Lynn Condos

This town in eastern Massachusetts is a vibrant metropolis with a population of nearly 93,000. It is one of the largest municipalities in the state, and it is the biggest town in Essex County. The town lies less than 10 miles north of Boston, which makes it a favorite place to live for people who work or go to school in the city. The town's major transportation corridors are Route 1, I-95, and Route 128. There is also an MBTA commuter rail that runs through the city with regular service into Boston. The Boston Logan International Airport is five minutes away, and a commuter ferry runs from the town harbor to the Central Wharf in Boston.

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As of early 2018, condominiums in Lynn sell for an average price of $266,500. The housing market has a considerable amount of activity, with new listings going on the market virtually every day, and new sales closing at an equally fast pace. Between 2018 and 2019, home values are expected to rise by about 3.2%. Condominiums of all sizes and prices are staying on the market for about one to two months before selling. The median size for properties is just over 1,050 SF in 2018. In 2017, the median size of all homes for sale was 1,279 SF. The median price (by SF) of homes on the market in 2018 is $252, which exceeds the average median price of $223 per SF in 2017.

In this town, it is possible to find a unit in various sizes and prices. Units on the market have anywhere from one to three bedrooms and anywhere from one to three bathrooms, which may include any combination of full and half baths. Prices of condominiums with one bedroom were slightly lower in the third quarter of 2017 than they were for two-bedroom and three-bedroom homes during the same time period. The cost of two-bedroom places was over 19% higher in the third quarter of 2017 than it was in the previous year. The price of three-bedroom homes increased by 12.4% over the third quarter of 2017 compared to the third quarter of 2016. At that time, the cost of a three-bedroom unit, on average, was $335,000. While the prices of existing townhouses have steadily climbed over the past few years, the cost of land has fluctuated. The price per lot in town was just over $10 in 2018 and around $15 in the last half of 2017. As of April 2018, the percentage of distressed homes on the market was approximately 3%. The number of distressed homes available peaked in February, 2018, when the rate was slightly more than 7.5%. The lowest number of distressed homes is in December, 2017, which had a zero percent distressed rate.

As with any type of property, foreclosure rates affect the sale and price of properties on the market. Sometimes, a home that is being foreclosed on can be a good deal for a prospective buyer to consider. There is not necessarily anything wrong with a house that's foreclosed on; instead, it just means that the current homeowner can't keep up with monthly mortgage payments, which means that the financing institution (usually a bank) can, or is in the process of, gaining ownership of the house.

Buying a condominium in contrast to owning a home is advantageous for several reasons. One of the biggest advantages of these places is that they are easier to maintain than homes, and they're generally less expensive. When buying a place, keep in mind that there are many components to consider. From narrowing down your preferred housing size to selecting a qualified local agent to help make a good purchase, be sure to contact us for assistance in getting a good home. Buying a home is a long and involved process, but having a knowledgeable staff available to help out makes a big difference. You'll go through several routine steps when evaluating a place to get, including getting pre-approved for a mortgage, deciding on a location in town where you'd like to live, and settling on a realistic budget so that you know how much you can comfortably spend on a home. Another advantage, for both owners and investors, is that home construction has been rising since the 2000s. This is true nationwide and in the Greater Boston area, which is also seeing a rise in property availability as older buildings are being restored and reused for residential housing purposes.

Selling a property in and around Boston is also easy. Just contact our staff for advise, and a knowledgeable team will help you market your place and attract the right buyers. From posting an eye-catching listing to closing a deal, our team is well-versed in the nuances necessary to close a sale, and we're ready to help you out. We will give you tips for selling your place, including determining a fair price, taking good photographs, advertising with the right advertisement and in the right places, and reviewing all offers carefully to evaluate the closing date, contingencies, and other critical factors that need to be addressed before a sale can go through.

Whether you're buying or selling, contact us for your housing needs today!

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