Downtown condo home sales delayed? This is a question that Downtown Boston real estate professionals and buyers really did not pay too much attention to a while ago. Now, this is something that definitely is of concern. Why is this happening? Bad comps s are some of the reasons that this has been happening.
Around 1/3 of real estate professionals have reported that appraisals have delayed their sales process. The cancellations and renegotiations to lower the sales price point is up as high at it has ever been. New Boston luxury high rise condo are some of the reasons that this has been happening even though appraisers are supposed to be comping the nearby Boston condos for sales. So basically when an appraisal comes in at a lower than asking price the lenders can offer less financing for the Boston condo. As a result, this means that buyers and sellers usually have to come out of pocket to make up this difference.
If you are in the market for buying or selling your Downtown Boston Condo or a Boston Midtown high rise condo we urge you to prepare yourself. Do your homework on the sales in Downtown Boston, have your own appraisal done and putting protection clauses in the contract are just a couple of the ways that you can prepare yourself so this doesn’t happen to you.just a few of these steps and some homework could end up saving you thousands.