RedfinNow, the iBuying platform of Redfin, has been launched in Boston, and not a minute too soon, as the New England subway real estate market reaches new heights.
The company announced that it is currently bidding on single-family properties built after 1900 in parts of Middlesex, Norfolk and Plymouth counties.
Jason Aleem, vice president of RedfinNow, noted that Boston home prices rose by double digits in March, but the area can be tough for sellers who also need to buy.
“We hope this makes it easier for our clients to get a solid deal on their current home so they have the money to buy the next one and the flexibility to align their closings so they only need to move once,” Aleem said.
Since the beginning of the year, Boston has been one of the most competitive metropolitan areas to buy a home. Online loan market LoanTree ranked it number 7 among the 50 most competitive metropolitan areas in the United States. specific financial criteria of home buyers, ahead of New York.
The average listing price of homes in Boston is currently $ 799,000, with median sales prices hovering around $ 718,000 per Zillow Y Realtor.com.
It will only be harder to close a home in 2021, said Tendayi Kapfidze, chief economist at LendingTree.
“Buyers should be careful not to feel pressured into buying a home because of how competitive the market is,” Kapfidze said. “Buyers regret buying a home and it can affect emotional and financial well-being. Record low rates over the past year due to the COVID crisis have worsened the supply landscape in an interesting way. Homeowners who refinance now have rates that lock them in, as selling and buying another home would mean giving up their historic low rate. “
Redfin announced in March that RedfinNow would expand to the Baltimore – Washington, DC area, joining its footholds in Arizona, California, Colorado, Texas and Washington. Aleem noted that expansion was important, and said that at that time “it has become the norm” for homeowners to compare what they could get for the house with an instant sale, versus the price they would get on the open market in the condition. current.
The average down payment percentage in the 11 most competitive metropolitan areas was 21%, according to LendingTree data. In those 11 metropolitan areas, 62% of buyers looked for a mortgage before looking for a home. In the 50 largest metropolitan areas in the country, that number was 64%.