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Home Inventory Decline!

In a blog post by zillow.com they have found that the inventory of homes for first time home buyers in certain parts of California have dropped by over 50% in the past year. We are seeing the same thing here in Boston Massachusetts were people needing to buy a house in towns like Woburn Massachusetts have very limited options. Many investors are coming in with all cash offers on many homes which they then in turn rent the property. These investors are taking advantage of higher rental prices in towns like woburn were in order to rent woburn apartment you not only need to pay an outrageous rental price but sometimes you may find yourself waiting a month until a woburn apartment comes available.

In zillows blog post they state that Boston Massachusetts supply of homes has dropped by over 20% in the last year. You can attribute these statistics to the fact that home builders are not building, investors are snatching up Boston properties very quickly and for many buyers trying to get a mortgage is nearly impossible. This decline in Boston Massachusetts homes has led to the staggering increases in rental prices in towns like Woburn Massachusetts. Woburn apartments have seen a dramatic increase in rental prices and vacancy rates are near all time lows. I can remember not only a year and a half ago many Wobrun Massachusetts apartment complexes were offering incentives to lure new tenants. Many Woburn Massachusetts apartment complexes where offering at least 1 month free to rent Woburn Apartments. Now things have completely changed and all concessions have been taken away and the ball is officially in the hands of Woburn Landlords. Boston area residents area residents are actually seeing a serious shortage of places to rent and own. In previous decades we had either one or the other. If Woburn apartment prices were up and supply was down that usually left the door open for people to turn to first time home ownership. Now it’s very difficult to find either one of the two.

I don’t think you will see this market for much longer though. Shortly Boston residents will begin to find that it’s now a sellers market not a buyers and begin to put there homes on the market. That coupled with the presidential election and less stringent regulations on obtaining a mortgage should boost the housing market in towns like Woburn Massachusetts. Once this takes place first time home buyers will begin to buy homes and instead of renting Woburn apartments which in turn will begin to drive down the rental prices and increase the vacancy rates in many Woburn apartment complexes.

 

 

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