Low inventory puts squeeze on first-time home buyers in Greater Boston

BOSTON — Evan Wondolowski was ready to buy his first home more than a year ago. He offered 5 percent over the listing price of a small two-bedroom condominium in Jamaica Plain and started planning where the furniture would go in his new place.

Then he heard from his real estate agent: 18 other offers had been made, and his wasn’t even in the top three. The 700-square-foot condo ultimately sold for just under $400,000, 11 percent over the asking price.

Groups of potential buyers check out a March open house in Waltham, Mass. Industry analysts say several years of tight inventories and rising prices have made the Greater Boston real estate market among the toughest theyve seen for first-time home buyers, who last year accounted for more than 40 percent of all Massachusetts buyers.Groups of potential buyers check out a March open house in Waltham, Mass.<p data-recalc-dims=... read more at: http://www.pressherald.com/2016/03/26/low-inventory-puts-squeeze-on-first-time-home-buyers-in-greater-boston/