You as the Boston condo home owner/seller ultimately decide what the asking price will be. Most Boston downtown condos on the market are priced with the help of a Boston real estate agent. As a Boston real estate broker we determine how much the home is likely to sell for based on the actual sale prices (not the same as the asking price) of homes in the immediate area that are similar to the home being priced and that have been sold recently. Size, condition and location are some factors that determine value along with supply and demand.
A similar condos will probably be a home that has a similar floor plan and sq. ft. in the same or similar building and has the same number of beds and baths. That explanation is a bit simplistic. We actually use a kind of fuzzy logic based on experience and knowledge of the area. So far there isn’t any software of web site that can replicate what an experienced real estate agent can do. Zillow is trying but they still have a way to go
Most Boston condos are going to get an appraisal too but that is done by the buyers lender after the seller has accepted the offer. The purpose of the appraisal is to help the lender decide if the value of the home is at least high enough so that it can be used as collateral to cover the loan. Appraisers and real estate agents can be wrong.
Condominium owners have all sorts of ideas about how to price a home. Many believe that over pricing is better than underpricing and some people like to “try” it at a certain price. Sometimes home owners will contact a few agents and have each one determine a value and they will choose the highest value. Real estate agents are aware of this and will sometimes aim high to win the listing. Just like real estate agents and appraisers sellers can be wrong about value and so can buyers.
Pricing a home isn’t an exact science. If it were my job wouldn’t be nearly as much fun
One of the biggest mistakes people make when selling their Beacon Hill condo is not understanding real estate value. It doesn’t matter what you think your Downtown Boston condo is worth. The value is determined by buyers. What you enjoyed about your condominium is irrelevant when it’s time to sell. Use some of the following tips to get started.
- Know the Downtown Boston condo market. Find out what other similar properties have sold for.
- Decide on your minimum price. Be willing to work with any buyers who make an offer above it.
- Clean and fix the most visible items first. If buyers fall in love with the condo as soon as they enter it, they’ll forgive many minor issues.
- If you or your agent aren’t getting many calls, find out why. Is more advertising necessary or is the price too high? Drop it fast if the price is the problem. Be careful not to chase the market down with a series of insignificant price drops.
- Listen to comments on prospects. If you hear several times a room is dark, white paint is an easy solution.
- If there are any known problems, such as a leaky faucet, get an estimate for repairs. The buyer wants to move into a place that is worry free.
- Do any improvements that can realistically get you at least a two-to-one return on investment.
Not sure where to start? Call the Ford Realty team at 617-595-3712.
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