The Boston condo for sale market has been increasingly difficult for first-time home buyers. We already know how competitive the market is for finding Boston condos for sale under $500,000, and the weather has not chilled the market enough to make it any easier for first-time home buyers to purchase in Boston. Stories about home bidding wars and prices going up 10% above the listing price are something we have read or heard about already. Everyone is ranting about Boston condo marker being too expensive to live and buy a home now.
What Can first time buyers do?
For first-time home buyers, this is a terrible news. Most first-time home buyers cannot afford Beacon Hill homes over $500,000 or anywhere in downtown Boston Their usual range is $300-400K for a condominium won’t get you too close to Downtown Boston. But if you can’t afford to live in those parts of Boston, would you rather rent and miss out on your home ownership? Homes are out there if you can just adjust your expectation a little and move slightly further or even outside of the City of Boston. Yes, that means you might need to drive a car or take the bus or subway.
There is hope
There is still hope for first-time home buyers. After all, these news media covering horror stories about Boston condo for sale prices fail to address what actually constitutes “Boston” in their story and why surrounding cities aren’t included in these stories such as Arlington. Quincy Chelsea. East Boston and more. Although home values throughout the downtown Boston has gone up quite a bit in the last three years or so, one can still buy a nice home in a safe neighborhood at a decent price. What about neighborhoods like Arlington? Arlington is only 15 minutes on the Redline to Beacon Hill. It’s important to realize what you can and cannot afford and adjust your expectations accordingly. After all, most people commute to work from the suburb unless living in a small condo is your thing. It won’t be a social suicide to move out of desirable parts of Boston. Do some driving around different neighborhoods and talk to a realtor to learn more about where safe neighborhoods are.
If you are a first-time home buyer who want to battle in the Boston Midtown market in your budget range, you will definitely need to work with a good real estate buyer’s agent. Please give me a call or text at 617-721-9504 to see if I can help.