Boston Real Estate for Sale

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Factors That Go Into Pricing a Boston Condominium

Pricing your home to sell quickly—even in today’s hot real estate market—is all about balance. You want to price low enough to attract potential buyers, but high enough to profit from your equity. And while it may be tempting to use automatic estimators, it’s best to leave the number-crunching to your agent.

Need help determining the perfect price? Here are a few factors your agent will take into consideration when valuing your home.

Your home’s size and condition

This may seem like a given, but a home’s size, condition, and features play a huge role in how much it’s worth. Before you list, your agent will perform a walkthrough of your home to thoroughly evaluate its sale ability. If your space is move-in ready and well-maintained, you’ll have more luck setting a higher asking price.

Many Boston condo sellers are under the impression that big-ticket upgrades will drastically increase their home’s value, but this isn’t always the case. Before you make a significant change, ask your agent for their professional opinion. Believe it or not, smaller touches (like updating hardware or repainting) can have a better return on investment than a full-scale renovation.

Boston Condo Location

Real estate is all about location, and there are a few general factors that tend to boost property values. Typically, agents will price a home based on local schools, nearby employment opportunities, and proximity to amenities. Houses in more desirable neighborhoods or communities also tend to command a higher list price.

Above all, most buyers are looking for homes that offer the perfect blend of privacy and convenience. Being close to (but not right next to!) highways or public transportation is another huge plus.

Other recently sold homes

One of the best indicators of your home’s value is the sale price of other listings in your neighborhood. Your real estate agent should conduct a comparative market analysis—abbreviated as CMA—to see how your home stacks up against the competition. By looking at recently sold homes that are similar to yours, they can calculate a fair and accurate price.

After your agent has assessed your home, they’ll likely send you a CMA report that contains their projected price, along with data from other comparable homes. A great agent will also be available to answer any questions, too!

Current real estate market trends

Even if your home is in perfect condition, in the best location, and boasts quite a few upgrades, the current state of the market can have a huge impact on its overall value. And in today’s seller-driven market, homes are now worth more than ever before.

Just last year, home prices surged by 15%. To put those numbers into perspective, that’s a $45,000 increase for a $300,000 home. If you want to take advantage of these unbelievable conditions, now is the time to list—and we’d love to help!

Get your updated home value

Whether you’re just curious or are ready to sell, you can trust our team to calculate your home’s true market value. Request a free home valuation today, or reach out to us to learn more about 2021’s hot real estate market. There’s never been a better time to list!

Being in the Boston condo market both as an agent and an  real estate investor for over 25 years, I’m still baffled by both sellers and real estate agents put on the importance of print advertising. In the 80’s and early 90’s,  print advertising for a Boston condo was important to attract a potential Boston condo buyers, because there was no other way for an individual real estate office to market to the world that your condo was on the market.

But times have changed.  With the development of the Multiple Listing Systems (MLS), as soon as a listing is taken the entire agent population of that area or region is informed.  Any respectful Boston real estate agent and buyer is put on notice that a new Boston condo is for sale. In many cases, through new technologies, the buyers are directly informed of the new listing before even the agent can even reach out to them. Buyers already in the market will know that your condo is up for sale immediately. No print ad is required to do this.

You may ask – what about the buyer who is not yet actively engaging an agent in search of a Boston condo?  I can tell you from my experience, Boston condo buyers are searching the internet months before they are ready to commit. In most areas, once a condominium is placed on the MLS system, the listing hits a plethora of real estate internet sites (yes, including Bostonluxurycondosforsale.com) where a Boston condo buyer can easily find it.

I bring this up, because the other day I was introduced to a seller who claims he’s agent isn’t marketing his condo correctly. The seller claimed it wasn’t selling because buyers were unaware of the condo.  I had to tell him the harsh realty that it is probably not because they are unaware of the listing. In 99% of the cases, it is about pricing. They know of it and, for some reason, have decided it is not worth seeing. The value was not there for them.

Price your Boston condo correctly the first time.

Do it right the first time: Contact Ford Realty to Price your Boston condo appropriately. And don’t believe that running more print ads will create a group of buyers that don’t understand value.

Boston Real Estate and the Bottom Line

Key Takeaways:

  • Before you list your home, it’s crucial to understand how much a buyer would be willing to pay for it.
  • Your agent will use a variety of factors to determine a competitive list price—and some of them might be a little unexpected.
  • If you’re looking for a fast and accurate way to price your home, we’re here to help. Contact us today for a complimentary estimate!

Boston Real Estate for Sale

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Updated: Boston real estate blog 2021