Boston Pads Highlights Reasons Why Buying a Home Is Still a Good Idea

    PHILADELPHIA, PA, August 08, 2013 /24-7PressRelease/ -- As an informative online resource regarding residential real estate within the Boston area, Boston Pads has kept a tight watch on the local market and its reflection of national trends. Although the housing market has significantly improved in recent months, this company explains that many buyers are still shying away from making a purchase. Now, with increased in fixed mortgage rates, many individuals are reconsidering their plans to buy a home.

A recent article from Fox Business assesses how national trends are impacting consumer purchasing decisions, and why it may still be a good idea to buy a home. Boston Pads notes in a recent press statement, "Many consumers react to national trends adversely without first investigating how it will specifically impact their financial situation. For some, buying a home is still relatively affordable--especially in comparison to pre-recession prices--and may even save money over renting."

Fox Business observes, "...while higher rates do mean an increase in monthly mortgage payments, experts are urging potential home buyers not to resign themselves to renting for the next few years just yet--it's still a good time to buy a home. These moderate increases in payments may still be manageable, particularly if buyers look at less expensive properties, or negotiate a lower price. For example, the difference in monthly payments for a $200,000 home at 3.9 percent and one at 4.5 percent is just $70.03. If budgeted correctly, this could be a manageable expense."

However, Boston Pads explains, "Time is of the essence, especially now as the economy is rapidly improving. While many new housing projects are going into development, employment is increasing and additional consumers will likely enter the market--making it more competitive to get the home you want, especially in metropolitan areas like Boston."

With a similar observation, Fox Business explains, "This is the early stage of the recovery of the housing market, and the rising interest rates encourage potential home buyers to be more decisive, and act quickly. As more homes are bought, supply decreases, so prices may rise even further. So if you've been thinking about buying a home, don't lose your confidence, but it may be prudent to act quickly as rates continue to rise."

Noting that many consumers may be looking to secure a home in upcoming months, Boston Pads encourages all those moving within the Boston area to look at available homes on its comprehensive database.

ABOUT:

Boston Pads is an online resource for buyers, sellers, landlords, renovators and anyone else seeking real estate and housing needs in the Boston, Massachusetts area. The company's real time database is the largest in the area, constantly updating technology with current listings. There are a variety of resources available, including property management services, landlords, relocation services, renovation and remodeling services along with several other connections and tools. There is a mortgage calculator available as well as data on specific neighborhoods. Boston Pads prides itself on supplying individuals with relevant, convenient services and resources, offering tips on how to get approved for financing and many other topics.

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