Boston Condos for Sale and Rent
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Boston condos for sale: How buyers can prepare for the Spring Market. Hint, it’s coming early this year
Boston condos for sale: How buyers can prepare for the Spring Market
The seasonal housing cooldown may end early this year according to Zillow’s latest market report, which found the spring market thaw may be here before winter even begins.
Home values continue to increase
The report found while inventory is trending down, the growth in home values continues to trend up — a sign a more competitive market could be on the horizon for the winter months.
Nationally, the report found November home values were 19.3% higher than a year before and up 1.2% from October. Monthly growth slowed overall on a national basis, but it accelerated in 30 of the 50 largest metros. Zillow said if the trend continues, market cooling may be short-lived, and an unseasonable winter housing market could arrive soon.
Boston condo market is hot
While Boston’s housing market continues to be hot, the pace of both home-value growth and inventory is trending down, an indication of a slow period.
In November, a typical home in the Bay State was worth $608,370, 14.9% higher than a year ago. Home values grew 0.7% compared to 0.8% in October. Inventory was down 21.9% from a year ago and fell 6.5% from October. Rents were also impacted, increasing 14% from last year to $2,555, according to the report.
Zillow senior economist Jeff Tucker said homebuyers looking for a bargain this winter may not find much to choose from.
“Buyers will find some silver linings to this cloudy winter market, like fewer bidding wars and the typical home lingering longer on the market before the seller accepts an offer,”Tucker said. “But that’s small comfort to buyers after a year in which prices have risen by almost 20%.”
Boston condo market summary
The report also noted with mortgage forbearance offerings expiring for most borrowers, there could be a wave of forced sales.
Boston Condos for Sale and Rent
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Ford Realty Inc., Boston Real Estate for Sale
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Updated: Boston Real Estate 2021
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Boston Real Estate for Sale 2021
Winter is typically a cool-down month for home sales, but this winter the outlook is warming up, with single-family home sales up 21.7% to 5,860 compared to a year ago, according to the Massachusetts Association of Realtors’ Monthly Indicators Report .
Condo sales also increased by 16.4%, compared to December 2019 with 2,189 units sold.
The median price for single-family homes and condos was $479,000 (up 16.7% from 2019) and $419,000 (up 7.7% from 2019), respectively.
Inventory hit an all-time low — both for single-family homes and condos — since MAR began collecting the data in 2004, and the months supply of inventory plummeted 63.6% for single-family homes and 25% for condos.
Boston condos for sale: How buyers can prepare for the Spring Market
Finding a Boston condo for sale you love and that fits your wants, needs, and budget can be a monumental task. But to find an affordable Boston condo for sale you will also be faced with beating out your competition. A well-priced Boston condo for sale in good condition will move quickly and likely have multiple offers. So, if you want to end up with the home of your dreams, you need to be prepared.
Get Your Finances in Order
Before you even begin looking for a Boston Seaport condo for sale, the first step is to make sure you’re in a financial position to buy. You should obtain copies of your credit score several months in advance to better help understand your position. You’ll also want to shop around for mortgage financing before searching for Boston Seaport condos. In the S[ring market, it’s best to come to showings armed with a preapproval letter or a “proof of funds”.
Prepare to Be On-Call
With so many other Boston condos buyers in the Spring market compete with, timing will be essential. To be successful in your Boston Beacon Hill condo search, you will need to be readily available at a moment’s notice.Searching for Boston condos for sale is not something to fit in when you can. If you are only looking when it’s convenient for you, you’re probably wasting your time. Be prepared to comb through listings regularly, go to viewings at the seller’s earliest convenience. Not only will this be essential for timing, but can also help build a rapport with the Boston downtown real estate broker.
Come Ready with Paperwork
Simply swearing to a seller that you have enough money for a down payment for a mortgage just isn’t going to cut it in the Spring market. If you truly want to be taken seriously you’ll need to show up with hard evidence in hand. Come equipped with a pre-qualified loan, an approval letter from your lender, and a “proof of funds.” Actions speak louder than words, and showing up prepared will let any seller know that you mean business.
Start with Your Best Offer
In the Spring market, you are likely in competition with other buyers who want the Boston midtown condo just as much as you do. So, if you know you’ve found the property you want, don’t wait to make an offer. A competitive offer comes with the least amount of contingencies. And you should be prepared to make an offer at asking price or above to really stand a chance. Also consider what the seller’s needs are. Are they looking to close quickly or at a later date? Are they looking for the best price or simply the lowest risk?
Make a Connection
It’s true that some sellers are only concerned with how much money they can get for their Charles River Park condo. However, Include a personal letter about why you think this home is the right fit for you. Give them a backstory about you and maybe even include a photo. This might not be the best approach for everyone, but it has worked for many people in the past and it might just work for you too!
Make a Back-Up Offer
Many prospective Boston high rise condo buyers don’t want to make an offer on a home that already has a pending contract. But deals frequently fall apart over finances, inspections, and other contract terms. If you believe you have found the perfect Boston condo for sale but it’s already under contract, make a backup offer. It couldn’t hurt. If the current deal falls through or the buyer walks away, you will be in first place for your dream home.
