The latest Buyer Traffic Report from the National Association of Realtors (NAR) states that: Buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the Boston condo market.
Boston condo inventory is still under the 6-month supply that is needed for a normal Boston real estate market. This means that, there are not enough condos for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased
Historically, the average number of years a homeowner stayed in their home was six, but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 44 days, after seeing a 12-month high of 48 days in January.
If your next move is to find a premium Boston luxury condo, now is the time to move up! The Boston luxury condo inventory of Boston condos for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up Boston condo, your home will sell quickly, AND you’ll be able to find a luxury condo home to call your own!
Prices are projected to appreciate by 4.7% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
For more information call Ford Realty at 617-720-5454.
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SEARCH FOR CONDOS FOR SALE AND RENTALS
- Back Bay
- Beacon Hill
- Charlestown Navy Yard
- Dorchester Heights
- Jamaica Plain
- Leather District
- Seaport District
- South Boston
- South End
For more information please contact one of our on-call agents at 617-595-3712.
Updated: January 2018