Here are four aspects of the Boston condo buying process to ensure a better overall investment.

If you have questions about your personal financial situation, ask your lender and/or a financial advisor what buying a new Boston condo could mean for you.

The last thing that you want to do as a new condominum buyer is to find yourself priced out of a particular neighborhood. In some parts of the Boston, prices can shoot up rapidly in a very short period of time. Nationwide, the average price of homes increased by 6 percent from May 2017 to June 2017. That may not seem like a lot, until you realize that 6 percent on a $500,000 conod is $30,000.

In some cities, double-digit growth over a period of a few years means that homes may be hundreds of thousands of dollars more than they were in 2011 or 2012.

In some cases, dramatic asking prices for new condos might signal an opportunity to wait and see what happens – if only for a few months. If the housing bubble taught America anything, it is that housing prices rising unchecked may eventually plateau, or possibly even decrease. Boston, one of the fastest-growing markets in the country, had huge increases in year-to-year time frames.

In addition to price, the health of the local real estate market is also a matter of time. The longer it takes to sell the average condo in the area, the more likely it is that prices are not dramatically increasing in that area. As a Boston condo buyer, you have the ability to choose whether you want to buy in a neighborhood that has dramatically increasing home prices with condos on the market for a very short time – or possibly get a better deal on a home in an area where prices are not increasing as much and condominiums stay on the market longer.

If you are looking for more negotiation room on the asking price, watch for homes that have been on the market for some time. Sellers may be more willing to accommodate your offer if their home has been on the market for some time.

Mortgage interest rates have been at or fairly near historic lows since 2012. While mortgage interest rates are likely to increase in the near future, it is typically a good idea to keep an eye on the interest rate you might expect to pay once you apply for mortgage pre-approval. Often your mortgage professional or mortgage company may be able to lock-in a low interest rate for a limited amount of time while you wait for your home to close.

Buying a Boston condo takes knowledge and the observation of local real estate markets and mortgage interest rates. By continually gathering all relevant information and using the services of a real estate professional, you can time your Boston condo purchase more effectively.

Contact me to find to set up an appointment to start your Boston condo buying process.

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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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