Real Estate Mortgage Expert Thoughts on the Future of Real Estate
The Boston condo for sale industry has seen some major changes since the beginning of the pandemic. Namely, the shift from a Boston condo buyer’s market to a Boston condo seller’s market. While no one can truly predict what’s going to happen in the downtown Boston real estate industry with complete accuracy, there are always forecasts for what’s likely to happen in the near future especially when it applies to downtown Boston Estate.
Take a look at some forecasts for New York real estate for the remainder of 2022.
One thing that can be agreed upon for 2022 is that Boston condo sales are going to continue to climb. The median sales price increased by 9.2 percent compared to last January from $228,900 to $250,000 in the country.
The price of homes has traditionally increased over time so there’s no surprise there. Specifically, the price of homes is expected to increase by up to 6.2 percent. As of last month (February 2022), Boston home prices were up compared to the same time last year.
Experts predict that the demand for new homes will remain strong throughout the remainder of 2022. While the demand for new homes will remain strong, housing inventory will still be low.
With the rising cost of single-family homes in New York, townhouse, co-op, and condo sales will likely increase. New York City’s skyline is going to drastically change in 2022 with the construction of several new buildings, condominiums being a major focus.
So, if you’re looking to purchase a piece of New York real estate, consider looking into these options.
Mortgage rates leapt over three-tenths of a point in February and according to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage increased from 3.45 percent to 3.76 percent from January 2022 to February 2022. That marks the highest rate since July 2019.
While the future of the downtown Boston condos for sale market will be ever-evolving, some things are for certain. New Construction of new high rise condos in the Boston Seaport is evident, though inventory remains low for now. However, there’s hope for the future of the Boston condo for sale market, whether you’re an agent, a buyer, or a seller.