Boston real estate brokers are basically on the sidelines, due to Mayor Walsh’s restrictions that have basically put the downtown real estate market on pause. But our local market is stable and sales are happening, despite the adversity. Prices are not declining, though volume is down and volume is on a downfall.
The buyers and sellers doing business now are typically motivated by life situations—job relocation, financial situation, domestic changes, for example. Boston real estate is anything but a recreational hobby.
Properties in good locations are still receiving offers and Cash sales represent only a small portion of the activity.
There are still limitations on what Boston condos for sale are accessible for physical showings; for example, we are not allowed to occupied Open Houses. Screening homes by viewing virtual tours, floor plans, disclosures, and location is a must before you can physically see a property.
Many sellers are electing to price their homes transparently, meaning at a price they’ll accept.
Listing agents have gotten much more creative with respect to including homemade video walkthrough tours on Web sites, virtual staging, and virtual open houses.
Mortgage companies and banks have tightened up their lending. It’s important for buyers to consult with their lender to verify whether anything has changed with their preapproved loan amount.
Boston condo buyers will have more access to “off-market” inventory while working with their real estate agent. The National Association of Realtors (NAR) has officially banned the practice of promoting listings exclusively within agent networks, on Realtor Web sites, or with For Sale signs. If an agent promotes a listing through these or other channels, he or she is required to enter that listing into the Multiple Listing Service (MLS) within 24 hours. However, many of these listings are now in a “Coming Soon” category in the MLS that doesn’t allow for public visibility. Your agent needs to be on top of the Coming Soon inventory so you don’t miss out on any opportunities.