The biggest issue right now is our current lack of Boston condo inventory. We started last year at about 8.4 months of inventory. Today, we are sitting on about a 3.4 months supply. It has become a very good time to sell your Boston condo. With that said, sellers must still price their home correctly. Many sellers still have the mentality that they want to sell their condo at their dream price not going to happen! For buyers, Boston condos that are priced correctly will begin to sell much more quickly. If you see something you like that has been on the market awhile, be patient and watch for price reductions. If your agent is a condo specialist and knows the pricing in the market, be ready to make an offer. Yes, we are starting to see multiple offers again in some parts of town, especially in the low end of the market $500,000 or under.
If you are looking to buy a Boston condo in the near future, your timing couldn’t be better. Prices will begin to rise ( we believe 4-5% a year in Boston, up from the national average of 3.1% that is expected) . Interest rates are still relatively low. Economist believe that by the end of 2019 we will most likely be looking at 5.0 % . What does this mean to you as a buyer. It could be the difference between being able to afford a 2 bedroom unit or a one. It could be the difference in your payment that could have gone to paying you monthly condo fees.