When you’re first starting the process of putting a Boston condo for sale, setting your asking price will be one of the most difficult things you do. It might seem relatively straightforward, but if you set the wrong price you could end up losing money or scaring away potential buyers. Many inexperienced sellers make the following mistakes when pricing a Boston condo for sale and putting them on the market.
1. Starting with Too High of a Price
The biggest mistake sellers make is overpricing their Boston condo, which is easy to do because they might just copy the asking price of their neighbor’s loft or do a quick estimate with an online website like Zillow. However, getting your price from an online estimate can lead to an overestimate, and if you price it too high you might lose out on potential buyers who think the condo is out of their range.
2. Ignoring the Location
A very common mistake is simply looking at the average cost of a home in the city when setting the price, and you could end up drastically underpricing your loft. Keep in mind certain neighborhoods increase the value of a property by thousands of dollars, and most condominiums are in very trendy areas. It’s important to do a lot of specialized research for your location so you can find the highest reasonable price to set.
3. Assuming a Listing Agent Can Get the Price Quoted
Make sure to talk to several listing agents about recommended pricing, and be wary of an agent who tells you he or she can get an abnormally high bid for your loft. Some unscrupulous agents might use the lure of a high listing to get you to go with them, but they do not actually guarantee you can get as much as they quote. Select an agent who backs up suggested pricing with data instead of making wild promises.
4. Setting a Price Based on Seller Needs
When selling a Boston condo, many sellers start by calculating the initial cost of the home and any renovations because they are thinking about what price they need to set to make a profit. Pricing is entirely based on buying trends, not seller preferences. It’s important to avoid emotion and set a price based on research of the local real estate market.
5. Dropping the Price Repeatedly
If a home has had a lot of drastic drops in listing price recently, many buyers will see this as a red flag. It’s alright to adjust the price once or twice, but repeated reductions will make it look like there is something wrong with the property. It’s better to go with a reasonable price in the first place instead of starting with a high number and regularly dropping it to try to attract more buyers. If you want to list real estate for sale in downtown Boston, or if you’re looking for a new property to purchase, get in touch with the reliable agents. One of our friendly agents is awaiting your call or text message at 617-595-3712.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
- Boston condosHow to avoid Boston downtown real estate scams
- Boston condosBoston Downtown real estate: Cautious tale for Sellers using Redfin Now and other direct condo buying companies
- Boston condosBoston downtown real estate market: Expert predictions for second half of the year
- Boston condosHow to make your Boston Seaport condo your sanctuary – 5 Tips