Many Beacon Hill condo clients of ours have commented on the recent rise in interest rates over the last couple of weeks. This upward movement marks the first significant rate increase in years, and many experts say that it represents a strengthening housing market. But don’t let the increase fool you, interest rates are still at a historical low and offer home owners a great opportunity to lock in low payments on their homes.

Interest rate impact

What this rate increase will do though is knock some Boston Beacon Hill condo buyers, that may have been on the fence about becoming homeowners, out of the “buyer pool”. A rise in interest rates will also make some current homeowners think twice about buying a second property for an investment home or rental property. This decrease in buyer competition will certainly have an impact on the average Boston condo for sale “time on market.” For the past 6 months to 1 year, the Downtown Boston Real Estate market has been experiencing a strong “sellers market” and one of the key indicators to that market was the very low Boston condo for sale “market time.” Many times, sellers would list their homes and have multiple offers within the first week. With less buyers in the buyer pool, we now anticipate that trend to slow down.

Conclusion

Now don’t get me wrong. While the interest rates did increase, and it will have a small affect on the Downtown Boston condos for sale market, they are still relatively low in comparison to all time averages. The actual increase in a typical $400,000 home loan payment is about $115 each month. So while those amazing, dub-4.0% rates may be gone, the rate increase should not take you out of the market completely.

For more Boston condos for sale market information, and the most current analysis, please Contact us.

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Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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