Everyone is worried about rising rates, and their impact on the future of the Boston condo for sale market. The combination of higher rates AND higher prices is dramatic when compared to just a year ago.
Bottom line is that the Boston condo for sale market will be increasingly determined by the affluent. Those Boston condo buyers who are payment sensitive can stay in the game by opting for an adjustable-rate mortgage and start at 2.375% for ten years, or wait it out – which will be a long time, and maybe forever.
Affluent Boston condo buyers can use a bigger down payment or pay all-cash to offset higher prices and rates, unless they decide to wait-and-see themselves. But if they don’t own a Boston condominium here yet, their desire to move here will be the determining factor.
The Boston condo market will be determined by the affluent out-of-towners!