In the first half of 2022 bidding wars for Boston condos for sale was common, it became part of the business that buyers had to wait around for days while waiting for the listing agent to decide the winner. Back then there weren’t many other homes for sale, and every new listing was priced higher than the last so buyers would tolerate a long delay.
Today, listing agents who are lucky enough to receive an offer should jump on it and respond the same day – and if possible, within an hour or two. Buyer’s remorse has never set in so fast, and in this environment, it is more than just an emotional bummer, it is a deal-killer.
- Answer your phone – it might be an agent with an offer.
- Prepare the sellers to respond quickly, and be standing by, ready to sign.
- Have a full set of seller disclosures and reports ready to send.
- Don’t counter over meaningless stuff.
Boston condo buyers are on the fence longer where it is comfortable. And Boston condo sellers need to respond to offers promptly so not to lose the Boston condo buyer. The days where a Boston condo seller can view multi-offers is coming to an end.
Yes, Boston condo brokers are going to be need to be more forceful with sellers that they may no longer get the same price per sq. ft. that their neighbor received several months ago. As interest rates rise, Boston condo prices won’t.
It will be a hard habit to break.