What I see trending in the Boston condo for sale market
Boston Condos for Sale and Apartments for Rent
What I see trending in the Boston condo for sale market
The latest housing market data and uncovers a surprising trend: fewer and fewer homeowners are choosing to sell.
While home prices remain just slightly above 2024 levels, inventory is climbing—and yet, the number of new listings is flattening out. Mike calls this trend The Great Stay: Americans are staying in their homes, jobs, and towns longer, driven by high mortgage rates and a sluggish job market.
What I see trending in the Boston condo for sale market
A trending topic in the Boston condo for sale market is a loan interest rate buydown paid by the seller as a credit in a condominium purchase.
What is a Boston condo loan interest buydown?
Boston condo buyers obtaining a mortgage can pay a fee (called a “point,” or percentage of the loan amount) to the lender to get a lower interest rate. “Buying down” the interest rate results in a lower monthly mortgage payment. In an effort to entice Boston condo buyers to purchase a home, a seller can offer to cover that fee. Or buyers can include a term in their contract that asks the seller to pay the fee.
Why are Boston condo sellers willing to pay the buyers buydown?
The Boston condo for sale market is grappling with big challenges right now. Boston condo sellers are clinging to perceived values for their homes, but recent interest rate hikes and stock market losses are continuously chipping away at buyers’ purchasing power. Sellers looking to give buyers incentives are getting creative with the financing vs. reducing the list price.
How it works: The buyer confers with his or her lender to figure out the loan type and interest rate available. The lender can then tell the buyer how much one or more points would cost, and how much the points can reduce the monthly payment.
