We’re starting to notice a little cooling in the Beacon Hill real estate market. Downtown Boston condos are staying on the market longer, and it isn’t as easy to find a local buyer as it used to be. In past years, we might expect a home to stay on the market just for a week or two, but now it’s not uncommon for a home to stay on the market for longer.
Recent economic shifts have begun to produce élite buyers from around the world, especially in the Middle East and in Asia. These buyers are very interested in Boston luxury condos, especially in places like Beacon Hill, Seaport District and Midtown, but many buyers are disinclined to commit to a major purchase sight-unseen. For over a year now, we’ve been leveraging new virtual walk through cameras and 360 video capture technologies to create walkthroughs that make the buying process vastly more convenient especially for remote buyers.
Remote Buyers of Real Estate
Chinese buyers tend to view luxury downtown Boston real estate as an investment. It’s a means of cementing wealth, without the fragility of owning stocks. Many Chinese homeowners will own multiple properties in the Boston Seaport and Midtown Boston and generally considered an even more stable investment opportunity. As remote buyers, they are often especially eager to buy homes here, but aesthetic concerns for location, layout, and architecture make it prohibitive to make such a large investment without directly experiencing the property. An address and a few photos don’t convey the nature of the space effectively.
On the other hand, Middle Eastern and European buyers tend to make a more personal, more emotional connection with the homes they buy. More than aesthetic concerns, it’s important that a place feel like home.
In both cases, virtual walk tours and interactive walkthroughs can seriously improve the remote homebuying process.
What Virtual Walkthroughs Bring to the Buying Process
It’s now possible to create comprehensive, fully navigable walkthroughs of Beacon Hill condos for sale by stitching together a composite of images taken from a variety of perspectives. The end result is a self-contained map of the space which a prospective buyer can tour in virtual reality, or on any number of other devices.
Beacon Hill condo buyers can tour dozens of potential homes without ever having to set up a viewing, book a flight, or take time away from their working lives.
Going the Extra Mile with Dimensioning
Dimensioning is one more service we offer to our clients. By some estimates, as many as 80% of realtors don’t even offer full floor plans, let alone properly measured ones. We offer precise measurements of each room as a supplement to the virtual walkthroughs. The walkthrough is great for giving a sense of the space, but knowing the precise dimensions lets a potential buyer plan furniture layouts well in advance, to be sure that the space will meet their needs.
That extra attention to detail makes the buying process much more convenient, especially for remote buyers. We spend thousands of dollars more on video marketing, dimensioning, software, virtual walkthrough technology, and other elite services for each of our listings. Most realtors don’t go to the trouble, but it pays off in the long run. Buyers get much more comprehensive listings, and our sellers are able to move properties much more quickly even in a slowing market.
Why We Do Things the Way We Do
The Ford Realty Team goes that extra mile for our clients because we understand that quality service is worth the cost.
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