Is it time to sell your Boston Beacon Hill condominium

If you’re trying to decide whether you should list your Boston condo for sale, there may not be a better time than this winter. Selling this season means you can take advantage of today’s strong Boston condo sellers’ market when you make a move.

Win When You Sell Your Boston Condo

Right now, conditions are very favorable for current homeowners looking for a change. If you sell now, here’s what you can expect:

Your Boson Condo Will Stand Out – While recent data shows there are more sellers getting ready to list their homes this winter, there are still more buyers in the market than there are homes for sale. If you sell your house now before more houses are listed, it will get more attention from serious buyers who are eager to find a home.
Your Boston Condo Will Likely Get Multiple Offers – When supply is low and demand is high, buyers have to compete with each other for a limited number of homes. The latest Realtors Confidence Index from the National Association of Realtors (NAR) shows sellers are getting an average of 3.6 offers in today’s market.
Your Boston Condo Should Sell Quickly – According to the same report from NAR, homes are selling in an average of just 18 days. As a seller, that’s great news for you if you’re looking for a quick process.

Win When You Move

In addition to these great perks, you’ll also win big on your next move if you sell now. CoreLogic reports homeowners gained an average of $51,500 in equity over the past year. This wealth boost is the result of buyer competition driving home prices up. You can leverage that equity to fuel a move, before mortgage rates and home prices climb higher. To get a feel for how rates are projected to rise, see the chart below.The longer you wait to make your move, the more it will cost you down the road. As mortgage rates rise, even modestly, it will impact your monthly payment when you purchase your next home. Waiting just a few months to make that change could mean a long-term financial impact.

The good news is today’s rates are still hovering in a historically low range. According to Doug Duncan, Senior VP and Chief Economist at Fannie Mae:

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low . . .”

Selling before rates climb higher means you can make your move and lock in a low rate on the mortgage for your next home. This helps you get more home for your money and keeps your payments down too.

Bottom Line

As a homeowner, you have a great opportunity to get the best of both worlds this season. You can truly win when you sell and when you buy. If you’re thinking about making a move, let’s connect so you have the information you need to get the process started.

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Boston Beacon Hill condos

sell home portland — Boston Beacon Hill condos

How long is long enough to live in your Boston Beacon Hill home?

Last year, the National Association of Realtors released a report finding that, for the second year in a row, the average number of years that homeowners hung onto a home was at 10 years. Ten years is a long time to spend in a home, and it’s unprecedented for this country. From the 1980s until about 2008 the average was at 6, maybe 7 years. What happened?

Analysts say that the Great Recession that started in 2008 had a lot to do with the average length of homeownership going up — when home values derailed, people hung onto their homes instead of selling.

As a Beacon Hill real estate agent, these numbers are telling me that there are a lot of homeowners in Boston Beacon Hill that are hanging on to their homes unnecessarily. Beacon Hill values are at a record high in 2019, and mortgage rates are still below 5%. More important, your Boston real estate needs have probably changed over the past decade. Here are five signs that it’s time to put your home on the Beacon Hill market.

5 signs you need to sell your home:

Boston ranks second highest in the nation for home maintenance costs. Thankfully, getting out of city limits can help immensely (newer homes). Haven’t you been craving a slower pace of life? Contact your Boston real estate agent team to learn about satellite communities that hit the sweet spot between urban accessibility and affordable lifestyles.
You open the closet door in your Beacon Hill condo and things fall on your head. Let’s face it: Some of Beacon Hill older homes weren’t built with a lot of storage. If you have more than one child, or more than one hobby, you may find yourself wondering where to put all of that… stuff. Why sacrifice? Move up to a home that fits your needs. Our Boston condos real estate agent team is here to help you get your Beacon Hill condo sold and find the perfect match for you — for your safety!
There’s a Mt. Everest in your Beacon Hill penthouse condo. Those stairs used to be a snap — but lately you’d rather ask your grandkids to fetch items from the second (or third) story. Or maybe it’s your bathroom that feels like an unfairly cumbersome place to take care of daily tasks. There are plenty of newer Boston luxury homes and condos that are ADA-compliant and accessible for people of all abilities. You’ll be amazed at how much easier life can be in a home that lacks obstacle courses and mountains!