Sean Persson, Director of Residential Brokerage at Senné, weighed in on the expected influx of luxury condominium units in Boston in an article for Banker & Tradesman.
Condominium sales volume in Boston’s urban core plummeted in the second half of 2022 as rising mortgage rates took a bigger bite out of buyers’ purchasing power.
Part of the reason, brokers say, is the prevalence of cash transactions at the high end of the market. At the same time, interest rates on fixed-rate 30-year mortgages topping 6 percent have weeded out some of the lower-tier buyers, said Sean Persson, Director of Residential Brokerage at Senné in Boston.
“The buyer pool has decreased in the past six months,” Persson said. “We’re not seeing a ton of the first-time homeowners, and the price points that we’re seeing that have the most activity are a little higher than anticipated.”
Read more on Bankerandtradesman.com
Published: February 15, 2023
Don't have a Senné account? Sign up
Already have a Senné account? Log in