"Overall, buyers are being more cautious and selective and are more willing to negotiate for concessions like closing cost credits. Properties that are priced correctly for current market conditions and in excellent condition are still selling quickly, while overpriced units tend to languish on the market. Boston condo buyers are holding back primarily the resulting affordability crisis, and a significant price expectation gap with sellers. Other factors include high condo fees and general economic uncertainty."
"High Mortgage Rates and Affordability: Elevated interest rates have significantly increased monthly payments, pricing out some would-be buyers and leading others to postpone purchases in the hopes that rates will drop. Price Expectation Gap (Buyer-Seller Standoff): Many sellers are reluctant to lower their prices, often because they are locked into low mortgage rates and are under no financial pressure to sell. Meanwhile, buyers, facing high rates, are holding out for price reductions, creating a "tug of war"."
Buyers are more cautious and selective and increasingly willing to negotiate concessions such as closing cost credits. Properties priced appropriately for current market conditions and in excellent condition sell quickly, while overpriced units remain on the market. Affordability pressures and a significant buyer-seller price expectation gap are primary factors restraining demand. High mortgage rates have raised monthly payments, pushing some buyers out and causing others to delay purchases. Limited inventory persists at mid-range price points despite growth in the luxury segment. High condo association fees and broader economic and policy uncertainty prompt some buyers to adopt a wait-and-see approach.
Read at Boston Condos For Sale Ford Realty
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