Boston Luxury Condo PricesFebruary 4, 2017
Month after month, Boston luxury real estate buyers hope that the condo prices will go down. And buyers waiting for a price drop or softening of the market will likely have to keep waiting.
As a Boston luxury real estate professional, I have never seen such a long haul of limited and tight inventory in the housing industry marketplace. The inventory of Boston luxury condos has typically been larger in the Spring and Fall, but this has not been the case in the last couple of years. It is reasonable that with a shortage of inventory, the prices will continue to climb. Of course, there’s no guarantee that various elements in the global world economy we are living in, won’t affect the prices (an external factor unrelated to the housing inventory). However, currently the shortage of Boston luxury real estate is the major culprit in rising home prices.
Let’s not rely too much on housing forecasts, for they have not always been accurate in most instances or markets. If you are a buyer, look for present indicators and base your decision on the present market, don’t hold out for future potential. You may end up paying a lot more. Comparing home prices throughout the last decade will support that you’re better off buying TODAY.
Yes, you may have to sacrifice and compromise in price, size, location and neighborhood. But, you will be pleasantly surprised to know that you can adapt and be happy once you look out of the box. Be smart about buying a Boston home. Look and think of real estate in more realistic and rational terms. Seek the guidance of a highly experienced real estate professional, and you may end up buying a home that you hadn’t even dreamed of before. Contact me anytime to find out what’s available now.