Here’s why you should buy a Boston condo in 2018:
According to recent Boston MLS over the course of the lasy year, Boston condo prices have increased by 6% in many Boston neighborhoods. At the same time. Boston interest rates have remained near historic lows, which in return has helped many Boston condo buyers entry into the hot housing market.
So what will 2018 being to the Boston housing market? Will prices continue to rise or head downward? One indicator is the MORTGAGE INTEREST RATE.
According to Mortgage Bankers Association, projections are that mortgage interest rates will increase over the next 6 months of 2018. how does this impact you as a Boston condo home buyer? Well, lets say you are a first time homebuyer and purchasing your first modest condo outside the Boston proper area and obtained a $250,000 mortgage. Lets say you obtained a 3.90 interest rate, 30 year fixed, that would be about $1,179.17 per month payment. Now if it goes to 4.60% next year that monthly payment would rise to $1,34185, an increase of over $160 per month.
Now is the time to buy that Boston condo dream home. Waiting will cost you more.
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Updated: December 2017