2019 Pending Sales
January brought record cold weather to the downtown Boston area but it didn’t cool down the real estate market Yes, this is a time of seasonal quieting for home buyers and sellers, but the year overall is proving to be a bright one for Boston real estate agents and their clients
Pending sales are the highlight of this blog post for the month of January, with 100 downtown condos placed under pending. A pending sale is just that – pending. So what percentage of those sales make it to closing can vary. .
When does a sale become pending?
When does a sale become “pending”? As you probably know already, there are many steps to get through from the buyer’s reaching out to their downtown Boston real estate agent, deciding to buy a Boston midtown condo, and then actually making the transaction final. Once an offer has been accepted, the buyer must secure financing and draw up a contract with their real estate agent. The buyer’s agent must then present that contract to the seller’s agent and negotiate over the various terms it entails – what is included with the midtown condo, what kind of inspections will be performed, and so on. When the contract is accepted, the sale is “pending” until all of the inspections are over and the money is in the seller’s hands.
As you can imagine, there’s a lot that can go wrong here, which is why deals occasionally “fall through” or fail to transition from “pending” to “sold”. So what’s average? It seems that the success rate for Boston midtown real estate agents (and all of the other parties involved) to move a home from “pending” to “sold” is variable, but I think as long as we’re over 90%, we’re doing pretty well.
What can you, the Boston downtown condo buyer or seller, do to help encourage the process? Pick a reliable lender who won’t change the terms of the loan at the last minute – your real estate agent can make a few recommendations. Likewise, the title company, home inspectors, etc. you use should be trusted, reliable, and experienced. The most important thing is probably to work with a real estate agent who can help you navigate all of these terms, one who has already closed numerous of deals in the area. I’d love to help. Call me anytime: 617-720-5454.