Boston Condominiums On-Market Snapshot
Fewer Boston condo sellers willing to lower high prices has been the hallmark of the housing market for the past 10 years or so. Now, rising mortgage rates further complicate the homebuying equation. Higher rates could limit the pool of Boston condo buyers and cool the rate of home price growth — good news for Boston condo buyers. But higher rates also weaken their buying power.
The average rate on a 30-year home loan has climbed to around 6%. A year ago, average rates hovered just above 3%, according to mortgage buyer Freddie Mac. The increase follows a sharp move up in 10-year Treasury yields, reflecting expectations of higher interest rates overall as the Federal Reserve moves to hike short-term rates in order to combat surging inflation.
Buyers should set their sights on homes that are listed well within what they can afford, experts say.
It has been challenging but if you own a downtown Boston condo even though Home buying slowed up but the Fall home selling season is here which is one of the many reasons Sellers should be optimistic. If you want to buy a Boston condo for sale, interest rates are lower now than they were at the beginning of the year.
This Fall season holds some promise for Boston condo sales. We may end up with a Halloween with no trick but treats for Boston condo sellers and buyers, and the children’s costumes will include masks of course.
Then comes one of my favorite days. Election day on November 3rd. I am going to vote and I hope you do as well. I am not looking forward to the socially distanced Thanksgiving. If I lived in a warmer climate I would have a big picnic on Thanksgiving.
Those of us who have survived the first half of the year have a shot at making it to 2021. Let’s do this and jump into the Boston real estate market.