Beacon Hill Seller’s Market
For the last three or four years, it has unquestionably been a “Seller’s market” in the Boston Beacon Hill condo market, values have have dramatically increased since 2007 and banks are lending at all-time low interest rates. New programs like FHA have made it easier than ever for first time home buyers to enter the Downtown Boston condos market, even with less than ideal credit.
Beacon Hill Condos 2019
Fast forward to February 2019, and what we’re left with is less than 15 Beacon Hill condominiums for sale. When Beacon Hill homes do come on the market, they are quickly moved upon and now more than ever, especially under $1M price range. So what should you do? First you need to enlist the help of a seasoned Beacon Hill Real Estate Professional to help you with the process. It’s not uncommon to see a condominium hit the market and receive multiple offers within the first weeks under $1M. With no new inventory likely scheduled in Jan or Feb, we don’t see any reason why this upward trend won’t continue. Bottom line, while the low interest rates and still (for now) low prices signal good buying conditions, it is no longer a “buyer’s market.” If you are still on the fence about purchasing your first home in Downtown Boston I’d recommend making the move soon.
Some steps to get started:
- Talk to a local real estate professional for advice specific to the neighborhood that you want to move into.
- Contact a loan representative for a pre-qualification to find out your purchasing power.
- Research you neighborhood’s most recent comps