Boston condo buyers use this crisis to your benefit
1. Days on Market (DOM) Is a More Important Metric Than Ever Before
That being said, it’s still important to understand that the Boston real estate for sale market is still a Sellers Market. Although it looks like it will become a Boston condo Buyers market soon, if the crisis goes beyond 90 days, .
While an experienced Boston real estate broker can check the local market’s temperature simply by looking at its average Days on Market (DOM). As of todays date I/ve seen Boston Midtown high rise condos on the market for over a year. How long can this last, before we see major price drops?
The longer you’re seeing Boston condos for sale on the market, the more it will become a buyers market. For Boston condo sellers days-on-market can be a killer. The longer your downtowntown Boston condo stays on the market, the more unattractive it looks to buyers, which means extending the wait even longer.
2. Boston Real Estate Market Trends for Buyers
Despite what a lot of people assume, the Boston real estate market can be good for both buyers and sellers.
In fact, if it’s too lopsided for one or the other, many economists would warn it can’t possibly last and that both groups will end up worse off.
So, the good news is that it’s a great time to be a buyer, but you still need to understand what to expect from the current real estate market.
3. However, First-Time Buyers May Struggle with Costs
We’re already beginning to see that even before the cononavirus
Downtown Boston condo prices were on the rise throughout the Masssachusetts, but even where they remain stable, the downown Boston real estate that are on the market are toward the mid-to-high end in terms of price.
4. Mortgages Rates Are At Record Lows
Luckily for buyers, mortgage rates have been at a decline for a while, and they are expected to continue to drop.
With the recent panic over the coronavirus, the FED did an emergency rate cut which put rates at their lowest level in the last 50 year span. Currently, you can find 15-year loans at rates of 2.79% and 30-year loans around 3.29%. Mortgage applications are also up 10% from last year which gives a strong suggestion that the market will continue to shift in a positive manner.
Are You Ready to Buy a Boston Condo?
Time’s are ripe for Boston condo buyers, take advantage of this crisis
At Ford Realty Inc, we’d love to help you purchase the Beacon Hill condo for sale before the market shifts.
