In the Boston real estate market, sellers place their Boston condo on the market and wait for a buyer to come along and make an offer. In most active markets in Boston, many real estate transactions are sold within 96% of the asking price by pricing them correctly at market value.
But sometimes it doesn’t! This may be either because the real estate for sale was mis-priced from a market perspective, or the timing was bad. In these case, we may see sellers lower the price to one they would accept. Or maybe they leave the price the same but just tell everyone who asks what they would take. It can be very complex and confusing.
A new trend has been emerging, listings as listed as “Coming Soon”
“Coming Soon” listings usually is set about two weeks after the property will be listed onthe market (MLS). This is acceptable as long as the seller sticks to their offer date and does not entertain a “pre-emptive “offer. A “pre-emptive” offer, is one that is presented either before the offer date has been set or before an offer date that is announced. When Offers are submitted they’re usually reviewed and responded to the same day by the seller. In this case, the timing is controlled by when an offer comes in. Then there are no rules and the best play is to move fast. Once a property becomes in play it might just sell in a matter of moments if the offer is to the seller’s liking. Once an offer is received, the listing agent may (or may not) quickly let everyone know that they have received an offer and when the seller plans to respond.
There is a saying in real estate, “time is never your friend.”
If an offer is given to a listing agent they must tell the seller about it unless the seller has specifically instructed them not to do so. Sometimes, then, the seller is tempted to work with this offer or will ask their agent to, as stated above, the broker will quickly call all interested parties to see if anyone else wants to submit one. Hopefully, there is sufficient activity on a property, the seller will wisely wait for the offer date and ask the buyer to re-submit the offer at that time. But this is not always the case. Working with a pre-emptive offer when an offer date has been officially set can be seen as unfair because other people have been planning and working toward that date.
For expert navigation of this complex new trend, we are here to help.