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.

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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