The Boston condo for sale market is changing.
As I reported before, experts are predicting Boston condo prices will continue to appreciate over the next few years, but at a slower rate than we’ve seen in recent years. Other major indicators such as housing starts, new home sales, existing home sales and homebuilder confidence have trended down over the past few months, and it appears we are moving towards a more balanced market.
Furthermore, Freddie Mac forecasts mortgage rates to hit 5.1% in 2019 and 5.6% in 2020.
This might leave you asking, “When is a good time to list or buy a Boston Seaport condo for sale in 2019?”
In the industry, we often refer to the January-February market as the “sweet spot” for listing because competition is very low and buyers hit the internet to start shopping for Boston condos for sale. This means your house gets more attention during the Winter months, putting the law of supply and demand on your side. By now you want to list your Boston Seaport condo for sale, as the warmer weather is moving in.
Plus, buyers that are actively visiting properties during the Winter are more serious buyers, which means less showings producing a contract, as the chart to the right demonstrates.
Consider bumping up your Boston Seaport condo search before the influx of buyers in the typical spring market. You’ll buy while interest rates are relatively low and before rates start to climb. A win-win! Plus, you can avoid the dreaded bidding war, which still happens in Boston Beacon Hill condos and Boston Midtown condos for sale. Another tip: lock in your rate now since primary mortgage rates are still low.
If the talk of rising interest rates and home prices scare you, remember, mortgage rates are still historically low, and many experts agree that Atlanta is not overvalued or in a price bubble because the economy is so strong, and prices are still affordable compared to many cities.
As always, if you’re buying, selling, or just have questions, feel free to contact me an email, or text or call me at 617-595-3712