The Boston home selling team MassMLSHomes.com says market studies show that low interest rates continue to be a driving factor in the Boston residential real estate market, according to team leader Abe Hantout.
Low mortgage rates continue to drive Boston real estate market
Online PR News – 24-October-2012 –BOSTON, Mass. - The Boston home selling team MassMLSHomes.com says market studies show that low interest rates continue to be a driving factor in the Boston residential real estate market, according to team leader Abe Hantout.
Hantout, a long time REALTOR® in the Boston area, says that while sales have slowed toward the close of the summer buying season, that has not stopped motivated buyers from snapping up good deals on Boston real estate.
"Today's unprecedented low interest rates are a driving factor for the market, because they dramatically decrease monthly payments as well as the lifetime cost of a home mortgage."
Hantout says that the buyer of an average $200,000 home in the Boston area is saving over $40,000 during the life of the loan for every percentage point in the interest rates.
"No one knows how long the policy makers are going to keep interest rates this low, especially given the uncertainties of the election season. If the administration changes, policy could easily change as well, and we don't know how that will affect the real estate market."
What Hantout does know, however, is that today's record low interest rates are historically unheard-of.
"We have never had the bond rates and consequently the mortgage rates this low, ever. It's hard to see how they could go any lower, since bond holders are already losing money for the privilege of holding U.S. bonds."
The MassMLSHomes.com team of REALTORS® suggests that buyers take advantage of the low rates while they are available, because they may not be available much longer.
MassMLSHomes.com is a leader in delivering updated information for the Massachusetts real estate market by providing a syndicated platform with expert agents from different areas and assisting home buyers and sellers in matching them with the unique expert agent who serves the client’s area of interest. Each agent specializes in the various neighborhoods and suburbs of Boston homes, including Andover, Cambridge, Brookline, Lexington, Needham, Newton, Wayland, Wellesley, Winchester, and other towns in Massachusetts.
Abe Hantout, REALTOR®
675 VFW Parkway, Suite 197
Chestnut Hill, MA 02467