Everyone thinks a Boston condo hot market is ideal for sellers, and though there are plenty of benefits, hot markets can also hurt sellers as well. If you are thinking of upgrading your downtown Boston condo, keep the following things in mind.
1. Selling Too Fast
You might not think it’s possible to sell your place too fast, but if you don’t have a new place to live yet, selling your downtown condo quickly can be problematic. If the market is hot and you list your place for sale, make sure to have a backup plan just in case you don’t find a new place to call home by the time you sell.
2. Receiving Bad Offers
In a hot market, anxious Boston condo buyers may make offers they can’t actually back up when the time comes. Make sure you or your downtown Boston condos agent is thoroughly vetting potential buyers so you don’t get disappointed when it comes time to move the selling process along.
3. Getting an Appraisal That’s Too High
One of the most common things that happens in a hot market is buyers offering more than asking. Sounds great, right? Well, it’s possible they offer more than your place is appraised for, which means they won’t be able to get a mortgage for the full amount and may have to walk away. You can try getting a second appraisal or renegotiating with your buyer.
4. Thinking Too Highly of Your Boston Condo
Many sellers are attached to their property, which can give them an inflated idea of what it’s worth to others. A hot market doesn’t help either. Manage your expectations and refrain from getting overly optimistic about how much you think your place will sell for.
5. Section 1031 Exchange
This section of the tax code means you can sell an investment property and buy another without paying the taxes on the sale. However, you need to have a property in mind to buy within 45 days of selling the first property. In a hot market, it can be hard for sellers to find another property, and they may be faced with stiff competition. Plan accordingly.
Ready to move and checking out condos for sale in downtown Boston? View our inventory online and give us a call at (617) 720-5454 and make an appointment with one of our agents. We specialize in the neighborhood and can help you find a property that checks all your boxes.