The downtown Boston real estate housing market is definitely changing. Maybe not everywhere, at least not yet. But I see signs, sellers are slowly losing their dominance and the pendulum is starting to swing in favor of Boston condo for sale buyers 

The days of multiple offers on the same downtown Boston real estate property have fallen drastically, more buyers are holding out for home inspections, and more deals come with caveats about the buyers selling their current Boston condo

According to realty brokerage firm Redfin, just 12 percent of all offers made through the company in June faced a bidding war. That’s down from 52 percent just a year ago – one in eight versus one in two. 

Boston Condo Contingent Offers are Up 

Meanwhile, buyers are becoming more successful with contingent offers. 

A year ago, according to Redfin, 20 percent of the company’s buyer-clients were willing to waive the contract contingency that allowed them to have a private home inspector go over the property from stem to stern before closing. Only 15 percent chose to forgo that language in May. 

Redfin Chief Economist Daryl Fairweather’s conclusion: Sellers are now more willing to give buyers what they want because sellers don’t have as much negotiating power as they did a year ago. 

Boston condos for sale are still selling, of course. But it’s taking longer than it used to, according to data from the National Association of Realtors. The average number of days on the market in May was 47, which is 22 days longer than in August 2017. 

Days-on-the-market is a key indicator of the strength of local conditions. And since the first of the year, it has been steadily rising. Unfortunately, some houses linger longer – sometimes much longer – which means sellers have to take a hard look at their listings if they are serious. 

Boston Condos for Sale: Time on Market Hurts 

There may be other reasons why Boston condos for sale aren’t selling as quickly as before: Maybe it shows poorly or lacks proper marketing.

But 99.9 percent of the time,” it is price, and it needs to be reduced.

Boston Condos for Sale: When Is a Price Cut Needed? 

You’ll know a price reduction on downtown Boston real estate is necessary if no one has come to look at your home, or if you’re getting lots of action, but no offers. 

 

Call Now