Boston Real Estate for Sale

Boston real estate: First time home buyers Boston condos for sale may be the right choice

Boston Condos for sale Sale


Boston real estate: First time home buyers Boston condos for sale may be the right choice

Where is Ford Realty Located?

Ford Realty is located in 137 Charles Street in Beacon Hill

For more information please contact one of our on-call agents at 617-595-3712.


Boston real estate: First time home buyers Boston condos for sale may be the right choice

Buying your first home is an exciting decision and a major milestone that has the power to change your life for the better. As a first-time homebuyer, it’s a vision you can bring to life, but, as the National Association of Realtors (NAR) shares, you’ll have to overcome some factors that have made it more challenging in recent years:

“Since 2011, the share of first-time home buyers has been under the historical norm of 40% as buyers face tight inventory, rising home prices, rising rents and high student debt loads.”

That said, if you’re looking to purchase your first home, here are two things you can consider to help make your dreams a reality.

Boston condo buyers: Save Money with First-Time Homebuyer Programs

Being able to pay for the initial costs and fees associated with homeownership can feel like a major hurdle. Whether that’s getting a loan, being able to put together a down payment, or having money for closing costs – there are a variety of expenses that can make buying your first home feel challenging

Fortunately, there are a lot of public and private first-time homebuyer programs that can help you get a loan with little-to-no money upfront. CNET explains:

A first-time homebuyer program can help make homeownership more affordable and accessible by offering lower mortgage rates, down payment assistance and tax incentives.” 

In fact, as Bankrate says, many of these programs are offered by state and local governments:

Many states and local governments have programs that offer down payment or closing cost assistance – either low-interest-rate loans, deferred loans or even forgivable loans (aka grants) – to people looking to buy their first house . . .” 

To take advantage of these programs, contact the housing authority in your state and browse sites like Down Payment Resource.

The Supply of Homes for Sale Is Low, So Explore Every Possibility

It’s a sellers’ market, meaning there aren’t enough homes on the market to meet buyer demand. So, how can you be sure you’re doing everything you can to find a home that works for you? You can increase your options by considering condominiums (condos) and townhomes. U.S. News tells us these housing types are often less expensive than single-family homes:

Condos are usually less expensive than standalone houses . . . They are also less expensive to insure.”

One reason why they may be more affordable is because they’re often smaller. But they still give you the chance to get your foot in the door and achieve your dream of owning and building equity. Beyond that, another major perk is they typically require less maintenance. As U.S. News says in the same article:

The strongest reason for purchasing a condo is that all external maintenance is usually covered by the condo association, such as landscaping, pool maintenance, external painting, paving, plowing and more. This fee also covers some internal maintenance, such as gas, electric, plumbing, HVAC and other mechanical systems.” 

Townhomes and condos are great ways to get into homeownership. Owning your home allows you to build equity, increase your net worth, and can fuel a future move.

The best way to make sure you’re set up for success, especially if you’re just starting out, is to work with a trusted real estate agent. They can educate you on the homebuying process, help you understand your local area to find options that are right for you, and coach you through making an offer in a competitive market.

Boston Condos and the Bottom Line

Today’s housing market provides some challenges for first-time homebuyers. But, there are still ways to achieve your goals, like utilizing first-time homebuyer programs and considering all of your housing options. Let’s connect so you have an expert on your side who can help you navigate the process.

Beacon Hill Condos for Sale

Ford Realty Inc., Charles Street, Beacon Hill


Boston real estate: First time home buyers Boston condos for sale may be the right choice

Boston real estate: First time home buyers Boston condos for sale may be the right choice

When you’re ready to buy your first home, it can be easy to get carried away by the excitement and forget about not only your budget but also your short-term and long-term needs. As you make the transition from Beacon Hill apartment rental

r to Boston real estate owner, a condo can be a perfect way to own your own piece of Boston real estate and still have most of the upkeep and maintenance handled for you. Here’s why a condominium works so well for many first-time buyers.

Condos Are Low-Maintenance

When you’ve never owned your own home, it can be difficult to anticipate just how much upkeep goes into owning a house. With a single-family home, you’re responsible for not only everything that breaks down and needs to be repaired—from the siding and roof to the plumbing, air conditioning, and flooring—but also the landscaping. This level of maintenance can eat up your weekends and your budget. With a Beacon Hill condo, you can rest easy knowing the landscaping and exterior maintenance are all handled for you.

Condos Offer Affordable Living

It’s true that Back Bay condo buildings come with fees, but these fees cover a wide range of services, including building maintenance, landscaping, and amenities you can appreciate. As a first-time buyer, you can benefit from a lower asking price and reduced mortgage expenses (including a lower down payment and closing costs). With less space, you can expect lower utility bills that are probably more in line with what you pay now for apartment rent as well as lower costs to furnish and decorate your new home.

Condos Include Unique Amenities

If you’re ready for a change in lifestyle, a Midtown condo building can deliver it without the work that goes into maintaining a home. Your condo fees don’t just cover maintenance, either. They also cover the cost of shared amenities, which may include a fitness center, swimming pool and more. You may also rest easier at night with controlled access to the building for better security. If you like all of these extras but can’t afford them if you buy a house, a downtown Boston condominium may be exactly what you’re looking for.

Condo Buildings Offer a Sense of Community

Maybe you’re moving out of your parents’ house or buying your first home after living with roommates. Moving into a single-family home can be a big change if you’re used to living near or with other people. North End condo buildings have a built-in sense of community that can be hard to achieve with a house, even if you’re the outgoing type. Condo buildings tend to have active social environments, as you’ll meet your neighbors while hitting the nearby bars and restaurants. If you love high-energy city life and you’re looking for Boston real estate, downtown offers convenient urban living close to all the hot spots.

A Condo Can Be a Smart Investment

As a general rule, condos don’t appreciate in value quite like single-family homes, but this isn’t always true. According to Trulia, the median condo value climbed more than 38 percent between 2012 and 2017, compared to just under 28 percent for single-family homes during the same time. Even when houses appreciate faster than condos, you can still enjoy a good return on your home when it’s time to eventually sell or move up to a larger home.

If you’re a first-time homebuyer looking for Boston real estate, downtown offers a huge variety of choices, including condos of every size and type. The experienced agents from Ford Realty Inc., can help you find the condo that fits your budget and lifestyle perfectly. To get started on the search for your new dream home, give us a call today at 617-595-3712.

Boston Condos for sale Sale



Boston real estate: First time home buyers Boston condos for sale may be the right choice

The tight supply of homes on the market has pushed prices higher. In August, the median price of an existing home was $356,700, a 14.9% increase from August 2020, according to the National Association of Realtors.

August existing home sales numbers down two percent from July

That’s left many first-time homebuyers on the sidelines. In August, they were responsible for just 29% of all sales. Historically, they make up 40% of all buyers.

In order to get into a home, some buyers are blowing their budget. In 2021, 28% purchased homes above their initial estimate, according to Zillow.


Yet creating a budget is very important before you decide to buy a home. Here’s what you need to know.

Your down payment for a Boston Condo

A down payment of 20% of the home’s cost may get you a more favorable interest rate and help you avoid paying for primary mortgage insurance or PMI.

Typically, PMI premiums range from $30 to $70 per month for every $100,000 borrowed, according to Zillow.

That said, you don’t need to come up with such a large amount of money for a down payment.

Typical first-time homebuyers put down 7%, according to the National Association of Realtors. Some loans allow you to go down to 3% or 3.5%. You don’t have to put anything down, or pay PMI, if you get a loan through the Department of Veterans Affairs.

There is also assistance available to those who qualify, including grants and forgivable loans. Check with your state and lender to see what is available in your area.

Figure out your monthly payments for Your Boston Condo

Just because you get approved for a certain mortgage amount doesn’t mean you should spend that much.

First, look at your monthly expenses, such as car loans, phones and daycare. Then, figure out what you can afford to spend each month on a mortgage payment, and make a decision from there, said financial advisor Jacqueline Cooper, founder, president and CEO of Financial Education Associates in Dorchester, Massachusetts.

Updated: Boston Real Estate Blog 2024

Back Bay Condos for Sale

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Boston Condos for sale Sale


Updated: Boston condos for sale 2024

Ford Realty Beacon Hill – Condo for Sale Office

Boston condos for sale - Ford Realty Inc

Boston condos for sale – Ford Realty Inc

Updated: Boston Condos for Sale Blog 2024

John Ford Boston Beacon Hill Condo Broker 137 Charles Street Boston, MA. 02114


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