Low Boston condo for sale inventory, whether due to a hesitation to sell during the Covid-19 pandemic or other market factors, has driven housing prices up and made the market more competitive for buyers.
That means that borrowers who may have been approved for a loan at the beginning of the year could now face an uphill battle.
Online loan marketplace Lending Tree looked at where homebuyers are the most competitive, based on the share of buyers with credit scores over 720, average down payment percentage, and share of buyers who try to secure a mortgage before they buy a house.
Boston Real Estate Downpayment
The average down payment for the most competitive buyers (top 11 metros) was 21.4%, with nearly 71% of buyers having credit scores of 720 or higher. Among these buyers, 72% shopped for a mortgage before looking for a house.
Among the least competitive buyers, the average down payment was 18.5%, and the percentage of buyers with higher credit scores, 63%. Around 60% of potential buyers in the 10 least competitive metros pre-shopped for mortgages.
See how the 50 largest metropolitan areas in the United States ranked here.
Original Boston Real Estate Blog Post
What’s the status of the Boston real estate for sale market? Is it a buyers or seller’s market?l Sales of Boston condos increased in September in the Boston for September compared with the year before, according to a new report from the Boston real estate research firm the Warren Group and the Greater Boston Association of Realtors.
The concern for many sellers in Boston— is the Boston condo for sale prices were in many areas of downtown Boston were down. And there were generally more Boston condos for sale for prospective buyers to choose from in September than the previous year at the same time.
These new Boston real estate stats have some wondering the unimaginable a year ago—might we be turning in favor of buyers.
As for Boston-area condos, the median sales price was $549,000 in September, down 4.1 percent from September 2018 and 3.5 percent from August. However, Boston condo sales were up annually 3.4 percent, to 790. They were down month to month— by more than 32 percent.
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Soucre: The Warren Group