For the most part, 2018 was a bonanza for sellers of downtown Boston condos. Strong demand continued through November, and prices experienced steady growth until September. Market analysts expect healthy demand to continue in 2019, albeit at more reasonable prices and with not as many bidding wars. The current forecast is for Boston condos for sale market to extend into the first quarter of the year, but prospective Boston condo buyers will start to see lower prices, a few more listings, and sellers who feel more motivated.
If you’re interested in what the market for condos in downtown Boston will have to offer in 2019, you should develop a strategy to unearth listings that not only meet your expectations but also put you ahead of other buyers. Here are a few recommendations to find choice Boston condos for sale listings.
Let Seasoned Professionals Help You
The professionals you want to have by your side while searching for the perfect Boston luxury condominiums should be experienced in this particular market segment. The negotiation, financing, and closing process can be quite different when the property you’re looking to acquire is attached to a common structure and strictly governed by a condo association. Real estate agents who are routinely invited to attend condo board meetings are your best bet, and your mortgage loan officer should be experienced with closing condo loans because they typically require more work. The advantage of working with real estate professionals who are familiar with the downtown San Diego condo market is that they may become aware of new listings before they appear on the MLS.
Set Up MLS Alerts Based on Your Criteria
After you and your real estate agent discuss your financial goals and what you’re looking for in a Boston Beacon Hill condo, the next step should be to let the agent enter your search criteria into the MLS platform and configure alerts—which may be as simple as providing your email address or mobile number—for new listings coming on the market. MLS alerts are crucial in an active market such as San Diego because buyers and sellers tend to act very quickly.
Set Aside Sufficient Cash
Anyone can make an offer on a Boston condo for sale, but only those who have enough cash to go through the process will be able to establish a good position in case of a bidding war. Keep in mind most banks will only approve loan-to-value deals at 80 percent, so you need to start thinking about providing a 20 percent down payment. Moreover, if your credit score isn’t high enough, you may be required to show proof of three months’ worth of cash reserves.
Conduct Thorough Research
Many Boston Beacon Hill condo buyers think great deals make the best condo listings, but this isn’t always the case. If you come across a price that seems too good to be true, there could be multiple issues behind the reduced price. It’s important to research the condominium association, the common areas, future development plans in the neighborhood, economic conditions in the area, and the overall direction of the market.
If you’re looking to buy a condo in downtown Boston, the timing may be just right to find your dream home at the right price. Make sure to seek help from reliable professionals with extensive expertise in Boston downtown real estate. Downtown condos are coming on the market at a steady pace, so stay on top of the latest listings by calling the friendly agents at Ford Realty 617-595-3712.