The number of Boston condos for sale on the market is very low which is common for this time of year but right now. There is definitely demand for Boston condos and while some home buyers have given up others are buying in downtown Boston.
It is true that prices are high but it is also true that interest rates are low.
Here are some of the reasons why some buyers are buying and others are not:
- Some Boston condomium buyers have stopped looking or making offers.
- Buyers who have not been pre-approved will not be able to get anaccepted offer on a Boston condo due to competition
- People who are holding out for a bargain won’t be buying a Boston condo for sale time soon. We all look for bargains but in this housing market, they are very rare.
- Buyers who are looking for housing in neighborhoods where the median price is more than they can spend.
- People who can not pay cash but are competing against cash buyers for “fixer-uppers”
It is alright to sit this year our ad come back stronger next year. Homebuyers who have decided to sit this year out should keep their pre-approval letter up to date and make sure that they have enough cash on hand so that if that perfect Back Bay property or Beacon Hill condo does come on the market they have a shot at buying it.
As we head into spring there will be more Boston condos on the market but the demand for them will remain higher than the supply.
Updated: Boston Real Estate Blog 2022
You might be seeking more space, relocating to a new area, or simply want to take advantage of a great opportunity (and even greater mortgage rates). If you’re one of the millions looking to move to a new home this year, it’s important to understand the current market. Here, I’ll share three tips that will help you find your dream home, get your offer approved.
Once the vaccine is administered to the masses you will encounter many other Boston real estate buyers if and when you decide to put in an offer. The moment you finally find the “right” Boston Seaport condo is not the time to scramble to get your bank accounts, mortgage broker, and other financial elements sorted. In the 2021 Boston real estate market, you need to do the prep work and have ALL of your ducks in a row before you even begin looking. Get pre-approved for a mortgage now, do the math with your financial advisor, and find the right agent who’s skilled in and has relationships in your area of interest.
One silver lining to come from the pandemic? Virtual tours are better than ever. If you’ve never seen one, virtual tours are in-depth, give a great impression of the home, and work for any property. Seeing homes in person is always ideal, but if you can see 30 houses in one morning instead of spending a week driving from one listing appointment to another, take the first option.
Lean into technology and use virtual tours to your advantage.