Boston Condos for Sale and Apartments for Rent
Are you having problems affording a Boston condo?
High Boston condo for sale costs are dampening homebuyer demand as mortgage applications drop to their lowest level in nearly 30 years and home prices increased to the highest they’ve been in nearly a year.
For the weeks ending on Sept. 3, the median U.S. home sale price rose 4.5% from 2022, as mortgage rates remain above 7%, and inventory continues to be sparse, according to a new Redfin report.
That’s not stopping those who want to purchase a Boston high rise condo from buying, but they will have to pay a premium.
Boston condos for sale and the bottom line
The result of high home price increase has lead to pending home sales dropped 13.3%, the 15th month in a row
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For Boston condo buyers the 2022 Boston condo for sale market has been defined by rising mortgage rates. With rates on the rise, it’s also become more costly to purchase a Boston condominium. According to the National Association of Realtors (NAR):
“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.
Are you thinking about buying a Boston condo?
If you’re thinking of buying a Boston condo or have been trying to recently, the recent interest rate increases will have a big increase in your monthly mortgage payment – and it may be causing you to press pause on your real estate plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.
The good news is you can navigate today’s housing market and this rising rate environment by reading this Boston real estate blog post. Here are three things you may want to consider to help make your Boston home ownership dreams come true.
Are Boston condos out of your price range? Here’s one idea
If you’ve been looking for a Boston condo for sale and everything is out of your price range you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven’t considered, and that could help you afford more of what you need (and want) in a home.
As CNET notes:
“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”
What’s another idea to find a Boston condo out of my price range?
Working with a trusted banker or mortgage lender to learn about the different loan types and options is essential too. According to Nerd Wallet:
“A variety of mortgages are available with varying down payment and eligibility requirements.”
These experts know how to point you in the right direction when it comes to exploring ways to find the best Boston condo loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can introduce you to. This could make a home purchase more affordable and within your financial reach over the life of your loan.
