First-time Boston condo homebuyers have a long list of priorities, many inspired by the extra time they spent at home during the pandemic. They’re excited about the prospect of homeownership, particularly in Boston and its surrounding suburbs, where the right piece of real estate can land buyers in close proximity to sprawling urban parks, historic neighborhoods, and centralized shopping and dining. But they also feel anxious and unprepared for Boston’s competitive market. According to the Massachusetts Association of REALTORS (MAR) January 2022 housing report, new listings for single-family homes are down 14.8%, and condominium listings fell 23.1%, in comparison to 2021, further straining the already limited housing inventory. And as seasonality returns, closed sales for January 2022 fell by 9.9% for single-family homes and 7.8% for condominiums.
Despite the challenges, interest rates are hovering near historic lows and it’s still a good time to invest in a home. So, how do we help buyers when inventory is low? When realtors and lenders work together homebuyers are more successful in finding and financing a home that meets their criteria.
To understand how homebuyers are approaching the market in 2022, TD Bank’s First-Time Homebuyer Pulse surveyed 1,000+ Americans who intend to purchase their first home this year.
The survey found that in a significant shift, proximity to work is no longer driving the decision about where to live, with just 31% saying “close to office/work” is a top priority, down from 37% percent in 2021. As many employers have shifted to remote or hybrid schedules, realtors can help buyers explore areas they may not have considered in the past.
After years of using their living space as offices, classrooms and entertainment centers, it’s understandable that 69% of homebuyers say the desire for more space is a motivator, up from 57% the prior year. Nearly half are looking for space for a home office and 37% would like…