10 steps in buying a Boston condo
We can hash out the details of why Boston real estate for sale is such is turning from a buyer’s to a seller’s real estate market all we want. Demand is high, inventory is low, and that’s driving prices up. But digging into the dirty details doesn’t practically help buyers who are looking to secure a Boston downtown condo now. Life doesn’t wait, and for some, when you’re ready to buy, you’re ready to buy – regardless of the market.
So should you be discouraged by the Boston real estate market right now? We say the answer is no. For one thing, home prices aren’t expected to stop increasing. With interest rates at record lows, this is still a good time to buy – if you have the right team behind you. We’ve got some insider tips for you to aid you in your home buying search and get you the information that you need to succeed.
We’re going to jump right into some of the nitty-gritty of Boston real estate listings. One way to get ahead in the downtown Boston real estate market is to look for homes coming on the market, that are not yet publically available. This used to be called pocket listings before it was effectively banned by the National Association of Realtors in 2019. But something similar was approved to replace pocket listings, there called “Coming Soon” listings
Coming Soon Boston condos for sale are on the local MLS. But you can’t see them. Only MLS subscribers (mostly Realtors) can. Realtors can see what is coming before it hits the public market. Realtors can’t show them to you in person, but they can get you ready for them, share that they’re coming and exactly when they are going to hit. There is a ton of prep work an agent with Coning Soon access can do for you, to help you get that home the moment it lands on the public market.
Believe us, we know it can be easy to fall into a real estate hole. The blind searching and scrolling are enough to exhaust anyone. But there’s a better way. We recommend using our Boston real estate website both to narrow down your search and to keep you alert to new developments in the Boston real estate market.
To keep ahead of the market, try searching specifically for homes that have been on the market for 1 day or 7 days or less. You can do this on our Boston real estate website.
Search for homes that have been on the market for one to seven days to discover the newest listings ahead of other buyers. You’ll have the option to save your search by clicking on the heart at the top left of the screen.
Once you do this, you’ll see a box pop up offering instant home alerts. You can choose the frequency of when you’re notified about new homes coming on the market in Boston. In the current market, we recommend you choose to receive updates once a day or immediately. That way you’re ahead of the curve.
As homes age on the market (hit 30 days) you’ll get an email update. Don’t let the price scare you. If the home has been sitting for more than thirty days in this Boston real estate seller’s market, there is a very strong possibility the seller will be willing to negotiate down.
We’ve said it before and we’ll say it again. With the vaccine rolling out on schedule, we may be seeing a big change in our historically low inventory. It’s hard to say for sure, but there’s a strong possibility that folks have been putting off listing their homes because of the pandemic. If that is the case, we could see a big wave of new inventory over the summer.
Typically in downtown Boston, early Spring is a great time to shop for Boston condos for sale. This is typically when you see the highest inventory, and when buyers have the most leverage. We could see a huge swing in the pendulum this year if the usual best time to buy a house coincides with the vaccine making more sellers ready to put their homes on the market. If you aren’t immediately looking for a new home, waiting for more inventory could be the smart choice.
The pressures of looking for a new Boston high-rise condo or historic Beacon Hill or Back Bay condo are real, and accordingly, the trust you need to place in an agent is huge. It can be easy to just go with a friend of a friend. But a lot of the time, that’s not actually in your best interest.
Especially right now. Yes, there’s no doubt about the fact that we’re in a seller’s market. But that doesn’t mean that you can’t find a home at a fair price when you use the right tactics. And one of the best things you can do is work with an experienced agent who can navigate the complicated Boston real estate market on your behalf.
1. Save for a down payment
2. Know your credit score
3. Find a real estate agent
4. Obtain a pre-approval
5. Shop around
6. Make an Offer
7. Home inspection
8. Home Appraisal
9. Close the sale
- If you are thinking of buying a home, you may not know where to start.
- Here is a simple list of 10 steps that you will go through to purchase a home.
- Make sure to ask your agent for details about each step and what else may be required in your area!
Related Links –
Newest Boston condos for sale
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