Boston Real Estate: Buyers are searching for Boston condos for sale
Buying a Boston condo for sale has become very competitive. Most Boston condo buyers have a price limit and they often search at the top of their limit or over it. Obviously, The downtown Boston real estate for sale that is over the price limit is more desirable
The best way to find a Boston condo for sale to buy is to search 10% to 30% below the top of your price range. That way there is room to compete and to have the highest and best offer.
Home prices for the year are the highest right now. If your budget is well below the median home price wait until this winter or next summer to buy. Put aside as much money as you can for a downpayment.
When looking at condominiums for sale buyers should think about how much they want to pay for the property rather than what the asking price is. The most expensive condos are the condominiums that just came on the market or will come on the market soon. The Boston condos for sale that have been on the market for a while may be overpriced or need a little work or both. They also present the greatest opportunities to own a home.
The number of homes on the market is slowly going up. Right now is peak home-selling season. I don’t think the supply will come close to keeping up with the demand but I do think that the housing market will stabilize a bit in 2022 and 2023.
2021 is so far the best year to sell a house in the shortest amount of time for the most money and it seems to get better each month.
If you take some time to browse a few local Boston condo for sale websites you might come away with the impression that buying a Beacon Hill condo or Midtown high rise condominium in this market is easy. For example, one local real estate website says they make buying “easy and comfortable”. And another says “we make real estate easy”.
While every good Boston realtor should work to simplify and streamline the real estate experience, we believe you should know that buying a Boston downtown condo in this market can be a lot like embarking on a journey, too. And sometimes the journey is filled with a few twists and turns, obstacles, and challenges.
Common challenges this year include a hyper-competitive Boston real estate market, inspection surprises, difficult sellers, and logistical and safety concerns created by the pandemic. The good news for you is that although none of these challenges are desirable, we at Ford Realty as buyer agents successfully deal with these types of issues all of the time. It’s our job to capably address each challenge as it arises, and do so in a professional and reassuring manner.
We’re big believers in having a problem-solving mindset, and staying positive and being persistent, as we help each client buy their dream home. And we’re solving a lot of problems for our buyers in 2020. Despite all of the challenges facing buyers in this year’s market, we’re helping more clients purchase a home or condo in 2020 than in any previous year.
Please reach out to our Ford Realty team and tell us about your worries, dreams, and goals. Let’s have a conversation, and let’s start learning how we can work together to get you into your dream home. We’ll lay out a plan for you, and we’ll guide you to your dream home in 2020. We’ve helped dozens of clients buy a high rise condominium or a historic Beacon Hill condo this year, and we’re well-prepared to help you buy yours, too.
Boston’s real estate for sale inventory on the market today is low, especially among existing Boston condos for sale in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market.
With inventory being one of the biggest housing market challenges today, finding a starter Boston condo for sale right now isn’t easy.
A NAR study reveals,
“Buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”
This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to states,
“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”
If you’re thinking of selling your Midtown condo in Boston, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.
With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell your downtown Boston condo and move you into your dream Seaport condo.
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