So you might have heard that the Boston condo market is a little uncertain right now, and you’re wondering if you should just wait a year or two before selling your Boston condo.
If you don’t mind keeping your Boston condo forever, then fine, the value will probably go up in the long run. But if you’d rather get your hands on your tax-free equity in the next couple of years, consider this.
In the strong seller’s Boston condo market we’ve enjoyed over the last nine years, buyers had to pay the price. There was enough competition that if you didn’t pay the seller’s price, somebody else would.
But lately we’ve seen the competition dwindle.
Let’s don’t call it a buyer’s market just yet. Let’s call it neutral.
If Boston condo buyers feel they have more negotiating power, they are going to use it. They wait more patiently now, critique the comps more closely, and skip the fixers unless the price gap is appropriate. Sellers of the fixers got away with selling for just a little under the superior homes, but now the 5% to 10% gap is back.
Once the market has turned that corner, it probably won’t just bounce back to being a seller’s market this fall.
How do you know if you should sell now, or take a chance?
Sell now if you have good comps.
You’re not going to have better comps next year. Why?
Because once buyers they recognize a slower market, they are going to dig in on price and only pay the same as the comps, or less. They will wait patiently for the more-motivated sellers who price close to the comps or just under. Those are the sales that will be setting the market.
So the best-case scenario is to have next-year’s prices be about the same as today. So you should sell now while you have the certainty.
Boston condos for sale: Sellers questions and answers
- When Selling a Boston condo what does the buyer pay for in closing costs.
- What do I need to do before putting my Boston condo on the market
- Why is the Fall season a good time to sell a Boston condo
- What are some tips on selling a Boston condo
- What mistakes to avoid when selling a Boston condo
- How can I predict changes in the Boston condo market
- What is a probate sale
- What is an Escrow company
- How to list your Boston condo for sale
- Myths about Boston condos for sale
- Boston condo sellers misconceptions
- What are some tips on selling my Boston condo
- What is Escrow
- When selling a Boston condo, what documents should you keep
- How does the rise of interest rates impact my Boston condo sale
- Finding a Boston condo broker
- Can Boston condominium prices hold up in a resessiom
- How to price your Boston condo for sale
- What is the biggest Boston condo real estate scam
- What mistakes Boston condo sellers need to avoid?
- Are we entering a Boston condo housing bubble?