Tis The Season!
‘Tis the Season to buy your own condo or smaller single-family home in the city! For younger buyers or renters who don’t yet have significant stock portfolios or home equity to tap, December is a great time to purchase your home for 2024. Why? Simple supply and demand. Buy now, and get a great house for a fair price, without having to compete in the spring market with every other well-qualified buyer. Just signed a new lease? Not a problem, we'll find a great new renter and help you modify your lease. Concerned about mortgage rates? We have lenders who will offer you a lower rate for the first few years, and allow you to refinance if rates go down. So while other people are shopping for presents, you’ll be putting your new home under agreement, and moving in before spring!
Buy This, Not That:
Considerations for this December...
Considerations for this December...
BUY from a developer, who needs to sell the newly remodeled home now in order to move workers to the next buy and flip project.
BUY from someone who is downsizing, and has their new place under contract, and is motivated to sell their home in the next 30 days.
BUY a home that’s been on market more than 30 days, factor cost of renovation into offer price, and you’ll build equity while bringing the interior style up-to-date.
DON’T BUY a condo in a huge condo complex, with very high condo fees, as price future appreciation over time may be lower if condo fees are way higher than property taxes.
DON’T’ BUY a condo with a large special assessment for deferred maintenance on roof, windows, heating/cooling etc. as these projects tend to run over budget, leaving new buyers with higher-than-expected future costs.
Homes Of The Week
AVAILABLE!
7 Kingston Street, Somerville
List Price: $1,675,000
3 Bedroom | 3 Bathrooms | 2,899 SQFT
Garage | Garden
SOLD!
257 Commonwealth Ave, Unit 2
Sale Price: $1,275,000
2 Bedroom | 2 Bathrooms | 1,425 SQFT
Private Patio
Good News for December Buyers! LINK Boston Q3 Citywide reports Boston had fewer home sales, 811 vs 861 last year, down from 977 in 2019, in part because “golden handcuffs” means home sellers don’t want to give up existing low interest loans. Investors and cash buyers are prevailing, however, in the last 30 days, mortgage rates dropped from 8% to 7%. Days on Market (DOM) has remained balanced at 63 days. Citywide, 3Q sales had $930,000 median price, up 9% or $1038/sf, and ever popular South End neighborhood saw no change, with median price of $1,100,000 and $1152/sf on a similar number of homes sold at this time over the last 3 years.
Whatever your worries may be, we’ve seen it before and are uniquely qualified to help you navigate the market. Reach out to me via text, or to make your next offer more attractive to sellers, with a Purchase Pass Commitment, contact John HERE.
