Boston Condo Buyers: Yes, interest rates are higher. But you may be surprised to find that you can afford a place you love. There Downtown Boston condos for sale under $1M and even units for under $500,000. If you’re preapproved for a loan, take a shot at one that meets some or all of your criteria. You may be able to negotiate a deal that can work for everyone involved.
Boston Condo Sellers: I’ll say it again: Be patient. Unless you have a unit that checks all the boxes, there will be a narrower buyer pool and it will take longer for your home to sell. Make sure you’re priced competitively against the competition, too.
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A columnist reflected on history to help measure whether it’s a seller’s market, or a buyer’s market. I like it!
House-hunting’s transformation includes several market trends including people moving less often, consumers accessing detailed market info, near-instant cash buyers and tighter lending standards. Maybe the buyer/seller-market math should morph, too.
From 1990 through 2006, just before the bubble burst, California was a “buyer’s market” in 49 percent of all months and a “seller’s market” 17 percent of the time — using the traditional 6-month/3-month template and Realtor data.
Looking at the past 12 post-crash years — assuming you’d want to match that pattern — a buyer’s market would be 3.25 months-plus of supply and a seller’s market would be 2.25 months or less.
This evolving gap in homebuying supply is another reminder of today’s steep house-hunting challenges.
Link to the Full Article with data
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What will the Boston condo for sale market bring for buyers and sellers
If you tried to buying a Boston condo for sale during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove Boston…