The housing inventory across the country is at a historical low. Here in the Greater Boston area, demand has reached a fever pitch as home values rise and buyers compete actively for the available homes on the market. With Boston condos and townhomes, it is often unrealistic for first-time and even returning buyers to seek a home from a local seller. Historic and recent neighborhoods alike see high demand for home buyers. Here is our insight into why buyers turn to new construction homes.
Looking back, we find that decades of housing construction have not truly kept up with population growth. Leading us to a critical housing shortage at this moment in the market. Fortunately, the solution is both simple and luxurious. Today's home buyers may have a far easier and more rewarding experience buying new construction homes instead of seeking an older home to buy from a current homeowner seller.
Bidding Wars in Boston
Bidding wars in high-demand neighborhoods can quickly get out of hand. Competitive buyers sometimes offer bids far above the home's asking price. Buyers will push their bids to the limit of what a bank will accept. Many thousands of dollars above the assayed value, at times. Buyers who are not prepared to pay half-again the home's value often find themselves without recourse even for previously understated neighborhoods. Finding a condo can be practically impossible. With so many other buyers bringing up both asking prices and quickly stacking offers higher on every market seller.
Buyers competing with each other. They are also seeking to win over the limited number of sellers. Personal letters, admirable background checks, and glowing letters from previous landlords play a part in a winning bid. For buyers who aren't prepared to connect with sellers, this can be an unreasonable demand to buy a home near your work and family.
Do you find yourself applying to homes just because they're available? Even if they don't fit your criteria, it's time to change plans. Even in the current housing market, there are numerous options for buyers ready to go beyond the typical house-hunt and real estate agent experience.
Fewer and Older Existing Homes on the Market
Another growing problem in the market is that homes are aging. Many of the homes on the market today were built in previous eras and naturally have growing maintenance concerns. Buyers should be prepared for the challenges of an older house. Challenges like roof maintenance, siding replacement, old drains, and previous-era electrical wiring. Homes may be ready to move in. However, older homes typically require more frequent and complete maintenance - or investments in rebuild projects to renew the materials.
For some buyers, this is the dream. For the home flipping industry, it's a thriving market. At the same time, many home buyers are looking for a starter or no-hassle homeowner experience. And the many older homes in the Greater Boston housing market today are less than ideal.
New Constructions Access and Availability
New construction homes are a completely different ball game. Most homebuyers don't realize that the bidding process with local sellers is unnecessary if you choose to buy an all-new property instead. Buying a new construction, you can reserve a home that is about to be built. You can purchase a recently constructed home as its very first owner. New construction homes are far more accessible than homes on the Boston real estate market today because they are not going through the usual seller routine. Instead, new construction buildings are usually being sold by the developers themselves immediately after building each beautiful home.
Buyers facing bidding wars for existing homes will find a surprisingly streamlined experience when touring and purchasing one of the many new construction homes being built today.
New Homes Have All the Modern Conveniences
Of course, access isn't the only reason to buy new construction in Boston. There are other benefits to brand new condos: the convenience of modern home design. Homes built today will be more energy-efficient, open-plan, and easy to maintain. The appliances will all be brand new and your walls and cabinets will be made of sustainable and beautiful materials.
New construction homes are a dream to live in. They are cozier, more efficient, and need less maintenance than homes built in previous eras. From modern engineered building materials to the latest in whisper-quiet home appliances, you can't deny the resort-like luxury of a truly modern designed home. In condo buildings and new home communities, you can also expect other builder-planned luxuries. Some of these are fitness centers, rooftop lounges, EV charging, and clubhouse rooms.
New Construction Homes in Boston Available Today
Check out new construction condos available in growing neighborhoods like East Boston and Brighton. These vibrant areas are expanding as the pressure in the center increases. Enjoy the convenience and beauty of a new home in Boston without the press or the old building worries.
Mira Condos - Complete 2022
Looking for a gorgeous condo in East Boston? The Mira will be completed in the Spring of 2022. It will feature 64 one-, two-, and three-bedroom condominiums available for reserve at this moment. Mira condos feature stunning interior designs in open-plan homes. Overlooking the beautiful Boston waterfront with luxury lifestyle amenities like a beautiful rooftop lounge and a state-of-the-art fitness center. The Mira building is an ideal location to reserve a new construction condo purchase.
50 Leo Condos - Complete 2022
Boston isn't all urban sites. If outdoor living and modern luxury sound ideal to you, then the 50 Leo may be your perfect new construction home opportunity. It is due to be completed for occupancy in the Spring of 2022. These condos are available to reserve one-, two-, or three-bedroom units with an incredible set of amenities. Start with a pet spa, luxury fitness center, and even a wifi bar and workshare lounge in addition to a breathtaking rooftop lounge and barbecue area showing amazing views of the city and Charles River.
Stadia 50 - Available Now
The Stadia 50 condos have the unique quality of being available now, having completed just this year. Not all of these beautiful residential units are yet claimed. This will give you the opportunity to enjoy a stylishly cutting-edge new construction condo for your first (or next) home purchase. Each condo has a charmingly modern design to provide every comfort in deceptively tidy spaces. The Studia 50 also features a beautiful selection of Studio condos in addition to one-bedroom and two-bedroom designs - but every condo has a balcony deck. Complete with smart thermostats, a pet spa, fitness center, the Stadia is the ideal purchase for a buyer ready to embrace a busy life in the upcoming neighborhood of Boston Landing.
The Pacer - Available Now
Another great building with condos available today, the Pacer is located in East Boston. True to its name, this pet-friendly building features a dog run and pet spa to go along with the human fitness center and plenty of green open spaces. With a beautiful resident lounge and roof terrace, residents will live in luxury. The best features are the spacious one to four-bedroom floorplans with breathtaking Eastie views.
Looking for a home in today's Greater Boston real estate market? Contact us today to book an appointment. Tour and reserve a place in the new construction condos to give yourself the gift of an easy modern lifestyle and, of course, the gift of an easy home purchase in the pressed Boston area.
