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No Affordable Houses? Think Again!

No affordable houses? Think again!

Everyone wants to live in Massachusetts. The greater Boston area has the smartest people leading active lives, which may be why everyone is clamoring for a piece of our New England pie. But being a popular hotspot also means more housing competition.

Is there any hope for affordable-housing?

Zillow cited Boston as being one area experiencing a housing shortage, which isn’t the best news for house hunters. Some areas, referred to as “the desirable dozen” by local real estate firm The Warren Group, saw some serious price spikes between 2012 and 2017. These are some of the hottest markets because they offer direct accessibility to the city and attractive neighborhoods.

While most of the locations experienced serious price increases, Warren anticipates that a slow rate increase will stabilize housing prices, which means it is possible to find your dream home in Somerville, Peabody or Lynn.

Gems for under $500,000

Looking for a home that is less than $500,000? You can find it in Lynn. Data shows the median single family home price in our area is about $320,750. The community has become particularly hot thanks to the influx of new restaurants and growing social scene. Lynn just might be the ideal spot for a first time homebuyer or anyone who wants a shorter commute into the city.

Lynn isn’t the only place where you can find an affordable single family home. Median prices in Malden are about $443,000. Peabody is an especially hot market, with homes selling for about $393,700, according to Zillow. Another attractive market is Danvers, where people are able to buy a home for about $419,000, Zillow cites.

Although these communities are affordable, you still need to use your ninja house hunting skills to make your move once you find the right property. That means getting pre-approved at Community Credit Union before you shop.

Why is the pre-approval so vital? Most sellers and agents say they only entertain serious offers in a competitive market, which means a pre-approval letter from Community Credit Union gives you more purchasing power. Without the pre-approval, your chances of finding home sweet home become more limited.

Luckily, Community Credit Union’s highly competitive rates and flexible terms puts you ahead of what other lenders can offer. Plus, we can help you move quickly on a home because we can get you pre-qualified for a loan for free and you can apply online.

Where should you start? Give us a quick call at 978-968-2200 or send an email to mortgagecenter@myccu.org before you head out to house hunt.

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