The secret to a successful Boston condo search is simple: Know what you can afford.
Here’s an example of what can happen if you ignore that reality: You get preapproved for up to $1.5M and are interested in buying a downtown Boston condo You’re armed with your list of ten Boston condominiums priced at around $1.5M, you unexpectedly see a home you love and offers are due in two days. That leads to a scramble for an agent who can help you throw together your first offer. The agent tells you the property will probably sell for well over list price, but you submit your offer at asking anyway. I mean, why not give it a shot, right? Later that night, the agent calls to let you know that the sellers received five offers and accepted the highest and best.
And so it goes.
To avoid that inauspicious beginning, get your Boston real estate broker on board early in the process so he or she can give you an idea as to what you can realistically afford—and help you decipher relevant selling patterns.
It’s important to break down this type of data into neighborhood-specific sales. For example, the two-bedroom condo with a roof deck in Beacon HIll will most likely have a different value than the one in the Brighton