There are few markets in the country as hot as the Boston condo market. Year over year, both median selling price and price per square foot have gone up. If you’re looking to buy into this fast-moving market, there are a few things to keep in mind to ensure success. The biggest recommendation is to make sure that you work with the best realtor out there. They will be able to take you through the process and always make sure that you are well-informed and making the best decisions possible. Here is a list of other less obvious tips that can still make quite the difference.
Don’t Put Off Your Search Until Spring
If you have been trying to get into a condo this year, and have not been able to break into the market, now is not the time to take a break. Less competition this time of year improves your odds of success. Rates are down and there are still great properties sitting on the market. Trust me, it pays to take a second look at some of these properties; you may even find a needle in the haystack! The secret to success this time of year is to be prepared to move on any new properties that hit the market. Talk to your agent and get your financing in line to give yourself the best chance. There are fewer properties coming on the market this time of year but one of them may be yours! It’ll pay to keep an eye out just in case.
Expand Your Search
Buyers I have worked with in the past have shown the greatest return on investment purchasing in up and coming neighborhoods. These areas of the city are the real deal and getting in on the early side is a way to further increase your return. As buyers get priced out of a particular area, the circle around it widens, thereby expanding the demand. Take Brighton for example. Many buyers are getting priced out of popular downtown neighborhoods and with all the new development in Brighton, it’s becoming the next big area for residential investment.
Consider New Construction
If you’re not in a rush to move, consider new construction. Statistically, people who purchase pre-construction, get the best deals. It’s not uncommon for developers to run pre-sales specials which can include discounted pricing, parking and finish upgrades, and more. One thing to keep in mind with new construction is these projects can be delayed, so you need to be flexible to account for that. However, new construction does come with the added benefit of a punch list and warranty. You’ll be able to walk through the unit with the developer before you close to discuss any changes you’d like made. Additionally, you have a one year warranty in the event any of your systems or fixtures require replacement. If you’re new to homeownership, new construction is an excellent choice!
Entering into the Boston condo market can seem incredibly daunting but with these tips, you can make a seamless transition and find a condo that’s perfect for you.