Boston Condos for Sale and Boston Apartments for Rent
Buyer sentiment improves. Has the market peaked?
Homebuyer sentiment ticked up for the second month in a row in December for residential home buyers.
Fannie Mae forecasters on a 30-year fixed-rate loans peaked at 6.6 % through the fourth quarter of 2022 and will dip under 6 % by the primary quarter of 2023. In a Dec. 19 forecast, economists on the Mortgage Bankers Affiliation projected charges will fall under 6 % by the second quarter of 2023 and again into the 4 % vary in 2024.
Supply: Fannie Mae Nationwide Housing Survey.
Home Prices
Supply: Fannie Mae Nationwide Housing Survey
For would-be homebuyers, the sharp run-up in mortgages was made much more painful by double-digit residence value appreciation in lots of markets through the pandemic. The value of Boston condos was one of the area that saw an increase.
Fannie Mae economists believe residential home appreciation will cool and stay there into 2024.
Economists, don’t count on annual residence value declines to exceed 1.5 % on the nationwide stage. As of the date of this published post, I don’t see the Downtown Boston condo for sale market seeing any major price declines.
As we will soon enter the Spring 2023 real estate market, Boston condo affordability will be the highest problem for potential homebuyers, even if small declines in Boston condo pricing occur– it wouldn’t be enough to produce adequate buying energy
In a recent national survey solely 30 % of customers surveyed in December see residence costs will go up within the subsequent 12 months, whereas 37 % predict costs will come down, up from 34 % in November. With the share who suppose residence costs will keep the identical reducing to 29 %, the online share of those that say residence costs will go up decreased 3 share factors from November.
Supply: Fannie Mae Nationwide Housing Survey
Whereas solely 21 % of these surveyed in December stated it was a very good time to purchase, that’s up from 16 % in November. And the proportion who stated it’s a foul time to purchase decreased to 76 %, down from 76 % the month earlier than. The web share of those that stated it was a very good time to purchase elevated 8 share factors month over month.
Homebuyer see enhancing situations for contingencies coming on the expense of sellers. Whereas a slight majority (51 %) of these surveyed in December thought it was a very good time to promote a home, that’s down from 54 % in November. With 42 % saying December was a foul time to promote, up from 39 % in November, the online share of those that stated it was a very good time to promote decreased 6 share factors month over month.
Supply: Fannie Mae Nationwide Housing Sur
