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Boston Condos for Sale and Apartments for Rent

Boston real estate survey

Boston real estate agents thoughts on the luxury market

Boston real estate survey

A recent survey from Bankrate asks prospective residential buyers to identify the biggest obstacles in their homebuying journey. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home.

If you feel the same way, the good news is there are many down payment assistance programs available that can help you achieve your homeownership goals. The key is understanding where to look and learning what options are available. Here’s some information that can help you.

You Can Qualify Even if You’ve Purchased a Boston Cond Before

There are several misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first time condo buyers. While first-time buyers have many options to explore, repeat buyers have some, too. According to the latest Homeownership Program Index from downpaymentresource.com:

“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.”

That means repeat Boston condo for sale buyers could qualify for over one-third of the assistance programs available. And if you’re a repeat buyer, you may still be able to take advantage of some first-time homebuyer programs, depending on your personal situation. That’s because downpaymentresource.com also notes many of the first-time homebuyer programs use the U.S. Department of Housing and Urban Development’s definition of a first-time homebuyer. Under their definition, you could qualify as a first-time buyer if you’re:

Someone who hasn’t owned a primary residence in 3 years.
A single parent who’s only ever owned a home with a former spouse.

That means no matter where you are in your homeownership journey, there could be an option available for you.

You May Be Eligible for Programs Based on Your Location or Profession

In addition to broader options available for repeat and first-time homebuyers, there are other types of down payment assistance programs that you could qualify for based on your location. According to the National Association of Realtors (NAR):

“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”

Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.

Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional and your lender to learn more about what’s available in your area.

Boston Condos for sale and the Bottom Line

Down payment assistance programs have helped many homebuyers achieve their dreams, and if you qualify, they could help you too. Let’s connect today so you can begin exploring your options.

Updated: Boston Real Estate Blog 2023

Boston Condos for Sale

Boston real estate survey

The average American home buyer is 45 years old, married or partnered, college-educated and likely to purchase a home located in the South, according to Zillow’s 2021 Consumer Housing Trends Report.

Individuals ages 30-39 make up the largest population of home buyers at 26%. After that, 23% of buyers are between 40-49 years old, and 23% are 60 or older.

In general, the report shows that U.S. buyers are younger than homeowners who haven’t moved within the last year and older than the general renter population.

In terms of income, buyers tend to make more than the overall U.S. population. The national median household income in 2019 was $65,700, but the annual median household income for buyers is about $86,000.

Boston Condos for Sale

Boston condos for sale

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Boston real estate survey

BOSTON — Despite double-digit declines in home values during the past three years, a new poll shows that the number of people who are concerned about housing costs in Massachusetts remains relatively steady.

The latest report from the UMass Donahue Institute and the Citizens’ Housing and Planning Association shows that 63 percent of adults in this state identified housing affordability as an issue of significant concern during a March phone poll. In 2006, about 66 percent of respondents said the cost of housing was an issue of significant concern, according to Aaron Gornstein, CHAPA’s executive director.

Source: Patriot Ledger