Boston Condo Seller’s and asking price
Home buyers have access to all the comps, and follow them closely. They spend weeks and months looking at every new listing in their range, and they know the market better than anyone – because they’re the ones making it.
Boston condo sellers can judge their chances of selling by the number of people coming by, and number of offers.
Downtown Boston Real Estate Rule of Thumb
If you get a great offer in the first few days, you nailed it on price. If you are getting lookers, but no offers, you’re about 5% to 10% wrong on price. If no one is looking, you’re at least 10% wrong on price.
Lower the price early and often to keep urgency high, and you’ll find what the market will respond.
I don’t know if they surveyed actual home sellers, but if these stats demonstrate the current sentiment, it shows how critical it is to list a Boston condo for sale at ‘market price’ vs. ‘dream price’.
An excerpt from this HW article:
You’ve listed your home for sale, and no one is taking the bait. One month passes, then two. How long do you wait before you increase the odds of an offer by dropping the price?
According to a recent survey, most American home sellers opt to reduce their asking price after three months of zero offers.
Specifically, a survey of 1,000 consumers revealed that 33% would opt for a price reduction after three months, making it the most common choice.
Just under 20% said they would wait one month, while 17% would wait five months. For about 9%, it would take an entire year before they’d reconsider their price.
But for others, they’d rather not sell at all as opposed to selling for less than they originally wanted, with about 12% said they would never lower the price of their home.
The 33% would wait three months, but 38% would wait at least five months or longer to lower their price, if at all(17%+9%+12%).
What day should you list your Boston downtown real estate for sale?