Boston condo buyers and sellers: Welcome to the Fall market
Boston Condos for Sale and Apartments for Rent
Boston condo buyers and sellers: Welcome to the Fall market
If you tried to buy a South Boston or Seaport condo for sale a few years ago, you probably still remember the frenzy. Boston condos for sale were listed one day and gone the next. Sometimes it only took hours. You had to drop everything to go and see the property, and if you hesitated even slightly, someone else swooped in and bought it – sometimes even sight unseen.
That kind of intensity pushed a lot of downtown Boston condo buyers to the sidelines. It was stressful, chaotic, and for many, really discouraging.
But here’s what you need to know: those days are behind us.
Today’s condominium market is moving slower, in the best possible way. And that’s creating more opportunity for buyers who felt shut out in recent years.
The Stat That Changes Everything
According to the latest data, homes are spending an average of 58 days on the market. That’s much more normal. And it’s a big improvement compared to the height of the pandemic, when homes were flying off the shelves in a matter of days (see graph below):
That means you now have more time to make decisions than you have at any point in the past five years. And that’s a big deal. Now, you’ve got:
Time to think.
Time to negotiate.
Time to make a smart move without all the pressure.
More Time Means Less Stress (and More Leverage)
Based on the data in the graph above, you have an extra week to decide compared to last year. And nearly double the time you would have had at the market’s peak.
Back then, fear of missing out drove buyers to act fast, sometimes too fast. Today, the pace is slower, which means you’re in control. As Bankrate puts it:
“For years, buyers have been racing to snag homes because of the fierce competition. But the market’s cooled off a bit now, and that gives buyers some breathing room. Homes are staying listed longer, so buyers can slow down, weigh their options and make more confident decisions.”
With more homes on the market and fewer buyers racing to grab them, the balance has shifted. Bidding wars aren’t as common, and that means you may have room to negotiate. And you can actually take a breath before you make your decision.
More listings + a slower pace = less stress and more opportunity
But, and this is important, it still depends on where you’re buying. Nationally, homes are moving slower. But your local market sets your real pace. Some states are moving faster than others. It may even vary down to the specific zip code or neighborhood you’re looking at. And that’s why working with an agent to know what’s happening in your area is more important than ever.
To see how your state compares to the national average (58 days), check out the map below:
As Realtor.com explains:
“While national headlines might suggest a buyer’s market is taking hold, the reality on the ground depends heavily on where and what you’re trying to buy. Local trends can diverge sharply from national averages, especially when you factor in price range, property type, and post-pandemic market dynamics.”
A smart local agent can tell you exactly when to move fast and when you can take your time, so you never miss the right home for you.
Boston Condos for Sale and the Bottom Line
If the chaos of the past few years drove you to hit pause, this is your green light. The market’s pace has shifted. You have more time. More options. More power.
And with the right agent guiding you, you’re in the best position you’ve been in for years.
Connect with a local agent to talk about what the pace looks like in your area, and if now could be the right time for you to re-enter the market.
Boston condo buyers and sellers: Welcome to the Fall market
The summer has ended and you can tell by the cooler temperatures and the increase activity from Boston condo buyers searching for properties.
________________________________________________________________________________
Boston condo buyers and sellers: Welcome to the Fall market
Boston condo buyers and sellers welcome to the Fall real estate selling season. Along with the Spring months, the Fall is a particularly busy time for the local downtown Boston condo market. You’ll see a flood of post-Labor Day listings hitting the market with a fury, upstaging the properties that have been listed for 30 days or more. Boston condo buyers run out to look at all the new, shiny inventory and completely forget about the opportunities that may exist with the “stale” properties.
Boston condo agents’ summer vacation is over
It’ll be no different this year. August saw many buyers, sellers, and real estate agents off on (overdue) vacations. The result? Fewer prospective buyers, and sellers holding off on listing properties until the Fall, and agents are perhaps not being as aggressive about scheduling showings or calling their clients’ attention to languishing listings.
The market experienced its typical summer slowdown, and the pace was even more lackluster due to higher interest rates.
Now that Labor Day weekend has come and gone, I’m looking forward to what the Fall Boston condo for sale season brings.
Owning a Boston home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important.
If you’re looking to increase your financial security, here’s why now could be a good time to start on your journey toward homeownership.
Owning a Home Is a Key Ingredient for Financial Success
A report from the National Association of Realtors (NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. It finds:
“. . . the net worth of a homeowner was about $300,000 while that of renters was $8,000 in 2021.”
To put that into perspective, the average homeowner’s net worth is roughly 40 times that of a renter’s. This difference shows owning a home is a key step in achieving financial success.
Equity Gains Can Substantially Boost a Homeowner’s Net Worth
The net worth gap between owners and renters exists in large part because homeowners build equity. When you own a home, your equity grows as your home appreciates in value and you make your mortgage payments each month. As a renter, you don’t have that same opportunity. A recent article from CNET explains:
“Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you’re building equity in your home . . . When you rent, you aren’t investing in your financial future the same way you are when you’re paying off a mortgage.”
Boston Condos and the Bottom Line
Owning a home is an important part of building your net worth. If you’re ready to start on your journey to homeownership, let’s connect today.
Updated: Boston Real Estate Blog 2023
Click Here to view: Google Ford Realty Inc Reviews
