your dream home...and YOU. Give us a call today to develop your personal marketing or sales plan.
