Zillow recently tweeted an article stating that the low inventory among-st lower income housing has been pushing out first time home buyers from making their dream home purchase. Although this may be true nationally, there is one neighborhood in Dorchester that seems to be encouraging first time buyer purchases. The article went on to say that because so many lower income homes still seem to be suffering from negative equity that there just is as many people selling. However, chief economist at Zillow goes on to say that homes can expect to see a gradual increase in values this month.
I would have to agree that this seems to be the overall picture of the real estate market. However, in my workings with the younger generation buyers, buyers that want to live in Boston, they seem to be attracted to the possibility of living in Pope’s Hill. I would have to agree that this appears to be the most viable option for them to be living the urban dream of living in Boston. Of all the neighborhoods in Dorchester where the average list price is around $280,000, this neighborhood seems to be the gateway of younger buyers transitioning to owning an urban home. It’s puts them in an area where they can still have an active lifestyle and enjoy the easy commutes to work via the red-line.
Of all the neighborhoods in Dorchester, Pope’s Hill seem to be the most active. At this time there are 14 listings actively on the market there. This is a substantially higher number of listings compared to Lower Mills which has 7 active listings, Uphams corner which has 6 total listings, and finally Savin Hill, which has 4 total active listings. Either way, If I had to bet on which area of Boston is going to see a high volume of real estate activity it will have to be Pope’s Hill.
What does this mean for Sellers?
Listing in Pope’s Hill may be a little different, because there are 12 condominium listings in the neighborhood actively right now, buyers get a much better opportunity to select the best condo for them, giving them more of a variety to live in the Boston Area. This makes sellers in that area have to price much more competitively than what is available now.
What does this mean for Buyers?
Buyers that are looking at the possibilities of living in Pope’s hill have a much larger variety of condo’s to chose from. Meaning you can be selective in which condo you choose to purchase. Also, if you end up losing the offer, because so many buyers are losing multiple offers right now, because there are 12 other listings in that same area to look at. Also, the prices seem to be able to a little more affordable than making the single family home purchase in the Boston Area.