Boston condo buyers are regaining some of their negotiation power
Boston Condos for Sale and Apartments for Rent
Boston condo buyers are regaining some of their negotiation power
It’s not really a surprise that 70% of buyers paused their home search last year. Maybe you were one of them. And if so, no judgment. Conditions just weren’t great.
Boston condo for sale was too low, prices were too high, and mortgage rates were bouncing all over. That made it really hard to find a condo for sale you loved – and could afford. And why sell if you’re not sure where you’re going to go?
But here’s the thing: the Boston condo for sale market is shifting. And it might be time to hit play again.
The Boston Condo Inventory Sweet Spot
More homeowners are jumping back into their search to make a move this year. Builders are finishing more homes. And together, that’s creating more options for you when you move – maybe even the home you’ve been waiting for.
More homes = more possibilities.
But there’s more to it than that. When you sell, you don’t want to feel like it’s impossible to find your next home. At the same time, you also don’t want inventory to be so high, it takes ages for your house to sell. Right now, you’ll get the best of both worlds.
This data will help paint the picture for you. According to Realtor.com, inventory has jumped 28.5% since this time last year, but it’s still below pre-pandemic levels in most markets – and here’s why this is such a sweet spot (see graph below):
Basically, there are more homes to choose from when you make your move, but not so many that you’ll struggle to sell your current house. Your home should sell quickly if you work with an agent to make sure it’s priced right and prepped to impress.
More options. Less chaos. Solid demand: That’s the real sweet spot.
But here’s something else to consider. Data from Realtor.com also shows inventory has been on the rise for 17 straight months. And experts agree it’s likely to continue climbing throughout the year. As Lance Lambert, Co-Founder of ResiClub explains:
“The fact that inventory is rising year-over-year . . . strongly suggests that national active housing inventory for sale is likely to end the year higher.”
So, this may actually be the best time to sell. Your house may stand out more now than it would as the year goes on and inventory grows even more. Wait too long, and you may be one of many trying to stand out later this year.
Boston Condos and the Bottom Line
If you’ve been waiting for the housing market to give you a sign – it just did. Whether you’re looking to move up, scale down, or relocate completely, this might be the best balance we’ve seen in a while.
What’s holding you back from taking advantage of this sweet spot? Connect with our agents to talk through it and see what’s possible.
Updated: Boston Real Estate Blog 2025
Byline – John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
Click here to view Google Ford Realty Reviews
Ford Realty Inc., Charles Street, Beacon Hill
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Boston condo buyers are regaining some of their negotiation power
If you’re a potential Boston condo buyer today, there’s some welcome news for the Fall 2022 buying season. Even though it’s still a Boston condo sellers’ market, it’s a more moderate real estate market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered is coming to a close.
In today’s Boston condo for sale market, you should have less competition and more negotiating power as a buyer. That’s because the intensity for Boston condos for sale demand and bidding wars is easing. Here are two trends that may be just what you need to re-enter the condominiums for sale market.
Are Boston condo for sale contingencies coming back?
Over the last two years, Boston condo buyers were willing to skip steps in the home buying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving these.
The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a recent survey fromrealtor.com confirms more sellers are accepting offers that include these conditions today. According to their latest study:
- 95% of sellers reported buyers requested a home inspection
- 67% of sellers negotiated with buyers on repairs as a result of the inspection findings.
This goes to show Boston condo buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection.
How much are Boston condo closing costs?
Generally, closing costs range between 2% and 5% of the purchase price for the home.
Generally do Boston condo sellers help buyers with closing costs?
Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.
Today, as the market shifts and demand slows, data from realtor.com suggests this is making a comeback. A recent article shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in downtown Boston.
Boston condos for sale and the bottom line
Regardless of the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back on the table. This is good news if you’re planning to enter the housing market. To find out how the market is shifting in downtown Boston, let’s connect.
