Yesterday I spoke with a Boston Beacon Hill condo seller who was wondering whether to sell now, or wait until 2021 for the spring downtown real estate market to catch the more traditional selling season.
The velocity of rising prices should increase with the vaccine, so let’s consider next year’s value to be +5% of what it is today, but if everything else is even, you might as well wait to sell.
On the other hand, other potential Boston condo sellers are thinking the same thing, which could crowd the field – which is a vote for selling now, when everyone else isn’t.
Boston real estate mortgage rates are low and I think they will remain so for now, but mostly likely will rise by the Spring 2021.
Certainty vs. uncertainty is a call to wait till after the vaccine, so hold off.
Distressed sales have been a non-factor, so lets call that even,
If there are more than two high comps nearby to support your price, then you should sell now. You need recent solid sales to sell for top dollar.
If there are three or more active listing nearby, then wait ’til next year, and hope they hold out for top dollar. You don’t want to crowd the field.
If the move to the next home is flexible, then timing the sale of your existing home should really be determined by the recent sales activity nearby. In the Boston condo for sale tight-inventory era, we have seen how sales can dry up and leave the next seller gasping for evidence to support their optimistic price. It makes it harder to sell, and even tougher to get top dollar.
Downtown Boston Real Estate and the Bottom Line
Are you confused? I get it, there’s no easy answer, but the bottom line is this. How quickly do you need to sell? If you can wait, do it. This time of year is a lousy time to sell downtown Boston real estate
Consider all the factors, and do what is best for you – and get good help!