With the cold weather moving in, the slowdown is here, which probably means Boston condo for sale prices are going to flatten out.
But what happens in flatsville?
But what happens in flatsville? Prices take much longer to catch up – if they ever do. With mortgage rates at record low levels – can market conditions be any better than what we’ve seen lately? Probably not.
The days-on-market is going to matter now.
Buyers have been willing to ignore the longer DOMs because they knew prices were rising fast – and they were frustrated. But in a slower market, buyers gain confidence and don’t mind waiting to see how it all shakes out.
Boston Real Estate and the Bottom line?
You want to sell in the first 30 days on the market.
The pricing history of each Boston condo, and the amount of time it’s been on the market is public knowledge. Once you roll into flatsville, the homes languishing on the market for months will get ignored. Buyers are more skeptical, and the longer a house is on the market, the less they want to pay!
Other things will matter too. Curb appeal and interior improvements, ease of showing, reputable listing agent, and the attractive price will all be scrutinized closely by prospective purchasers who are looking for any reason NOT to buy. Staying on the fence will become a new sport.
Is it a big deal? Not to those who don’t need to sell. Buyers will still come around, and you might get lucky.
But rising prices have been provided the ‘luck’ because they caused buyers to ignore market signals – they just wanted to buy something before it got worse.
The shift in the market is subtle, and many won’t notice.
But the educated buyers are paying attention, and now hesitating over the little stuff. The number of days on the market will be their primary data point, so do everything possible to ensure a prompt sale!
Get Good Help!