I’m seeing an increase in the number of Boston condos for sale on the market but not much of an increase. Back Bay and Seaport condos that are for sale continue to sell quickly. However, change is in the air. Interest rates are very low but rising and mortgage applications are down.
Boston condo for sale prices continues to rise. There is so much pent-up demand that I don’t think higher prices or higher interest rates are going to slow the downtown Boston condo sales this spring and summer. Some home buyers have given up and dropped out but there are still many buyers for each home on the market.
The number of condos for sale is low nationwide at the same time that the number of Realtors is at an all-time high. Even while people were retiring early or quitting jobs during the pandemic the number of Realtors grew to over 1.5 million nationwide.
Homeowners can expect a lot of phone calls, text messages, and postcards from Realtors looking for houses to sell. There really are buyers in your neighborhood who would like to buy a house just like yours. If you are interested in selling feel free to call or write.
Working with home buyers is challenging because condominiums do not stay on the market for long and multiple offers are more common than not. This year’s home buyers should hold out for agents with experience.
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The stock market with steep ups and downs happening on a daily basis. What does this mean? How will this impact the Boston real estate for sale market? There’s uncertainty over how the coronavirus and falling oil prices will play out. I’m watching and waiting to see how this effects our Boston real estate for sale market.
The low interest rates are motivating for downtown condo buyers, who are starting to think that this may be a good time to buy (provided you haven’t lost a bulk of your down payment money in the stock market). Of course, those who’d love to own property in the city are keeping a close eye on sale prices and inventory and hoping there’s a possibility prices will fall within their range.
Boston condo sellers are having second thoughts about listing their properties, fearing we are heading for a recession that will put downward pressure on prices. Indeed, I’m seeing sellers accept those first offers a bit more quickly, rather than waiting around for another offer that may or may not be negatively affected by another stock market slide.
At this point, it’s too soon to say how the Spring market will fare. As much as I’d like to accurately predict what will happen, I’m just a Boston real estate broker trying to make sense of all this day-to-day activity. I worked through the other financial crisis successfully; the current state of affairs fortunately doesn’t include bad loans engulfing real estate nationwide. So if sellers don’t create panic selling, the stock market stabilizes and interest rates remain low, it’s quite possible that the downtown Boston won’t be dramatically affected.
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