2018: Selling Boton luxuxry condos after the holidays

Boston luxury condos for sale

The holiday season is behind us, time to focus on the Boston luxury condo market of 2018.  If you are planning on becoming a Boston condo owner or moving up to the Boston luxury condo of your dreams, here are four great reasons to consider buying a Boston condo now instead of waiting until spring.

1. Boston Condo Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects appreciation in home values over the next five years to be between 15.1% (most pessimistic) and 32.8% (most optimistic).

The bottom in Boston condo prices has come and is long gone.  Most Boston Realtors believe values will continue to appreciate for years. Waiting no longer makes sense. 

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have just recently risen slighly, most experts predict that they will begin to continue rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that mortgage interest rates will be up almost a full percentage point by the end of 2019.

An increase in rates will impact your monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your nex Boston condo.

3. Either Way You are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”