The number of closed sales, pending sales and new listings in Downtown real estate market have slowed down recently, according to the MLS report.
As stated – it does appear that the Boston Midtown real estate market has slowed down a bit from earlier in the year. If you have a Boston luxury condo that’s ready to be put on the market, get ready for it to take a longer days to sell. Some downtown Boston real estate analysts say it is a “seller’s market” until the average time to sell exceeds 90 days, in my experience, I’d say that’s close, but maybe more like 60 days if priced under $500,000. By the way the average time to sell a home in Boston can hit close to or even just a touch over 90 days between mid-Nov. and mid-Jan. (typically the worst time to sell in the our year).
Here are my Boston Real Estate Agent Survival Strategies for getting through the Winter months to sell a Boston high rise condo
Get to know your listing agent.
How? Pick up the phone and call. I enjoy my client’s phone calls, especially during Mon. – Fri. working hours. Sometimes the meaning can get lost in translation in texts and emails, as convenient as those mediums are. If you are considering hiring (interviewing) a Boston midtown real estate agent, call or text them a few times after your meeting, test them to see how long it takes them to get back to you (during reasonable hours please, not at 11pm!). If they get back in a few minutes or even at least in an hour or two, that’s a good sign. If they don’t get back to you until the next day or later, watch out. The Winter is real estate agent’s slow season, have they structured their business in a way that allows them to be “busy” and to provide great customer service at the same time? I hope so.
Price your home for the market.
While it is true that you are your own home’s best expert, it is really easy to see all the positives in your Boston condo and not in your neighbor’s down the street. Try to be realistic and don’t go with the real estate agent that simply tells you the highest price. That agent may be willing to wait around until you lower the price, Listen to your Boston Beacon Hill real estate agent, if there are a number of condominiums in your local area that are not selling, it is a warning sign to price reasonably. If there is nothing available, you can be more aggressive with your home pricing. Ask any agents you’re interviewing for a Comparative Market Analysis.
Boston downtown condos may or may not be selling quickly in your area, and you might get lucky and get an offer even if your home is way overpriced. However, that’s a big risk to take — most often, no buyers will not nibble on an overpriced home, and your home will languish on the market.
Your real estate agent will price your Boston luxury condo based on their research and information you give them. If you don’t mention some issues, and it later comes to light in the home inspection, you may end up getting less for your home than it would if you had priced your home to reflect potential work that buyers will need to do. Of course, be sure to properly disclose everything in your signed seller disclosures that are passed onto the buyer in a sale transaction.
Don’t let selling your home consume your life. A good listing agent will do their best to sell your home, while you focus on what you need to prepare for what comes next. If your home does not sell right away, don’t panic. Get another market analysis from your real estate agent. If the market has gone soft, you can either lower the price, wait until the market season improves (inventory goes down in your area, or we get through a slower month), or just take your home off the market and then put it back on later when the market is in better shape (or you have a more realistic price). Of course, many homes do sell right away, but many don’t. If you’re left behind, the worst thing you can do is panic, instead, work with your real estate partner. Trust me, they want to sell your home!
Keep it in perspective.
Ask about my listing package, and let’s put this Boston sellers’ market to work for you!