My Take on the Fall Season Boston Condo Market
In this Boston real estate blog post I’ll answer the most frequent questions I’m hearing from potential Boston condo buyers
Is the Boston condo for sale market good or bad for Boston condo buyers?
The Boston condo market is a mix of good and bad news.
What’s the good news for Boston condo fall buyers?
On the plus side, the number of Boston condos for sale on the market is slowly going up and some buyers are holding off. That means that it is possible to buy a downtown Boston condo without having to compete with multiple buyers. In fact, it is even possible to buy a Back Bay, Beacon Hill or high rise condo and pay slightly less than the asking price.
What’s the bad news for Boston condo buyers this fall season?
On the downside are the higher Boston condo mortgage interest rates. Rates are low historically speaking but are at around 6% which is significantly higher than they were last year at this time. Over the years I have worked with many home buyers who bought a house and then later refinanced when rates went down.
Historically, are Boston condo mortgage rates high?
If we look at interest rates over the past 20 years or so, they are currently low. There are no guarantees when it comes to interest rates. It would be nice if mortgages could be transferred from one property to another.
Should I continue to rent an apartment or buy a Boston condo this fall season?
Most people are better off in the long run if they buy a Boston condo for sale rather than rent a Boston apartment. Rents rise with Boston condo prices.