2018 was a competitive year for Boston real estate buyers, and it left many discouraged and resigned to renting. But over the last few months the market has changed, creating new opportunities for those looking for Boston condos for sale. Though interest rates are higher than they were at the start of 2018, there are a number of good reasons 2019 should be the year you buy real estate in Boston. Let's take a look.

Less Demand for Boston Real Estate

After several years of virtually unprecedented levels of demand, there's been a shift in the Boston real estate market, and it brings great news for buyers. Just a year ago demand was sky high, creating intense bidding wars and the expectation that buyers would pay significantly more than asking price. As a result, many buyers chose to look outside the city where prices are more affordable, or to continue renting. This buyer exodus has helped right the supply and demand imbalance that's been frustrating buyers for the last two years. 

An Increase in Mortgage Rates

Many real estate buyers get wind of rising interest rates and step back from the market. So, in times when rates are expected to increase, like they are projected to in early 2019, the population of buyers drops significantly and the number of days a house stays on the market increases. This environment balances negotiating power for buyers and sellers.  

New Residential Construction

Few other cities are seeing the kind of residential development that we're experiencing in Boston. What does this mean for buyers? You've got options, and they're good ones. In order to avoid commoditization, new condo buildings in Boston are distinguishing themselves in a number of ways - unique amenities, high-end features, distinctive designs and proximity to local attractions. Echelon, one of the newest condo buildings in the rapidly expanding Seaport District offers residents two signature outdoor pools and expansive sun decks as well as immediate access to renowned restaurants, recreational options and shopping. Watermark Seaport features a resident lounge with a billiards room and an innovation lab, Metro9 in Somerville has a unique industrial style and a roof deck with an outdoor television, and you can almost guarantee that any new condos in Boston will have state-of-the-art fitness centers, pet amenities and upgrades like stainless appliances, large windows and hardwood floors.  

Residential Tax Exemption

If you own a home in Boston, the city offers a residential tax exemption as long as you occupy the property as your principal residence. The exemption gives Boston homeowners a discount on their annual tax bill, essentially cutting the annual tax rate on a $500,000 home in half. Though the exemption isn't a new benefit for home buyers in 2019, it offsets most, if not all or more of the monthly payment increase caused by the recent rise in interest rates.  

In 2019 buyers can expect to see a greater inventory of Boston homes for sale, and because they will have significantly less competition than previous years, they'll have more negotiating leverage on the purchase price. So if you've been holding off on purchasing real estate in Boston, 2019 is your chance to take advantage of economic factors and changes in the market that will make Boston homes more affordable than they've been in years.  

For more information about Boston real estate, or to talk to an agent about what to expect from the home buying process and the 2019 Boston real estate market, just contact us. 

 

2014 is upon us, and with it comes numerous lease openings in the Boston area. While people may find many reasons not to rent, but in today's day and age renting is something that should considered for the New Year. Below the Newbury Rentals team has come up with some reasons to consider rentals on January 1st.

More financially safe than owning a home

The economy has greatly influenced the housing market, and now is a better time than ever to rent. One of the largest costs avoided when renting is the mortgage. Not only is the cost of a mortgage avoided, but also the stress of large payments or having to remortgage. Other big costs avoided are property taxes, Homeowners Associate fees (doesn't apply to all), and homeowners insurance.

In addition, when renting you avoid the responsibilities of buying or selling a home. Another upside to renting is that it allows for people to save up money, pay off loans, and spend money elsewhere. In some cases renters today are renting more than one home allowing for them to have a vacation spot.

Access to urban conveniences

The majority of rentals are found in urban areas, which usually means everything is in a mile. Many necessities are within walking distances in urban areas. Not only are there numerous stores within a close proximity, but also many stores in cities cannot be found in suburban areas.

Some rentals have luxuries

Many luxury buildings and apartment complexes offer a pool, gym, and other amenities. It can come in handy especially in the cold winter months when any imaginable luxury is accessible right in your own building.

Less upkeep

There is far less upkeep involved when renting. Someone else does all the repairs when renting, a landlord or someone they hire will take care of repairs and replacements. When something breaks and it's in the contract that the landlord will fix it, then they are required to do so.

Social scene

When more than one tenant are living under the same roof, rentals themselves become great places for a social life. Rentals in urban areas are also close to some of the best nightlife spots, including bars, clubs, and restaurants.

For more information on rentals, feel free to message our Rental Agents directly at our new rentals Facebook page, Newbury Rentals or check out our site!

Sources:

10 Reasons To...

Top 10 Reasons to Rent Rather Than Own

6 Reasons to Rent

Whether this is your first Boston winter in the new apartment or just looking to battle the challenges of living in the city during gargantuan snow storms, we are here to give you some tips on how to make it through:

Mind the Thermostat

Yes, we know that this is the #1 word of advice from any Bostonian, and there is a reason for it.  Not only is it super energy and cost efficient to keep your heat on low when you are out of the house, but also it's just as important to get your thermostat checked out!  It's good to double check that the batteries and the thermostat itself are working properly before the real snow begins.

Beware of the Draft

Double checking that the windows lock properly and weatherstripping all windows and doors are two quick ways to combat the cold winter air.  According to the U.S. Department of Energy, cold air drafts can waste anywhere from 30% to 5% of your energy use. Rolling up towels are a quick DIY way to weatherstrip any problem doors.

Schedule an Energy Audit

Have one of the experts handle it and inspect your home to help you cut costs on your winter heating bills.  Whether you live in an apartment or a condominium, you can have your landlord contact National Grid to inspect your home and provide a full report on how to make your home more energy efficient.

Stock Up on the Basics

Flashlights, batteries, and your ice-melt solution of choice are all handy items to stock up on in the Boston weather.  It's always better to be prepared with these items on hand then to have to trek through snow banks in Back Bay for any last minute necessities.

Always Have a Backup Plan

Parking in Boston can be a nightmare on a day to day basis, then throw in a New England Blizzard and things can get really interesting.  Always be sure to have a back-up plan about where to park in case your parking spot is ever the home to a snowbank. You can talk with your landlord or surrounding parking garages about back up options.

Protect Your Floors

Even gleaming hardwood floors can take a toll from the harsh New England Winter. Take any old tray and fill it with pebbles and rocks to create a stylish and mess free place to put your winter boots to dry.

For more tips and tricks on how to make it through a legendary Boston winter, feel free to reach out to our agents about life in the city!

Sources

Winterize Your Home

24 Ways to Get Your Home Ready for Winter

You are now three weeks in to your new lease and probably finally feeling settled in your new apartment. You have probably seen your neighbors in the hallways or when you are exiting or entering your apartment building and just greeted them with a quick nod. However, now that you feel more comfortable it is time to possibly build some friendly relationships with the people that share your building, mail room, and maybe even laundry basement. Here are a few pointers for meeting new neighbors!

• Remember to smile
• Don't be afraid of small talk--while exiting or entering the building, in the laundry room, or in the elevator or on the stairs
• If there is one, join your building's committee--you'll definitely meet people and feel as if you have a say in the community and also be able to discuss common issues (such as issues with the landlord, etc.)
• If you're feeling bold, plan a building party---invite everyone!

You never know---after making these connections you could make a new friend, or even find a new roommate for next year!!

Good luck,

The Charles Realty

http://www.rent.com/blog/apartment-living-meet-your-new-neighbors/

http://www.apartmentguide.com/blog/?p=6211

We've already has some cold days this year! Even though it has warmed back up a bit (I promise you that this is only temporary), I can assure you that winter is coming. However, it is not too late to take some steps to prep your home for the cold months ahead.

1. Give your boiler a check up

Whether you like it or not, your heat is going to get turned on soon (if it hasn't been already). It's a good idea to get your boiler tuned up. It could add years to its lifespan! If nothing else, the filter should be changed between cooling and heating, which is not a difficult task!

2. Inspect chimneys!

Now is the time! Do not wait to have them inspected or cleaned if you use your fire place regularly throughout the winter.

3. Weatherstripping

If you're like me and live in an old building in Boston, you can actually feel the cold air blowing into your home from underneath doors and around windows. Get some floor snakes to go under your doors, and purchase some products to seal up your windows. Not only will you save money on heating, but you'll be so much more comfortable when it starts getting really cold!

4. Prevent ice damns on your roof!

"Seal air leaks. Shutting down air leakage is probably going to have the biggest effect, and it's the kind of thing you can do incrementally. The second would be adding insulation. If you have R18 insulation value, turn it into R36. This is where your energy audit will be helpful. And the third is making sure your roof is vented properly, if your house is designed to have a vented roof. Make sure your soffit vents aren't blocked, your gable vents are open." (Source)

5. Order a home energy audit

If you've been putting this off, now is the time to do it. They use an infrared gun to monitor heat leakage, and the process is so much more successful when it's cold outside. The results could help you save money and stay warmer this winter!

6. Prepare an emergency kit

Collect a flashlight, batteries, matches, food and water in case of an emergency. Also, collect the phone numbers of your local utility companies and tape them somewhere safe!

Let us know if you have any other suggestions to keep everything and everyone safe this winter!

Source

Source

This photo, submitted to Boston.com by John Harrington, in evidence that Irene was very present in the Back Bay. I hope that everyone who has been affected by the hurricane is recovering well. The first death in Massachusetts caused by the storm was reported this morning. Our thoughts go out to his family. It will be a team effort to recover from the storm, but after a disaster like this we can rebuild. Please share your hurricane stories with us, we'd love to hear them.

I was walking to the bank this morning past Government Center, and was astonished to see rows and rows of brand new New Balance bikes parked outside of City Hall. It was certainly a curious sight to see, so I made a mental note to look it up when I got home. Apparently, I am just behind the times because residents of Boston have been excited for some time now about the new bike-sharing initiative that has reached our city.

Officially launching today, the bike-sharing program makes it so that members can take rides around the city from one of the 61 stations around town. "Of the bike stations, about 18 will be in the the Back Bay and Fenway-Kenmore, with four around the Boston University campus and Kenmore Square, stations near Fenway Park, Northeastern University, and Colleges of the Fenway, and Back Bay stations ranging from the Newbury Street to the Boston Public Library. Bikes will also be available at three Beacon Hill stations: on Cambridge Street at Blossom Street; at the Charles Circle footbridge, and on Beacon Street at Brimmer Street." (source).

However, the Beacon Hill locations are not set in stone just yet. Regardless though, the city seems to be exited about bike-sharing. How do you feel about it?

The vacancy rate in rental units is down lower than it has been in the Boston area since the end of 2002.

"Boston-area rents are hitting new heights - with the median price recently reaching $1,665 a month" (source). Perspective-tenants are scrambling to find affordable places for September 1st. We hear stories of some landlords taking advantage of the desperation and hiking up rents, and of others requiring extreme items from possible renters in order to consider them.

Here are some tips to navigating this tough rental market:

1. Work with a rental agent.

While it means sometimes paying a fee (typically one month's rent), working with one agent who can scour MLS and exclusive rental listings that are not on Craigslist will very  be helpful to you. Plus good rental agents have relationships with landlords, and if you have them to back you up as a good fit for the unit, then you stand a much better chance of getting it! A good rental agent can also help you understand your lease, etc. and walk you through the complicated process of renting an apartment in Boston.

2. If you do want to do it on your own...

Search the listings by owner on Craigslist. If you can get a floor in a single family, you could save a lot of money, and a lot of headaches if your landlord shares a wall with you. If Craigslist comes up short, go to the area you're wanting to live in and look for "for rent" signs in the windows. Just because it's not online, doesn't necessarily mean it doesn't exist.

It's hard out there, but perseverance and sacrifices are necessary if you want to find the perfect rental unit for September! Good Luck!

Boston's favorite day is finally less than a week away! Boston closes its roads to hundreds of runners on a Monday in late April every year. The traditions surrounding the race are huge in the city, and locals find anyway they can to get downtown to mingle with their friends and cheer on the runners. It is an inspiring event! This year, the 18th of April, Boston will welcome once again marathoners from all over the world for the 115th time. The route, a 26.6 mile tour of the Boston area, is scared.

One of my favorite Boston bloggers has outlined some excellent spectator tips for marathon day including how to get around (driving & parking vs public transportation), where to watch, where to eat or grab a beer, what to wear and more! That can be found here: http://carrotsncake.com/2011/04/spectator-tips-for-the-boston-marathon.html

What are your favorite Marathon Monday stories? I always enjoyed not having class on that day, getting up with my college roommates, taking the camera to go cheer on the runners and stopping to pose with the statues on the Comm Ave mall. We have pictures of us there every year, it has become our tradition! What are yours?