Braintree, located 12 miles south of Boston, is an attractive location for young professionals working in the city. While being a bustling suburb, it offers easy access to various recreational and outdoor opportunities, such as F1 Boston and Sunset Lake.
These aspects can compel you to look at your real estate prospects in this town, and an expert can help you with your Braintree real estate search activities. They use advanced property search techniques, including an interactive map search, to help you find homes for sale in Braintree. Here are some of the primary factors they suggest affect the real estate prices in Braintree, MA.
Demographics
While the median age for Braintree residents is 41.5, 24% of the city’s population is 60 and above. On the other hand, the age 18 to 60 group makes up around 66% of the local population.
Experts suggest that notable shifts in the demographics of a region can have an enormous impact on the real estate prices for that location. For instance, if you are a baby boomer, you would look for a second home in Braintree as a potentially desirable real estate investment, considering your retirement life.
On the other hand, if you are below 60, your annual income and family dynamics will define your real estate preferences.
The Economy
As per the latest statistics, Braintree has a thriving economy. The family median income here fairs well, at $111k, nearly $40k higher than the US average. And its future job growth prospects are also quite good, at 39.2%, about 6% higher than the national value.
These economic indicators show whether the location is doing well or has a sluggish economy. The cyclicality of the economy can have diverse effects on real estate prices.
As Braintree’s economy is experiencing an upward surge, your Braintree real estate search prospects will undoubtedly be promising. Leading professionals advise being careful about period contraction in the economic cycle when growth slows down and prices stagnate, making the real estate values more sensitive to these fluctuations.
Interest Rates
Industry leaders anticipate continued home price growth in 2021 in Braintree, like in the rest of the country. The main reason is that they expect rates on a 30-year fixed-rate mortgage to average just over 3%.
Mortgage interest rates significantly impact home values, thus becoming critical from the real estate prices perspective. Top real estate consultants can help you find high-value homes when the interest rates are low, thus allowing your monthly payments to go toward the principal. But when the interest rates are high, they show you affordable properties, which can be pretty challenging otherwise.
Inventory Levels
Reputed real estate specialists in Braintree provide listings featuring over 400 properties. They mainly focus on single-family homes, condos, and new constructions.
Typically, they maintain a balanced market, with a six-month supply set as the optimal inventory level. It is a crucial aspect that affects real estate trends; if the inventory, in terms of home supply, is higher than the buyers, it creates downward pressure on the prices. And when properties are in tight supply, it becomes a seller’s market, pushing the rates to new levels.
Government Policies and Subsidies
Recently the Massachusetts Governor announced a plan to devote $1 billion to funding homeownership as part of the ongoing COVID-19 recovery efforts.
Government incentives like these can have a sizable impact on real estate prices. Such policies can encourage homebuyers to pursue their real estate opportunities. Experts can guide you through these subsidies, ensuring you understand Braintree’s supply and demand changes and identify potentially false trends.
Consult an Experienced Professional
Braintree ranks #26 among the 50 Best Places to Live 2020.
If you wish to settle in such a highly livable town, reach out to a reputed real estate specialist. Once you discuss the factors affecting your real estate searches, you will find your dream property to lead a prosperous life in Braintree.