Cash buyers for Downtown Boston condos is on the rise

If you’ve been thinking about downsizing to lower your expenses, be closer to family, or just make life easier, here’s a trend worth paying attention to:

More homeowners are buying their next Boston condo for sale outright, without taking on a new mortgage. And, if you’ve owned your home for a while, you may be able to do the same. No mortgage. No monthly housing payments.

A Record Share of Homeowners Are Mortgage-Free

According to analysis from ResiClub of Census data, more than 40% of U.S. owner-occupied homes are mortgage-free – an all-time high for this data series. That means 4 in 10 homeowners own their homes free and clear (see graph below):

One big reason for this trend? Demographics. As Baby Boomers age and stay in their homes longer, many have had the time to fully pay off their mortgages. You might be in that group too and not even realize just how much buying power you now have. It’s time to change that.

How Downsizers Are Turning Equity into Buying Power

As a homeowner, your equity is your biggest advantage in today’s market. If you’re mortgage-free (or close to it), it could give you the power to buy your next home in cash. That means you’d still have no mortgage payment in retirement, plus:

Less financial stress as you age
More cash flow, if you purchase a less expensive home
And it would likely be a faster, simpler transaction

Here’s how it works. You’d sell your current house and use the proceeds to buy your next house in cash. And while that may sound like something you thought would never be possible for you, it’s more realistic than you may think.

In the latest survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM), agents reported the share of purchases with all-cash buyers is climbing nationally. And those agents are seeing increases in almost every region of the country (see graph below):

For Baby Boomers especially, buying in cash gives you more control over your next chapter. You could buy a smaller, less expensive home and have lower costs, less upkeep, and more flexibility to enjoy what matters most. All while staying debt and stress free.

Because downsizing isn’t about downgrading your home. It’s about upgrading your quality of life. And that’s something worth exploring.

Boston Condos for Sale and the Bottom Line

You’ve worked hard for your house. Now it might be time for it to work hard for you.

Talk to your agent about what your house is worth, and what it could unlock for you today.

Where is Ford Realty Located?

Ford Realty is located in 137 Charles Street in Beacon Hill

For more information, please contact one of our on-call Boston real estate agents at 617-595-3712.

Ford Realty Google Reviews

Peace be with you

Cash buyers for Downtown Boston condos is on the rise

How does our Boston condo for sale market keep trucking along with sky-high prices AND mortgage rates 2x higher than they were three years ago? Shouldn’t prices adjust downward?

We know that the generational wealth transfer of $70 to $80 trillion dollars is underway, and this is where some of it is showing up – purchases of quality Boston luxury condos for sale.

Those who aren’t paying all-cash have big down payments to help cushion the higher rates. Payment too high? Put more down!

For the downsizers, it’s the best way to justify giving up the 3% mortgage too – sell the long-time family estate and buy the next one all-cash.

It means that the percentage of all-cash buys will probably be increasing into the Summer and Fall market.

Boston condos for sale

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Cash buyers for Downtown Boston condos is on the rise

Many homebuyers are coming in with cash to buy Downtown Boston Condos and Beacon Hill condos. The data shows us the percentage of cash investors for 2018 increased from 2018. There has been a good portion of increasing cash buyers here in Downtown/Midtown Boston.

As Downtown Boston condo Specialists, we are seeing bidding wars going on where some units have multiple offers. The seller can compare offers and will most likely go with the bid offering cash, a short close of escrow as well as a an increase in the earnest money deposit. It might seem unfair but a cash buyer is key when it comes to being able to stay in the game of bidding wars and get the opportunity to close a deal.

The Least expensive Boston High Rise condos. Asking prices vary every day.

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Click here to view: Downtown Boston condos sales data