Are Boston condo prices going up after there posted on MLS?
The Boston Real Estate MLS is supposed to always have the most accurate information in it and Realtors are fined for violating the rules but there are some deceptive practices that are allowed.
Raising the price of downtown Boston real estate after it’s been shown at a lower price may feel deceptive. Editing the “original” list price after the sellers have accepted an offer may also feel deceptive especially for those who thought they were making a full-priced offer on a house that is within their price range.
Neither practice violates any of our strict MLS rules that are designed to keep the information accurate.
A Realtor can show a buyer a Back Bay or Beacon Hill condo for sale that is listed for $650,000 after the buyer viewed it at the original price and the listed price is changed to $675,000. I am not sure why this is being done but I have had clients tell me that they think it looks kind of sketchy and would prefer to know what the real asking price is before they make an offer.
Boston condo sellers can raise or lower the asking price at any time but in the past, this was done before an offer was accepted.
I am more concerned about original prices being raised. It is an edit within the MLS. The real original price is still there we just have to dig a little deeper to find it and it does show up in the “price histories” on some real estate websites like Zillow.
It looks like a bait and switch where the price was artificially low so that the house would get the maximum amount of interest and offers and then jacked up after the fact as if to say the house was always at a higher price. You may be making an offer on a house that isn’t even in your price range and you don’t even know it.
It is unlikely that these after-the-fact price changes have anything to do with the appraisal process because if they did it might be considered mortgage fraud.
We never raise the price after an offer has been received on any of our listings. The price you see listed is what the seller is asking. They may raise it or lower it while the house is on the market but not after they have accepted an offer. You can count on it.
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