In the most competitive Boston real estate market in history, agents are pulling out all the stops to help their clients win bidding wars. Local agents shared some of the tactics they use to help their clients win the house of their dreams.
From large down payments to pre-inspections, skipping contingencies, and everything in between, here are some tips for Back Bay condo buyers.
Inspecting the home before making an offer can give the buyer an advantage by allowing them to move quickly. Make an appointment to inspect the home before making the offer, so you can put in the offer waiving the contingency.
Taking steps to meet the seller’s unique needs. Before making an offer, Taranto often checks with the listing agent to see if there’s anything, in particular, the sellers want, such as a flexible closing date.
Relationship building goes a long way and can be a difference-maker. Working well with other agents can make the difference between winning or losing an offer, even if you don’t have the highest or strongest bid.
If you have a good relationship with the listing agent from past transactions, that could definitely work in your favor. They want to make sure they have a nice smooth transaction for their seller and will most likely want to work with you again over other agents that may not have been so easy to work with.
While risky, skipping contingencies, even home inspections, could be necessary to close a deal in a competitive environment
Although you are taking an enormous risk, the Back Bay condo seller does not want to have to deal with putting the home back on the market if the buyer backs out after home inspection or wants to renegotiate after inspection.
Waiving cash back at closing and having the buyer sell their current home ahead of their next purchase can also can help.
Connecting someone with a great bank with a good reputation is important to win a Back Bay condo bidding war. The listing agent will see that and be comfortable knowing it’s someone who gets the job done.
Allowing the seller to live in the property after closing is another tactic, that can assist the Back Bay condo seller.
In the current market it does not allow for much back and forth, so going in with your best offer is often the way to go.
Keeping a tight time frame, from going right to purchase and sale to doing a home inspection within a few days can be a big help, it’s important because if someone wants a 30-day close, they have to be able to do things quickly, move quickly because appraisers are really backed up
A large down payment shows the Back Bay condo seller you’re a serious buyer and a better candidate for getting their loan approved, while a small down payment could indicate the buyer is more of a risk for getting the loan approved
A quick note from the buyer to the seller explaining why the client loves the home can also help, hand-delivering the offer can make the difference in multiple-offer listings.
It’s important that Back Bay condo buyers understand the current market environment. “As a buyer’s agent, I don’t think it’s in the buyer’s best interest to waive home inspections and appraisal language, but as a seller’s agent, I can tell you those are the offers that are winning in this market, there is a lot of risk for Back Bay condo buyers in today’s market.
Back Bay condos for sale June 2021 – 1st Q Sales Will Shock You
Back Bay condos for sale May 2021 – 1st Q Sales May Shock You. Check out the latest 2021 Back Bay condo sales numbers
Back Bay Sales Stats 1st Q 2021
These Back Bay condo average sales prices may shock you.
Back Bay condos avg. sales price 1st Q 2021 – $1,993,063
Back Bay condos avg. sales price 4th Q 2020 – $2,336,645
Back Bay condos avg. sales price 3rd Q 2020 – $2,376,957
Back Bay condos avg. sales price 2nd Q 2020 – $1,802,254
Back Bay condos avg. sales price 1st Q 2020 – $3,360,285
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