What’s a Boston condo buyer’s market?
You may have heard we’re entering a Boston condo buyer’s market. But what exactly does this mean?
In general, a Boston condo buyer’s market refers to a real estate market that is beneficial to buyers. A buyer’s market means that a number of factors are in the buyer’s favor creating buying opportunities. This usually means the following:
• There is a larger inventory of Boston condos for sale
In a buyer’s market, you can be sure that there are a lot of Boston midtown condos for sale, or in any Boston neighborhood for that matter. In other words, the supply is greater than the demand. As a result of more sellers and less buyers, the price of Boston Seaport condos during a buyer’s market usually drops. In addition, buyers may be able to negotiate better prices and terms with sellers because sellers may be anxious to sell their homes after an extended time on the market…which brings us to our next reason:
• More time on the market –
In a buyer’s market, because there is more supply than demand, Beacon Hill condos tend to stay on the market for a longer period of time. A home that has been on the market longer than the local average may be a better deal because the sellers may be quite anxious to sell their home after waiting it out for so long.
• Stricter lending standards –
With a Boston condo buyers market comes with stricter lending standards. Of course, tighter lending standards are just one piece of the pie when it comes to this buyer’s market. However, in general, because fewer buyers are being approved for home loans, the number of potential buyers drops even lower, creating even more of a chasm between supply and demand.
• Smaller pool of potential buyers –
Stricter lending standards create a smaller pool of buyers in today’s buyer’s market, thereby creating less competition in the market. Less competition and an increased inventory of homes on the market mean that buyers have their pick of real estate,and sellers are likely quite anxious to sell their home to the first buyer that comes their way.
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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.
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.
Charles River Park
Surrounding Communities of Boston
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.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114