As we enter into a new year, Nick chats about some exciting new projects around Boston. He also gives tips for buyers and renters looking to make a move in the new year.
What are some new developments that you are excited about this year?
I'm excited to see the St. Regis Residences in the Seaport be completed. Their services and finishes are extraordinary and will set a new bar for Boston luxury real estate. Our agents have pre-construction access for anyone interested in potentially purchasing a condo in this project.
Another new luxury development slated for completion in 2022 is The Parker. Just steps from the Boston Common, this development has some of the best deals in new construction anywhere in the city. I also think there is potential for appreciation as the area around it continues to be developed and upgraded. I highly encourage you to check it out if you want to live in one of the most central locations in Boston!
What can buyers expect in 2022?
One thing that we know is coming in 2022 is an increase in rates. As you can see in the graphic below, rates are predicted to rise to somewhere between 3.4%-4.0%.
As rates increase, a buyer's purchasing power decreases. This effect this could have on the market potentially reduces buyer demand as some buyers get priced out of the market.
While this might reduce the number of bidding wars we see in 2022, the cost of waiting could increase your monthly payment significantly vs. buying now.
And what tips do you have for renters looking to make a move?
The rental market in the city has picked up quite a bit over the past year as people returned to the city so if you are looking for discounts or landlord concessions like we saw in 2020, you might be out of luck. Fortunately, our agents have access to many listings that are otherwise unavailable to the public, so I'd recommend reaching out if you are having trouble finding the perfect place!