The simple answer is it all depends, let me explain:
In the current downtown Boston real estate market in 2020, the average sales price is within 97% of the asking price according to MLS. In other-words, to submit an Offer 10-15% below asking is NOT going to happen. I’m sorry that I’m being so blunt, bu this is reality.
But when is it okay to go the other direction and make a low-ball offer? To be clear, most agents warn against extremely low offers (typically more than 10% below listing price) because you might offend the sellers and risk having them not even respond to your offer, even if the Boston high rise condo has been on the market for months.
Not sure where to start? These three signs will help you determine when the time is potentially right for a low-ball offer.
1. When the Beacon Hill condo is obviously overpriced
2. When the Midtown condo has bounced on and off the market
3. When the North End condo is outdated or in need of major renovation
Boston Real Estate for Sale – Bottom Line
When it comes to writing low-ball offers, there is no one right answer for the Boston real estate for sale market. With the help of your broker, determine that price, consider the circumstances surrounding the sale, and use this information in the manner which will best achieve your goals. While low-ball offers are becoming more frequent, the low-ball offers based on value and not just asking price alone are the ones that are going to deliver the winning pitch.