After price declines starting in 2005, prices have recovered from their 2008/2009 lows. With interest rates at historic lows, this is a great time to make a move.
Looking back over the year so far, the Somerville market has maintained its recovery with moderate price increases and a sales volume close to this period last year. This, in spite of negative national economic news, more restrictive lending practices, and the expiration of the Buyer Tax Credit last year. My experience and that of my colleagues is a frustration with the lack of properties to show our buyers. Buyers are ready to make offers and take advantage of the record low interest rates as evidenced by quick sales and some multiple offers when an attractive, fairly-priced property comes on the market.
We are fortunate for the energy that draws buyers to our Somerville/Cambridge area as a great place to live. Our local economy's foundation on Life Sciences, Education, and Health Care as well as planned developments in Kendall and Union Squares, the Green Line extension, revitalization of Assembly Square, and the restarting of development at North Point all contribute to a positive outlook.
If you are interested to see the price changes year by year since 2004 in Somerville or Cambridge, email me and I will send you my report.
ZIP Codes: 02143, 02144, 02145 Location Characteristics: Somerville has changed dramatically over the past 30 years. The extension of the Red Line subway to Porter and Davis Squares led to an influx of professionals who work in Boston as well as students. Interesting coffee houses, music venues, bookstores, and restaurants have migrated over the line from Cambridge. A strong artist community exist. There are many multi-family homes, quite a few single family homes, and as of recent years many condominiums. The coming Green Line trolly extention into Somerville (target completion 2014) has already caused increased demand in Union Square, Winter Hill, around Tufts University, and other areas. Want to search the MLS for listings? Be sure to visit www.bobfilene-realestate.com where you can see all properties in the Multiple Listing Service that meet your needs plus a wealth of real estate information.
About Bob Filene:
Bob Filene, Certified Buyer Representative, e-PRO, Relocation Specialist, Coldwell Banker Residential, Number 1 Market Share in Cambridge and environs, 617-245-4091. Full representation for buyers and sellers. 30+ year resident of Cambridge, MA, graduated from Tufts University and M.I.T. 30+ years experience with purchasing, developing, managing, and marketing real estate. Bonus - I am a member of the American Society of Magicians.
Want to search the MLS for listings? Be sure to visit www.bobfilene-realestate.com where you can see all properties in the Multiple Listing Service that meet your needs,find your "Dream Home", and find a wealth of real estate information... all just a click away!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
