Many Boston real estate brokers think in 2021, we’ll have low-inventory and motivated Boston condo buyers on red alert. If a new listing pops up that looks remotely interesting, those downtown Boston condo buyers know to get over there quickly for a peek.
Once the parade of lookers descends upon the new downtown Boston condo within hours, it is irresistible for the ego to go wild, and it causes sellers and listing agents to have visions of lottery-type money.
Savvy downtown Boston real estate buyers know that if this is THE condominium, they need to make an offer promptly. It makes the equation quite simple – sellers will receive offers from the motivated buyers within the first 2-3 days. All you have to do is counter for every buyer’s highest-and-best offer, and by Day Four the buyer who will pay the most will emerge.
The overly optimistic buyer-agents get all giddy and tell the listing agent that they think they will be making an offer. But a funny thing happens to condo buyers once they roll down the street for a couple of blocks – all the reasons NOT to buy that Beacon Hill condo come up, and most buyers talk themselves right out of it. At least half of the people who threaten to make an offer never do.
What if you are a motivated buyer, and make a great offer in the first 1-2 days? It happens regularly that sellers and listing agents will pooh-pooh a great early offer, and hope that there are two in the bush.
You only have one option, and that is to walk away if you don’t get a response by the time the offer expires. At least if you threaten to quit, it should hopefully get their full attention.
Sellers and listing agents think that lots of visitors = lots of offers. But most visitors don’t offer – they’re just visiting. In virtually every case, the no-offer rate is at least 90%, but sellers ignore that and are convinced there has to be two or more in the bush.