Boston Condos for Sale and Apartments for Rent
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Boston Condo Buyers in 2022
My thoughts for Boston condo buyers in 2002 was we’d have more real estate sales this year because I expected a surge of delayed Boston condo sellers who would finally come to market in order to cash in on the record pricing.
Boston condo sales listings in 2022 aren’t going as I planned
But Boston Condos for sales listings are not coming on as fast as I thought, at least not yet.
The number of MLS listings for the first two months of the year is appear to be below last year! It means home buyers are going to have a fewer chances of finding their perfect home for sale
Here’s what home buyers will have to endure in 2022 to succeed:
Long Waits for new Boston condo listings – Days and weeks will go by without any quality new listings to review. It will make it difficult for you to keep your enthusiasm up
Coming Soon Boston Condo Listings – Listing agents will tease you by advertising a home for sale, but you can’t see it yet. It’s not always clear when you can see it, and you better not miss the date because…..
Quick Boston Condo Sale Exposure – Once the listing agent is willing to show their Boston condo for sale listing, they will be overcome with the demand, and will likely hit the panic button.
Many will insist that you show them a bank statement and pre-approval letter just to see the Back Bay or Beacon Hill condo for sale! If you get an appointment, it will be limited to a 15-minute period that is convenient for the listing agent AND be subject to cancellation prematurely because they already took an offer before your scheduled time. Hopefully, you don’t have a job or other responsibilities that limit your scheduling. You will get the feeling it is best to quit your job so you can devote your entire life to home-buying.
No Transparency – If you want to buy it, then just make an offer and you will hear back in a few days.
Boston condos selling above asking price – Not only will you have to pay well over the list price to win, but there won’t be any recent sales to justify any of it. The logic and common sense you usually employ will be your enemy here.
Waiving the Boston Condo Appraisal – What was once an insider trick to improve an offer has turned into a standard on every deal. If you refuse, the listing agents will think you aren’t a serious buyer, and move on.
Shorten the Condo Contingency Periods – You will have 7-10 days to sign off all contingencies. You will need to have a great home inspector on speed dial and who can schedule quickly.
No Repairs on Boston condos for sale – Most buyers are submitting a blank repair-request form with their initial offer.
In spite of all those hurdles, there will still be stiff competition for the qualified Boston condo buyers. Once the listing agent has collected enough offers that fit the criteria above, they will then huddle with the sellers in the back room and decide on a winner. This is where having a great agent with a good reputation in the community will pay off. Discount agents, out-of-town agents, buyers who are agents, and agents who don’t look good or don’t smell right are ignored and/or sent to the back of the line.
If you can endure that much and successfully get into , your Purchase & Sale will be treated with disdain and disrespect that makes you will feel like a suspect, not a valued buyer. The contempt that listing agents have for their prey is palpable – they don’t trust that their initial mistreatment of you will be enough of a lesson, and they will keep it coming because they think that’s their job.
And get this – you will probably lose a few bidding wars before you get up to the desperation level of the other buyers. Oh, you’re not desperate? Then this market probably isn’t for you.
Boston condos for sale and the bottom line
Give it a try and you might get lucky. But if you want a quality home in a good area, then don’t be surprised if the desperation among the competing Boston condo buyers is higher than you could ever imagine.
Boston Real Estate for Sale
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COVID-19 has slowed the Boston real estate market down, but things can still move quickly when it comes to making an offer on a Boston condo for sale. That’s why it’s critical that you and your agent review all the property details before you sign that contract.
The key to making a confident and successful downtown Boston condo purchase lies in being prepared and knowledgeable.
Here are five tips for being successful in the residential real estate game:
1. Read the disclosure package—Before buying a condo
The disclosure package is a mix of seller information specific to the property, as well as various reports (permit history, neighborhood/regional hazard info, preliminary title report, inspection reports, etc). When I obtain disclosures for my clients, I review them in detail and point out the highlights in advance of forwarding the material. But don’t rely on your agent to point things out. Every buyers’ background is different, and for every person who doesn’t care if the garage was broken into three years ago or that there’s asbestos in the heating duct, there’s someone who may freak out about that sort of detail.
2. Be completely preapproved for a Boston condo loan.
Loan complications easily end up being the reason a contract falls apart. From the time you go into contract, you have three days to submit your loan application. That means all your required documentation needs to be on file so there are no delays. To be on the safe side, get preapproved by your lender’s underwriting team before you go in a contract. It’s likely you’ll need a preapproval letter to schedule a showing these days, so put your best foot forward early on.
3. Run the Boston condominium profile past your lender.
It’s important for you or your agent to discuss the property with the lender and make sure there are no potential issues to which the lender will object. Of course, you can’t anticipate everything, but if a lender has a policy that prevents it from lending on a house with an unwarranted unit or a brick foundation, for example, it’s helpful to know that prior to going into contract.
4. Visit the Boston downtown condo more than once.
The earlier you see a property in its marketing cycle, the more time you’ll have to make a return visit and consider all your options. Because during that secondary visit, you could realize that there’s actually no heating system in that unwarranted master bedroom downstairs, for example. Or that the kitchen isn’t as functional as you originally thought, suddenly making you feel like you’ll have to spend $50,000 to set it right.
5. Be comfortable with the price you’re paying for the condo.
Overbidding in multiple-offer situations has been the norm for a while now. However, a majority of these situations arise because the list price is set lower than the comp range to attract interest. Make sure you review comparative sales with your agent and feel that you’re paying a price that’s within range. When you finally do move into your new home, you can relax knowing that you were cool with the price you paid.
