Finally, some good news! Massachusetts reported that companies in the Bay State added 4,900 new jobs in May, the first increase in a year. The sectors which saw growth were health, education, professional, scientific, and leisure while construction and manufacturing are still having a hard time.
This is good news for the overall Massachusetts economy and the Boston real estate market. Many economists say that these indicators are consistent with an economy near the bottom of a recession. Massachusetts has remained much more stable compared to other markets in the United States with remaining over 1% lower than the national average. Many attribute this to a majority of our jobs being in the health care and education sections which, although not totally recession proof, provide much more consistent employment.
My Thoughts: I think that we are getting close to a bottom. While there are still a lot of uncertainties out there, this is the type of positive news that we need. If you are a buyer on the fence thinking of waiting longer, I’m not sure if that is the right move. Timing the bottom is nearly impossible and with signs pointing towards the economy picking back up combined with stable prices in blue chip neighborhoods it really is a great time to buy. Rates are still low realitive to historic averages and you can even get a 7/1 ARM still in the high 4% range.
Source: Picture and facts from the Boston Herald
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