Here are some questions you should ask before buying a Boston condo
No your financial situation. If you have questions about your personal financial situation, ask your lender and/or a financial advisor what buying a new Boston condominium could mean for you.
Pick the right Boston neighborhood. The last thing that you want to do as a new Boston condo buyer is to find yourself priced out of a particular neighborhood. In Boston we have dramatic price increases in close by neighborhoods.
How long has the Boston condo been on the market? If its been on the market for over 90 days, it could indicate it is over priced and ther is room for a price reduction. If you are looking for more negotiation room on the asking pice, watch for homes that have been on the market for some time. Sellers may be more willing to accommodate your offer if their home has been on the market for some time.
Keep an eye on mortgage interest rates. Mortgage rates have been at or fairly near historic lows since 2012. While mortgage interest rates are not likely to go back to the high rates of the late 1970s and 1980s overnight, it is typically a good idea to keep an eye on the interest rate you might expect to pay once you apply for mortgage pre-approval. Often your mortgage professional or mortgage company may be able to lock-in a low interest rate for a limited amount of time while you wait for your home to close.
Conclusion, buying a home takes knowledge and the observation of local real estate markets and mortgage interest rates. By continually gathering all relevant information and using the services of a real estate professional, you can time your home purchase more effectively.
Contact me to set up an appointment to start your Boston condo buying process.
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Updated: January 2018
