The sales forecast for the Boston condo market in 2018 does not indicate it will stop favoring sellers, at least not during the third quarter of the year. What this means for prospective buyers is that they must pay closer attention to the Multiple Listing Service (MLS) if they want to score a great deal on condos in Beacon Hill, lofts for sale in Boston Leather District, or high rise condos downtown area.
There was a time when condo sellers believed they could list their properties as “For Sale by Owner,” thus bypassing the MLS. However, today’s market conditions have pushed FSBO hopefuls in Boston to include their condos on the MLS. Even in a seller’s market, the MLS stands as the best marketing tool for condo owners. For buyers, this system can also be a place where they find great deals if they know how to search for them. Here are five recommendations for using the MLS for maximum advantage.
1. Work with Real Estate Agents
The MLS information displayed on the websites of real estate agencies is enabled by plugins that do not show all the information available about the listings. Just like some stock brokerages offer Level Three quotes to traders who are either very active or willing to pay extra fees, full MLS info is mostly available to licensed agents. Buyers who work with Boston condo agent can receive fresh listings based on their financial goals.
2. Be Quick When You See Fair Market Sales
When sellers list their Boston condos as fair market deals, it usually means they are aware their properties are not in a condition to attract competing bids. Flippers tend to actively look for fair market sale situations, which means speed is of the essence when these listings appear.
3. Look for Short Sales and Real Estate-Owned Properties
Until about 2014, the MLS was filled with opportunities to purchase condos and other properties that banks repossessed through the foreclosure process. Short sales were also widely available in the MLS. These are tentative transactions that motivated mortgage lenders and homeowners hope they can get to closing as soon as possible to avoid further financial losses. Potential deals such as these are still bound to land on the MLS from time to time, and thus it is always a good strategy to be on the lookout for REO and short sales.
4. Get Prequalified for a Mortgage
Before thinking about making an offer in an active seller’s market such as Boston, prospective buyers need to get a mortgage preapproval document from a lender. Buyers may present a bid and rush to apply for a mortgage only to learn an approved borrower beat them to the punch.
5. Watch for Properties That Come Back on the Market
A listing that is pulled from the market before getting to the closing table may later return as ACTV, BOMK, and PCHG. These are MLS codes that indicate the listing is once again active, back on the market, and with a price change, usually at a lower price.
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Condos around the Boston area to rent:
Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent
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
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