Savings of $100,000 or more on individual home purchases were relatively common across the top 25 most expensive housing markets in Greater Boston in 2006, and according to one MIT professor, savings are likely to continue in 2007. Professor William C. Wheaton predicts housing prices could decline another 20 percent in Greater Boston and other markets over the next two to three years. Does that mean that homebuyers in the most expensive communities will see even more price reductions in each of these categories in 2007?
PARTIAL MAP of homes selling for more than $100,000 below their original asking price: (see technical note below)
- Saved $100K to $199K
- Saved $200K to $499K
- Saved $500K to $1 million
- Saved $1mil to $2 million
- Saved $2mil to $3 million
- Saved over $3 million
As sales prices fall, well-informed sellers are could set more realistic prices so the gaps between the original asking price and final sales prices may not be as wide as those recorded in 2006. We’ll continue to map the location of six figure savings, and invite you to do the same on The Real Estate Cafe’s award-winning interactive bubble map. We’re so convinced that our clients will save money, we’re willing to base part of our compensation on it. Contact us at 617-661-4046 or RECafe [at] Mac [dot] com for information on our experimental NEW fees and rebates options.