RedfinNow launches in Boston as local prices soar
RedfinNow, the iBuying platform of Redfin, was launched in Boston – and not a minute too early, as the New England subway housing market hits new highs.
The company has announced that it is currently having offers on single-family properties built after 1900 in parts of Middlesex, Norfolk and Plymouth counties.
Jason Aleem, vice president of RedfinNow, noted that home prices in Boston rose double digits in March, but the area can be tricky for sellers who must also buy.
“We hope this will make it easy for our clients to get a solid offer for their current home so they have the money to buy the next one, and the flexibility to line up their closures so they don’t need to. move only once, ”Aleem said.
Since the start of the year, Boston has been one of the most competitive subways for buying a home. Online loan market LendingTree ranked it 7th out of the 50 most competitive metropolitan areas in the United States based on specific financial criteria of buyers, in front of New York.
the median registration price of homes in Boston is currently $ 799,000, with median selling prices hovering around $ 718,000 per Zillow and Realtor.com.
It won’t be harder to close a house until 2021, said Tendayi Kapfidze, chief economist at LendingTree.
“Buyers should be wary of the pressure to buy a home due to the competitiveness of a market,” Kapfidze said. “Buyers’ remorse over buying a home is common and can affect emotional and financial well-being. Record low rates over the past year due to the COVID crisis have worsened the supply situation in interesting ways. Homeowners who refinanced now have rates that lock them in, because selling and buying another home would mean giving up their historically low rate. “
Redfin announced in March that RedfinNow would expand in the Baltimore – Washington, DC area, joining operations in Arizona, California, Colorado, Texas and Washington. Aleem noted that the expansion was significant, saying at the time that it had “become the norm” for homeowners to compare what they could get for the home with an instant sale, versus the price it was selling. would reach the free market in the current state.
The average down payment percentage at the 11 most competitive subways was 21%, according to data from LendingTree. In these 11 subways, 62% of buyers shopped for a mortgage before looking for a home. In the 50 largest metros in the country, that number was 64%.