Byline – John Ford Beacon Hill Condo Broker
Where and why are people moving?
Boston Real Estate
Where and why are people moving?
Are you considering selling your Boston condo this fall or winter? In today’s market it’s likely because something in your life has changed. You might be discouraged by the recent high mortgage rates, you don’t want that to overshadow why you thought about making a move in the first place.
Boston condo for sale mortgage rates are higher right now, and that has discouraged Boston condo sellers from putting their condo on the market. Due to this, they don’t want to move and have a higher mortgage rate on their next home.
But your lifestyle and your changing needs matter, too. As a recent article from Realtor.com says:
“No matter what interest rates and home prices do next, sometimes homeowners just have to move—due to a new job, new baby, divorce, death, or some other major life change.”
I have accumulated the most common reasons people choose to sell their downtown Boston condo. You may find any one of these resonates with you and may be reason enough to move, even today.
Job Relocation
One of the primary reason to place your Boston condo for sale would be changing jobs, needing to live closer to your job is almost a requirement for some employers.
For example, if you just landed your dream job in another state, you may be thinking about selling your current home and moving for work.
Needing more space
Many Beacon Hill and North End condo owners decide to sell to move into a larger home. Being blessed with a baby you’ll will need more room, or perhaps you need a home office or gym, or additional bedrooms to accommodate an elderly loved one.
For example, if you’re living in a condo and your household is growing, it may be time to find a home that better fits those needs.
Downsizing as you children move out
Homeowners may also decide to sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be that they’ve recently retired or their children have moved forward.
Change in Relationship Status
its not uncommon to move or sell your Boston condo for divorce, separation, or marriage are other common reasons individuals sell.
Health Issues
If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they place they’re Boston condo for sale to find one that works better for them.
For example, you may be looking to sell your Beacon Hill or Back Bay condo and use the proceeds to help pay for a unit in an assisted-living facility.
As a recent article from Bankrate says:
“Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . .”
Wealthy Americans are moving from high-tax states to low-tax states.
My thoughts and the Bottom Line
If you want to place your Boston condo for sale and find a home that better fits your needs, please contact John Ford at Ford Realty Inc today at 617-595-3712, thank you.
Updated: Boston condo for sale 2023
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The COVID-19 pandemic has been a mainstay for the better part of 2020, affecting nearly every aspect of daily life as we know it. Our housing choices are no different.
Record-breaking unemployment — with more than 11 million Americans still jobless — along with an exodus from major cities with dense populations, such as New York, and a desire for more living space are all factors motivating Americans to reevaluate priorities for their next home purchase or lease.
A new LendingTree survey finds that close to half of Americans have a move on their minds in the not-too-distant future. The results, based on the responses of more than 2,000 participants, offer some insights into what could motivate consumers to pack up and relocate.
Boston Real Estate Moving in 2023
As we look back over the past year, we’ve certainly lived through one of the most stressful periods in recent history. After spending so much more time at home throughout the health crisis, some are wondering if they should move to improve their mental health and well-being. This is no surprise since the U.S. Census Bureau reported an increase in the percentage of adults with symptoms of anxiety and depression in a recent Household Pulse Survey.
How Moving Can Help You Mentally
There’s the logic behind the idea that making a move could improve someone’s quality of life. When people change their scenery, they often feel happier. Catherine Hartley, an Assistant Professor at New York University’s Department of Psychology and co-author of a study on how new experiences impact happiness, mentioned:
“Our results suggest that people feel happier when they have more variety in their daily routines—when they go to novel places and have a wider array of experiences.”
If you’re looking for a new experience, planning a move into a new home may be something you’ve started to consider more carefully. If so, you’re not alone. The 2020 Annual National Movers Study by United Van Lines shows:
“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”
So, if you’re thinking of moving this year to help boost your happiness factor, here are a few questions to ask yourself as you make your decision.
Are you enjoying Boston’s Weather?
Is the weather something that’s important to you? Does it have a tendency to impact your mood? The World Population Review shares:
“What states have the best weather? When evaluating each state for temperature, rain, and sun, some states stand out. Although climate and weather preferences are personal and subjective, some criteria are considered to make up the best weather, according to Current Results:
- Comfortable temperatures from 63°F to 86°F for more than half of the year.
- Dry weather with no more than 60 inches of rain per year.
- Mostly clear skies with an average of sunshine for at least 60% of the year.”
“Better weather” can mean different things to different people – some prefer the heat, others cooler temperatures, and some want to experience all four seasons. Think about what makes you feel happiest if you’re looking for a new location.
Should I live in the City, Suburbs, or Country?
With the COVID-19 pandemic, some people are deciding to move to lower-density areas. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), mentions:
“The third quarter Home Building Geography Index (HBGI) reveals that a suburban shift for consumer home buying preferences in the wake of the COVID-19 pandemic is accelerating as telecommuting is providing consumers more flexibility to live further out within large metros or even to relocate to more affordable, smaller metro areas.”
Can you work from home? Are you open to a longer commute in the future? If so, a move to the suburbs or even a quieter rural area may be a win for you. Or, if you’ve always dreamed of life in the city, now may be your chance to move into town.
Boston Real Estate and the Bottom Line
As we look beyond the trials of the pandemic, many are hoping for a new beginning, and that may mean moving. Let’s connect today to talk about your new goals and options in today’s market.
