Is this the right time for me to buy a Boston condo for sale? 

Buying a Boston condo for sale, in short, will give you stability and security. The advantages include the chance to build equity, the tax destructibility of mortgage interest and nailing down your own little piece of the American dream. You don’t have to find the perfect Boston condo for sale or the perfect market conditions for it to be worth your while.

But it’s not a decision to be made lightly, and here are a few reasons you might want to wait:
  • If you don’t have any savings. You need to have at least 5 percent of the purchase price of a Boston condo for sale for the down payment, but ideally even more. Usually, the bigger your down payment, the better interest rate you can get, and at 20 percent, you don’t have to suffer the insult of private mortgage insurance (PMI).
  • If your job or home life is unstable. Not just for the obvious necessity of meeting the monthly mortgage payment; if you move to another city or get a divorce, having just sunk a chunk of change into closing costs, you may not recoup your investment even if you sell your Boston downtown condo
  • If interest rates are too high. At the time of this writing interest rates look good right now. Even with the unpredictable little dips and swells in mortgage rates of late, they’re still at historic lows in the 4-5% percent range; homeowners paid eye-popping sums for their mortgages a generation ago, to the tune of 11.85 percent in 1985.

Is this a buyer’s market or a seller’s market?

One can make an argument in either direction right now. But in summary If Boston downtown condos are sitting unsold and prices are leveling out, you’re in a much better bargaining position than if you live in a hot market where Boston condos for sale are snapped up even before they’re publicly listed for sale. Are you prepared financially and emotionally to get involved in a bidding war over the Boston Seaport condo of your dreams?

How much home can I afford?

There are several rules of thumb about how much to spend on a Boston condo for sale. One is that a Boston condominium asking price should be no more than 2.5 times your gross annual income. Another looks at your mortgage payment as a percentage of your gross monthly income: Don’t exceed 28 percent. These numbers are intended as limits, not goals; if you buy a Boston downtown condo that’s a bit under your means, rather than right at the limit or above, you’ll have more money to spend on things you enjoy.

How’s my credit?

The mortgage lender’s office is not the place to find out scary news about your credit report. Check your credit scores with all three credit bureaus and get your FICO score before you apply for a mortgage loan to make sure there are no errors. Fix any errors that aren’t your fault; if you have some blemishes on your record, like late payments, you may want to let some time pass with good credit behavior before seeking a home loan. Your credit scores have a real effect on the interest rate you’ll be able to secure, which can make a difference of tens of thousands of your dollars in the long run.

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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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