Boston real estate for sale: Confidence is the key for first-time home buyers, however, confidence in the housing market is not very high right now.
The media will slow down the Boston condo for sale market
The last time Americans were this turned off by the U.S. housing market, borrowing costs were over five times the current rate.
The share of people who think now is a good time to buy a home fell in September to 29%, extending the plunge from March when the proportion was more than twice as high, data from the University of Michigan consumer sentiment survey showed Friday. It’s also the smallest chunk of respondents since 1982.
Back then, the average for a 30-year fixed-rate mortgage topped 15%. That compares with today’s 2.86% rate, according to Freddie Mac.
The figures highlight how property price appreciation has rattled prospective buyers and more than offset the bright side of cheap borrowing. Prices have skyrocketed amid low inventory as Americans compete for space, with year-over-year gains on previously-owned, single-family homes exceeding 20% –surpassing the inflation-fueled increases seen in the late 1970s and early 80s, according to the National Association of Realtors.
The median selling price of such properties rose 18.6% in July from a year earlier to $367,000, a slight drop from the previous month. August figures due next week will show if fed-up homebuyers have helped extend the cool-off.
Boston Condos for sale Sale
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Boston real estate for sale for first-time homebuyers can seem overwhelming. Thankfully, there’s a lot of great information out there to help you feel more confident as you learn about the process. For those in younger generations who aspire to buy, here are three things to consider sooner rather than later in your journey:
Overall, Millennials make up the largest group of homebuyers in today’s real estate market, and Gen Z is not too far behind. A recent study shared by Freddie Mac shows, however, that Generation Z isn’t as confident in the home buying process as Millennials. The best thing potential young buyers can do is understand what it takes to buy a Boston condo for sale. Learn as much as you can about the mortgage process, down payment options, and the overall steps to take along the way.
Owning a downtown Boston condo allows you the chance to put a small portion of the home’s value down when you buy, and then watch your appreciation grow on the full value of the home – not just on the down payment. It’s one of the best investments you can make and a form of ‘forced savings’ working in your favor over time. The added bonus? You get to live there, too.
Having someone you trust to guide you through the Boston real estate for sale process is invaluable. Finding a local real estate expert to help you navigate through the transaction and feel more confident as you make important decisions could be the best choice you make.
For Millennials and Gen Z’ers thinking about buying, today’s historically low-interest rates combined with the outlook for future home appreciation is a big win. This means whatever you buy today, you’ll be bragging about 10 years from now. You can feel confident about that!
If you’re ready, buying your first downtown Boston condo sooner rather than later is one of the best decisions you can make. But there are many things to consider before taking that step, so let’s work together to help you confidently navigate the full journey.