There’s nothing wrong with negotiating the asking price. In fact, Beacon Hill condo sellers expect any potential buyer to send an Offer that is below their list price. It’s just part of the game.
How do you know when your offer is a low-ball offer? Unfortunately, there is no set guideline for a low-ball offer. The seller could really consider any price below their asking price a low-ball offer if the listed price is already at the bottom of what they want.
In my experience in downtown Boston asking for more than 10% off the sale price is low-ball offer. Most Boston condos for sale sell within 3% of the asking price, with some in this market even going over asking.
But that doesn’t mean you shouldn’t do it. There are instances where making a low ball offer is acceptable — and where both the buyer and seller are satisfied.
When to Make a Low-ball Offer
Here are a few scenarios where making a low ball offer for a downtown Boston condo is acceptable
Seller Wants Out
It’s always a good idea to speak with the listing agent before making an offer. He/she may provide hints on how motivated the Seller is. Maybe the seller is in a tight spot financially and really needs to sell their Boston Midtown condo, or maybe the seller inherited the Boston luxury condo and wants to avoid the hassle of ownership.
If the seller is motivated to sell, a low-ball offer of anywhere between 10% to 15% off of asking price would be acceptable.
Boston condo for sale was priced too high
Selling Boston condos for sale is an emotional affair. Many sellers place more value on their Beacon Hill condo than other similar Beacon Hill homes in the area because of their found memories in the home.
When you encounter a Boston condo for sale that is overpriced, tread lightly. Your low-ball offer could insult the seller.
Rather than just telling them they’re asking for too much, point to specific things in the Beacon Hill condo that make the condominium overpriced.
The Downtown Boston Condo Needs Updates
If the Beacon Hill condo for sale you’re looking at needs some TLC — you may have a case for a low-ball offer. Updating flooring, gutting the bathroom, and other major, structural changes all come at a price. The seller may be willing to accept a lower offer rather than have to make concessions like making the repairs before someone will buy the property.
With an over priced Beacon Hill condo for sale, it may behoove you to come in with a dollar figure of the repair and updating costs. Before you do, however, make sure you speak to the listing agent to understand the circumstances. The listing agent may be able to give you a few clues about how low the seller is willing to go.
The Boston Condo for Sale Market
The Boston condo for sale market will give you a good idea of what to offer when buying a Boston condo for sale. If it is a seller’s market, low-balling is probably off the table. If you do decide to low-ball in a seller’s market, the seller will throw out your offer while some other lucky individual buys the Boston Seaport condo for sale
A buyer’s market, on the other hand, might lend some room for negotiation. In a seller’s market, an appropriate low ball (no more than 20% below asking price)
Boston Condos for Sale & Days-On-Market
If the Boston Beacon Hill condo for sale has been sitting on the market close to hundred days or has popped on and off the market, there may be some room for a low-ball offer. The seller may be at that price point where they are willing to consider any offer as long as it is a serious one.
Boston Condos for Sale
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