Fortune Favors The Prepared Mind:

I know I’m repeating myself, but I’m going to say it again, the last data on the Boston real estate market has me a little concerned.

For those that may not or read my last Boston real estate blog post, here’s a summary:

Boston Condo sales in the month of August 2019465 Boston condos sold – DOWN 10.9% vs August 2018

Median Sale Price For Boston Condo For Sale$634,000 – DOWN 8.3% vs August 2018

Boston Condo For Sale Inventory1,109 number of Boston condo for sale – UP 22.5% vs August 2018

Days on Market For a Boston Condo to go Under Agreement40 days – UP 2.6% vs August 2018

Months of Supply3.10 months of Boston condos for sale – UP 33.6% vs August 2018

Median Sale Price/SF$690 per sq/ft. – DOWN 4.9% vs August 2018
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Sound Advice

My father always told me: Your prospects tomorrow will be determined by the actions you take today.

If you take the data above more than a slight correction, than it behooves you to ask yourself how you want to be positioned should Boston real estate for sale prices indeed drop substantially over the next several years.

If you own property, perhaps you might want to sell now. Or, if you plan to hold, at least mentally prepare yourself for the emotional stress should Boston real estate market values drop for a prolonged period of time.

Or if you have tenants, you may want to lock in longer leases to ensure you have the necessary income to ride out the down cycle. Or re-finance or re-capitalize as may make sense.

And if you’re interested in using a market correction as an opportunity to buy property at much better valuations than today, then you should use the time now to become prepared.

 Real estate investing takes serious time to be successful at.

You need to understand how Boston real estate as an asset class works and its overall economics. You need to determine which type of property and what downtown Boston real estate market you want to invest in. You then need to get familiar with that niche and start tracking prices and listings to develop an eye for what constitutes good value. You need to identify and recruit a good team of expert professionals to help you (e.g., Ford Realty, mortgage lender, accountant, attorney). And you want to line up your financing in advance before viewing Boston real estate for sale.

This is important to remember, you won’t be the only one aiming to buy  when there’s “blood on the streets”. Others will as well. And many of them have a lot more experience and much deeper pockets than you. So you want to have your plan carefully prepared in advance so you can act with clarity, speed and confidence when the time is ripe.

Bottom Line

 Your prospects tomorrow will be determined by your actions today. Fortune favors the prepared mind

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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