The other day a client asked how’s the Boston condo market looking, I said, “It’s complicated.” This, of course raised eyebrows, but ultimately lead my potential client into deeper conversation, and an honest one at that.
Downtown Boston literally has 1,000’s of real estate agents/ members in our association, and only 553 active Boston condo listings. You do the math. So, yeah, the market is complicated and quite frankly, it sucks for everyone except the seller agents. So if you have a Boston condos to sell, NOW is the time.
No more sugar coating. No more fake news. I’m telling it like it is. This market is making me crazy, and I’m just going to keep going old school, keep on keeping on, and know that I will get to the other side, just like I did a decade ago.
Yes, the Boston condo market is complicated.
I realize it’s a Catch 22- sellers don’t want to sell their starter condos because they know their condominium will sell quickly and they won’t be able to find another condo to buy. And they know they are in a weakened position to buy because their offer will be contingent upon the closing of their Boston condo their living in.
So what can they do?
I’ll offer some solutions!
Be creative! Negotiate a longer possession time after closing so you the seller can find a Boston luxury condo. Locate furnished short term rentals. Sell your condo and lease back the unit until your next condo is ready to close Know which storage facilities are available. Brainstorm ideas with the client’s lender to make their offer more appealing. Arm yourself with enough information and solutions to ease your mind. You need to know that you can make this happen with as little stress as possible.
There are a myriad of solutions, but the one that won’t work is sitting back, complaining about the Boston condos market, and putting your head in the sand.
Yes, this market is complicated. Yes, it’s making it hard to stay in the fight. But the battle will end, and you will come out on top again. So chin up, get to work, and be honest. The Boston condo industry has been through worse- way worse- and you’ll make it through.
So the next time someone asks you how the market is, be honest. It’s just complicated.
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