"After submitting offers on houses in places like Dedham and West Roxbury, they were at a loss. 'Anytime we put in an offer, we'd have to go significantly over asking price, waive every contingency in the book, and we would still lose,' DeMilia said. 'It still never felt good. I was never excited about it, and I always had a pit in my stomach.'"
"'That same day we were like, 'Yeah, this is perfect,' DeMilia said. 'It's not that much larger than where we live, but it had central air, in-unit laundry, and two full bathrooms. I felt like the value for the price was there.' The couple put in an offer at asking price - $730,000 - nailed down a 6 percent interest rate, and had their offer accepted with no competition."
"'This property felt like the least number of concessions,' she said. 'It felt the most comfortable. It was in a neighborhood that we know and love. And I had to remember it doesn't need to be forever.' For home buyers set on purchasing a single-family home in a suburb of Boston, competition is to be expected. But tapping into the condo market could offer a path to homeownership with far less stress and heartbreak thanks to increased inventory."
Many buyers targeting single-family homes face intense competition, leading to repeated overbids, waived contingencies, and lost offers. One couple searched five years, felt unwelcome in bids, and paused home hunting before considering a nearby condominium. They found a condo with central air, in-unit laundry, and two full bathrooms, bid the $730,000 asking price, secured a 6 percent mortgage rate, and had their offer accepted with no competition. The condo appealed due to fewer concessions, neighborhood familiarity, and lower stress. Condominiums can offer increased inventory and a more attainable path to homeownership amid competitive suburban single-family markets.
Read at Boston.com
Unable to calculate read time
Collection
[
|
...
]