If you’re a homeowner thinking about selling your house, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your changing needs, where you’ll go when you sell, and today’s mortgage rates in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell.
The graph below shows the percentage of survey respondents who say it’s a good time to sell a Boston condo for sale. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell.
In fact, survey respondents think it’s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
One reason so many people think it’s a good time to sell is that there are still more buyers in today’s market than there are homes for sale. That’s driving home prices up, making it a good time to sell your Boston Back Bay condo
And if you’re on the fence about whether or not to sell because you don’t know where you’ll go once you do, know that you might have more options today than in previous months. That’s because the number of homes coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it’s a great time for you to sell your Boston Beacon Hill condo. If you’re ready to address your changing needs and take advantage of today’s favorable conditions, let’s connect.
Updated: Boston Real Estate Blog 2022
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The ultimate question is whether it is worth paying the average 5% commission when deciding to put your Boston condo up for sale. Many years ago II sold my own home in the past (before I was a broker) and I had the exact same question so I am trying to provide information from an unbiased perspective as much as I can despite the fact that I am a real estate broker in downtown Boston.
First, let’s talk about what the 5% looks like. If you sold a $500,000 home, that is $25,000 commission at 5%. For a $1,000,000 home, 5% would equate to $50,000. The commission would be taken out from the escrow automatically at the end before you receive your portion of the sales price as a seller. There will be additional fees taken out such as the escrow fee, prorated property tax, condo fees, and other miscellaneous fees. However, the biggie is the commission. Although 5% doesn’t sound like a lot of money compared to the price of homes, if you’re talking about your equity ownership in the house after paying off your mortgage, it may be a significant amount of money to some people.
So is it worth it to hire a real estate agent to sell your Boston condo for sale? My answer as a trained professional is, “it depends”, of course. If you hire a good seller’s agent, you will be able to sell your home more quickly and for more money. Now, those who have read Freakanomics, you may disagree with the statement involving “more money.” But there are other factors that negate the core argument from Freakanomics such as time does not equal to a constant supply of subsequent opportunities and sellers have greater access to information of comparable listings on the internet in today’s market. After all, many sellers are not savvy with selling Boston condos for sale and do not understand what appeals to home buyers. Cleaning up their clutters and staging can increase home values and sellers often ignore the issue.
Additionally, agents provide marketing of downtown Boston condos for sale on the MLS, and a variety of other websites. This marketing adds additional benefits to hiring an agent. There are ways to pay a flat fee to be on the MLS when a savvy seller wants to sell by owner to save money. There are many situations where it makes a lot of sense that a seller sells the property him/herself such as when they are experienced in real estate, are investors, or selling between family members or friends. If you are selling your own Boston condo for sale, you should be ready to market your own properties.
First of all, two of our websites bostonreb, com, and bostonluxurcondosforsale.com are the most viewed Boston condo websites in Boston. We Rank # 1 on Google for many downtown Boston condo neighborhoods. Our broker fee is only 4% if we co-broke and 3% direct, of which we give back to the buyer a percentage of our broker fee as an incentive. For more information please contact me at 617-595-3712 or via email at email@example.com.
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