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As the New Year kicks in, I have been asked the same question over and over again by clients, colleagues and practically everyone I meet. The question: what's going to happen to the Boston real estate market in 2011?
2011 is not going to be a declining year, it's not going to be a boom year, it's going to be a very flat year. In my eyes this is a good thing and for all practical purposed a return to normalcy. Foreclosures are working their way through the system and in all reality; they really don't greatly affect the downtown Boston market, as they are few and far between. Real estate should not be viewed as a get rich quick solution as it was in the early to mid 2000's, so to those disappointed that the market will not be appreciating at 10% + per year, get over it. Real estate has historically appreciated at slightly over 4% per year (1900-2007) and in the wake of subprime lending I believe that the worst of the market correction is over and we will begin to see movement towards the historical norm over the next several years.
What does this mean to potential home buyers? If you're buying a home for the right reason, i.e. you plan to stay there for several years, you have a steady job, your financially not stretching, and your ready for the responsibility, then there is no reason to wait. Start educating yourself on the market, link up with a good agent, and purchase a home your comfortable with.
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