Michael DiMella was interviewed by WCVB Channel 5 News last week for his thoughts on the Boston real estate market, specifically whether it is better to rent vs buy in Boston right now and also thoughts on whether the for sale market has bottomed out or not.  The interview was filmed in our listing at 909 Beacon Street, a 6 unit new development in Audubon Circle – all 6 two bed two bath units for sale sold in under a week, illustrating the points made in the video.

From the video and associated article:

“I think there was that nervousness about buying. I don’t want to buy into a falling market, so to speak,” said Michael DiMella of Charlesgate Realty Group.

Renting has been all the rage in Boston, seen by many as safer than pouring money into a home, but that math may be changing. A two-bedroom, two-bath, 1,100-square-foot condominium in the city that would rent for $3,500 a month, but priced at $600,000; a mortgage, taxes and insurance would cost a buyer about $3,000 a month in home payments.

“You’re looking at saving, potentially, $500 a month,” said DiMella, who also said the switch may lead more people to buy than rent in Boston this year.

Watch the full video:

Rent vs Buy in Boston: Which is right for you?

Of course, there’s a lot more to think about if you’re on the fence between renting vs buying in Boston right now.  Renting can be a great option for some people just as buying can be a great decision for others. Our free Boston first time home buyer class is a great place to start to help you determine if renting or buying in Boston is the best option for you.