Boston condos for sale and three things you need to know today
There are numerous happenings in the country and the world, and it’s having a direct impact on the Boston condo for sale market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.
The following three areas of the Boston downtown real estate market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.
1. Interest Rates
One of the most important things to consider when buying a Beacon Hill condo for sale is the interest rate you will be charged to borrow the money. In one of my past blog post I posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.
2. Building Materials
Talk of tariffs could also affect the Boston housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in home building. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.
3. Economic Slowdown
Boston downtown condos
In a prior blog post on this topic, we began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, I reported that economists had started to push that projection past 2020. Now, three leading surveys indicate that it may begin in the next eighteen months.
Bottom Line
presently, we are in a strong Boston downtown condo market. Wages are increasing, Boston condo for sale prices are appreciating, and mortgage rates are the lowest they have been in 21 months. Whether you are thinking of buying or selling a Beacon Hill condo, it’s a great time to be in the market.
