Buying property in Boston with a dedicated expert

Boston's neighborhoods vary significantly in character, buyer profile, and purchase price. The following overview is based on condo market data for 2024–2025 (source: Boston Condo Market Report 2024–2025):

• Beacon Hill: One of Boston's most historic and prestigious neighborhoods, characterized by Federal-style rowhouses and gas-lit streets. Median condo sale price: $1,210,000 USD | $1,263 USD/sqft | avg. 38 days on market. Attracts professionals, established families, and buyers seeking architectural heritage.
• Seaport District: Boston's most dynamic waterfront neighborhood, dominated by new luxury construction and tech company offices. Median condo sale price: $1,799,500 USD | $1,771 USD/sqft | avg. 68 days on market. Appeals to young professionals and investors seeking modern amenities.
• Midtown / Downtown: The city's highest-priced submarket for condos. Median sale price: $2,387,500 USD | $1,683 USD/sqft | avg. 88.5 days on market. Longer marketing times reflect the ultra-luxury segment.
• South End: A vibrant, architecturally rich neighborhood known for Victorian brownstones, galleries, and restaurants. Median condo sale price: $1,070,000 USD | $1,112 USD/sqft | avg. 33 days on market. Popular with creative professionals and LGBTQ+ buyers.
• Waterfront: Median condo sale price: $1,077,000 USD | $987 USD/sqft | avg. 62.5 days on market.
• East Boston: An emerging, transit-accessible neighborhood with strong value-growth potential. Median condo sale price: $664,000 USD | $651 USD/sqft | avg. 42 days on market. Attracts first-time buyers and investors.
• Jamaica Plain: A diverse, green neighborhood with strong community character. Median condo sale price: $708,500 USD | $650 USD/sqft | avg. 29 days on market.
• Dorchester: Boston's largest neighborhood, offering the most affordable entry points. Median condo sale price: approximately $520,000 USD | $528 USD/sqft. Increasingly attractive to value-oriented buyers and investors.

The citywide median price per square foot across all property types is approximately $675 USD (source: The Luxury Playbook, 2025).

1. Define your budget and obtain mortgage pre-approval: Before searching, secure a pre-approval letter from a lender. This establishes your purchasing power and is required to make a credible offer in Boston's competitive market.
2. Engage a buyer's agent: Since August 2024, buyers must sign a written buyer-broker agreement before touring homes. Choose an agent with local expertise in your target neighborhoods.
3. Property search and viewings: Identify properties through MLS listings, open houses, and your agent's network. Boston's market moves quickly — desirable properties often receive offers within days of listing.
4. Submit an Offer to Purchase: Your agent prepares a written offer using the GBREB standard form, specifying price, contingencies (financing, inspection), and closing date. An earnest money deposit (typically 1% of the purchase price) accompanies the offer.
5. Offer negotiation and acceptance: The seller may accept, reject, or counter. In competitive situations, multiple offers and escalation clauses are common. Once accepted, the offer is a binding preliminary contract.
6. Home inspection: Conducted within the timeframe specified in the offer (typically 7–10 days). Under Massachusetts law (effective October 2025), sellers cannot condition acceptance on buyers waiving inspection rights for 1–4 unit homes and condos.
7. Attorney review and Purchase and Sale Agreement (P&S): The seller's attorney drafts the P&S; both parties' attorneys negotiate terms over 24–48 hours. The buyer signs the P&S and pays a larger deposit (typically 5% of the purchase price, with the initial 1% credited).
8. Mortgage application and appraisal: The buyer formally applies for the mortgage. The lender orders an independent appraisal to confirm the property's value supports the loan amount.
9. Title search and title insurance: The buyer's attorney conducts a title search to confirm clear ownership and identify any liens or encumbrances. Title insurance is issued to protect both the lender and the buyer.
10. Final walk-through: Typically conducted 24 hours before closing to confirm the property's condition matches the agreed terms.
11. Closing: All parties (or their attorneys) meet to sign final documents, transfer funds, and record the deed with the Registry of Deeds. The buyer receives the keys upon completion.

Foreign nationals and non-U.S. residents can legally purchase property in Boston without restriction. However, financing options differ significantly from those available to U.S. citizens and permanent residents.

Foreign national mortgage loans: Specialist lenders offer dedicated foreign national loan programs. Key requirements typically include:

• A valid visa or visa waiver document
• A minimum down payment of 20% to 30% of the purchase price
• Proof of income via foreign bank statements or employer verification
• Reserves sufficient to cover several months of mortgage payments
• Loan amounts of up to $5,000,000 USD are available through certain programs (source: Griffin Funding, 2024)

No U.S. credit history required: Some lenders, particularly private and hard money lenders active in the Boston market, do not require a U.S. credit history, U.S. bank accounts, or U.S.-sourced income documentation. Loan eligibility may instead be based on the purchase price and the property's value (source: West Forest Capital, 2024).

ITIN loans: Buyers without a Social Security Number can apply using an Individual Taxpayer Identification Number (ITIN). Several lenders offer ITIN mortgage programs in Massachusetts.

Cash purchases: Many international buyers purchase Boston property in cash, which simplifies the transaction and strengthens the offer in competitive bidding situations. Proof of funds must be documented and sourced.

FIRPTA considerations: Non-resident foreign buyers are subject to the Foreign Investment in Real Property Tax Act (FIRPTA), which requires the buyer to withhold a portion of the sale proceeds upon any future resale. Buyers should engage a tax attorney familiar with FIRPTA and non-resident tax obligations before completing the purchase (source: International Real Estate Investment Boston, 2024).

Recommended approach: Foreign buyers are strongly advised to work with a local real estate attorney, a specialist mortgage broker, and a tax advisor experienced in cross-border transactions from the earliest stage of the purchase process.

The following fees and professional services are typically involved in a Boston property purchase transaction:

• Buyer's agent commission: Since August 17, 2024 (NAR settlement), buyer agent fees are fully negotiable and must be set out in a written buyer-broker agreement signed before any property viewings. The commission is no longer automatically paid by the seller through the listing. Rates vary and are agreed directly between the buyer and their agent.
• Seller's agent commission: Sellers typically pay their listing broker's commission, which has generally moved toward approximately 3% of the sale price following the NAR settlement (source: Massachusetts real estate attorneys, 2024). This is separate from any buyer agent fee.
• Real estate attorney (buyer): Massachusetts law requires attorney involvement at closing. Buyer attorney fees typically range from $1,000 USD to $2,500 USD, covering P&S review and negotiation, title examination, and closing representation.
• Home inspection: A standard residential inspection costs approximately $400 USD to $800 USD. Specialist inspections (radon, pest, sewer scope) are additional.
• Lender fees: Origination fees, appraisal fees, and underwriting charges vary by lender and loan product. These are itemized on the Loan Estimate provided within 3 business days of mortgage application.
• Title insurance: A lender's title policy is required for financed purchases. An owner's title policy is optional but recommended. On a $1,000,000 USD purchase, combined title insurance costs approximately $3,650 USD to $4,000 USD (source: Gibson Sotheby's, 2024).
• Recording fees: Charged by the Registry of Deeds for recording the deed and mortgage; typically a few hundred USD.
• Total buyer-side closing costs: Generally estimated at 2% to 3% of the purchase price, excluding the down payment (source: ConsumerAffairs, 2024).