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Buying A Condo

Buying a Condo or Townhouse in Massachusetts

Buying a condo or townhouse as your primary home, investment property or vacation home may make perfect sense to meet your goals and needs. The diversity of the Massachusetts real estate market offers fabulous options for locations, including urban, lakefront, oceanfront, and slope-side condominiums. You’ll find a wide range of price options to suit a first-time home buyer or someone with a higher budget who wants the swanky lifestyle of the downtown Boston waterfront.

Whatever your life stage, if you are interested in buying a condominium in Massachusetts, you have many fabulous developers and options to investigate as you start the process.

How to buy a condo or townhouse is more involved than most home buyers think. For a first time home buyer or a family seeking to buy a condo for vacation property, the buyer may assume that the monetary investment compared to buying a home translates into a less complex real estate transaction. That is not true. When buying a condo, you are not only buying a property, you are buying into an association. The level of complexity and due diligence in evaluating and assessing the investment is more complex than buying a single-family home.

For that reason, MABA strongly encourages any home buyer considering buying a condo or townhouse in MA to fully consider the benefits of engaging a MABA buyer broker to help you navigate the complexities of the process of how to buy a condo.

Know What You Are Buying and Buying Into

Buying a CondoWhen buying a condo or townhouse, you are buying a defined property and you are buying into an association. In evaluating the condo, do not make any assumptions about what you own and what is common property. Be sure to get clearly defined floor plans and dimensions and have an agent and inspector whom you know and trust working with you. It is best to work with an agent who has proven expertise in evaluating and negotiating condo properties for other buyers.

Read more about how to buy a condo.

 
 
 

Latest from the Blog

  • Closed Home Sales Down in April After Record Inventory Lows and Rising Prices

    Median Sales Prices Have Seen Year-Over-Year Increases for 19 Straight Months

    WALTHAM, Mass. – May 23, 2017 – The Massachusetts Association of Realtors® (MAR) reported today that low inventory and rising prices caught up to the spring market, with single-family home sales decreasing over eight percent from this time last year. Both single-family and condominium prices saw a hike. Condominium sales decreased almost 10 percent from April 2016.

    April Closed Sales:

    Single-Family April 2017 April 2016 %Change
    Sales 3,735 4,082 -8.5%
    Median Price $362,500 $349,900 +3.6%
    • Closed sales have been down for four out of the last 12 months
    • Median prices have been up or flat for 16 out of the last 17 months
    Condominium April 2017 April 2016 %Change
    Sales 1,455 1,607 -9.5%
    Median Price $345,000 $329,950 +4.6%
    • Closed sales have been down for four out of the last 12 months
    • Median prices have been up or flat for 16 out of the last 17 months

    “With the current trend of plunging inventory and rising prices, the odds were strong that sales increases of the winter market would be unsustainable through the spring,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The demand is there; we just need more homes on the market to satisfy that demand.”

    Inventory and Days on Market:

    Single-Family April 2017 April 2016 %Change
    Inventory 13,234 19,392 -31.8%
    Months of Supply 2.7 4.0 -32.5%
    Days on Market 81 107 -24.3%
    New Listings 7,706 8,513 -9.5%
    • 62nd time in the last 63 months of year-over-year inventory decreases
    Condominium April 2017 April 2016 %Change
    Inventory 1,455 1,607 -9.5%
    Months of Supply 2.0 2.8 -28.6%
    Days on Market 60 78 -23.1%
    New Listings 2,640 2,971 -11.1%
    • Inventory down for 16 out of the last 17 months

    “Unfortunately, our existing level of inventory makes it hard for us to meet our current and future housing needs,” said Yorkis. “If we don’t do anything soon, it will have a negative impact on the entire Massachusetts economy.”

    If you are thinking of buying a home anywhere in the state of Massachusetts, it is in your best interest to work with a member of the Massachusetts Association of Buyer Agents. These men and women are dedicated to working exclusively on your behalf to ensure that you have the best possible home-buying experience. Find a MABA agent here.