The Condo Search

Condo buyers and sellers in Boston will see that in todays current economy, the market is still working in the buyers favor. Properties are moving fairly slow which means buyers are eager to negotiate with home seekers. Simply put, put in some legwork, double up on the number of offers that you make and something will work out in your favor.

In todays economy, our currency is beginning to raise in value and rates are at an all time low. Homeowners are refinancing for as low as 3.8%. This makes it the perfect time for people sitting on cash to upgrade their home or invest in some property before the economy is restored. Also, we should mention that we don't expect future economic conditions to ever be the same as they have been, but we do live in a volatile real estate market where small economic changes have dramatic impacts on buyer and seller incentives. For example, recent news shares that the central bank has decided to stimulate the economy via increasing the money supply. This means more money, slightly more inflation, and in turn increase in property demand. This happens for two reasons.

First, property retains its investment utility regardless of whether the currency is increasing or decreasing in value (as opposed to gold). If the dollar strengthens and you own property, it goes up in value. If the dollar weakens then your property goes down in value, but at a rate that maintains the equity to loan ratio. In other words, your property is still valuable if the dollar is suffering.

Second, as people have more money they can afford (or at least *think* they can afford) more home per dollar. This means that they'll search for larger home with more space and perhaps a higher level of luxury. While not always the most prudent decision, this almost always raises home values since people want bigger/nicer/better.

How to Find an Apartment in Boston

Many new apartment seekers in Boston need advice on how to find a new place in the city of Boston and surrounding areas. There are a few things they should know to save time, money and headaches:

First and foremost, have the money to put down. A lot of renters will start looking for apartments without having enough money in the first place. This wastes tremendous amounts of time. While it's true that some property owners require only a partial deposit to take an apartment off the market, most require at least one month. Also, they usually require first months rent to ensure that you can actually afford the place. Play it safe and have 2 months rent available

Second, know the different areas of Boston. Before you decide to look, you should know which areas you're interested in, which areas you can afford and where you'll be spending most of your time (work, friends, family). Websites such as BostonApartmentsNow.com describe each town, area, college campus, and region of eastern Massachusetts. Newcomers often move thinking any area will be sufficient for their needs, but we can assure you that some places will be a better fit for you than others. 

Third, have good credit, income and have sufficient personal characteristics to make property owners want you. In other words, if you have awful credit, don't have a job, have never showered, and can't be professional at a meeting with the property manager, then get yourself in order. Property managers want to know their time and investment with you is worth it. Please note additionally, it is illegal for property managers and brokers to discriminate regarding race, gender, familial status, handicapped, etc. This is certainly not what we mean. We do not condone or support illegal discrimination and believe in equal housing opportunity.

Fourth, search online by searching "Boston Apartments" or use websites like Craigslist, BostonApartmentsNow, Rent and Move. These websites have different techniques to deliver apartment information from you. Never contact a Realtor before knowing your search parameters, because they will need this information. Know your price, area, move-in date, transportation situation (parking? subway?), number of bedrooms, terms, etc.

Finally, schedule 4-5 showings amongst at least 2 apartment rental agencies. Sticking with one company is a risky bet because they may show you higher priced properties just to make an extra few bucks at your expense. Rental agents get paid based on the monthly price of the apartment, so search for things on the lower end of your cost estimates before raising that price.