Boston condos for sale: You need to adapt to the changing market
Boston Condos for Sale and Apartments for Rent
Boston condos for sale: You need to adapt to the changing market
Without having an increase in new Boston condo for sale listings the continuation of the hot streak, we will be starting over each year. Sure, Boston condo sellers and brokers will use the comps from the previous year, but will the buyers? Will the sellers be satisfied with getting the same price as the previous year, or insist on the usual 3% – 5% bump or more? Will they improve their condominium to deserve a premium price? Probably not, which means the buyers will be faced with paying more, for less. Not a good bet, because….
Boston Condo Mortgage Rates Are Going To Remain High
Mortgage rates don’t appear to have much chance of coming down this year. The Fed could raise further and kill any likelihood of rates getting back to 6%, let alone into the 5s, which means….
Boston Condo Pricing Will Be Flat
Generally-speaking, the overall pricing will most likely go back to the +/- 3% annually, which gives Boston condo for sale buyers a reason to pause. Without runaway prices that cause buyers to worry about getting in now before they are priced out forever, they have a reason to pause. They already have to wait patiently for another property to come up for sale, and if they don’t get the feeling that prices aren’t going up – they can, and will, wait for the next one. Might as well if prices aren’t going up much.
Boston Condo for Sale Seasonality Is Back
Those sellers who think that the condo market is running hot are going to get a harsh reminder that real estate is seasonal – even in downtown Boston. Remember at the end of last year when I documented a few sales where the sellers were lowballed by more than 10% and they took it? It will happen again this year, which leads to…..
The Biggest Fear
Home sellers have had huge gains in equity, and if they have to give some back it won’t hurt much – and some will give more than others. A few low sales in the off-season will thwart the idea that comps from the first-half of the year are sustainable.
We’ve dodged the bullet this year – so far. but remember …
You need to adapt to the changing market
Updated: Boston Real Estate Blog 2023
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As the Boston condo for sale market changes both Sellers and Boston condo sale agents need t to adapt.
Updated: Boston Real Estate Blog 2022
