Boston real estate is Selling if priced right.
Boston Condos for Sale
Has your Boston condo for sale been sitting on the market a while without selling? If so, you should know that’s pretty unusual, especially right now. That’s because the supply of homes available for sale is still far lower than what we’d see in a normal year. That means buyers have fewer options than they usually would, so your house should be an oasis in an inventory desert.
So, if Back Bay condo buyers have limited choices and your house
still hasn’t sold, there’s a reason why. Let’s break one potential sticking point that may be turning buyers away: your asking price.
Especially with today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price. As a recent article from the Wall Street Journal (WSJ) says:
“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
Why Setting the Right Price Matters
While you want to maximize the return on your investment when you sell your house, you also need to be realistic based on current market conditions. The simple truth is your house is only going to sell for what people are willing to pay right now.
This can be a hard thing to accept. Especially since emotions can run high during the selling process, which only complicates matters more. After all, you may have lived in this house for years, so it’s only natural you’re emotionally tied to it – and those heartstrings can make it harder to be objective.
But it’s important to acknowledge that a bigger-than-expected price tag deters buyers and may make them dismiss your house as a possibility before even seeing it. And if no one’s looking at it, how will it sell?
If you want to get your house sold, you’ll need to do something to spark interest in your home again. That’s where a Boston real estate agent comes in. They’ll help use data to find out if it’s priced too high for your local market. They balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more to find the right price for your house, so you can close this chapter and start your next one.
Boston Condos and the Bottom Line
While it’s true there aren’t that many homes available for sale right now, your home’s asking price still matters. And, if it’s not selling, it may be priced too high.
__________________________________
There’s no denying we’re in a seller’s Boston real estate market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):
- Homes typically sell within 17 days (compared to 26 days one year ago).
- The average home sold has five offers to pick from.
- 54% of offers are over the asking price.
Because so many buyers are competing for so few homes, bidding wars are driving higher Boston condos for sale prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.
Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.
Why Pricing Your Downtown Boston Condo Right Matters
Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.
Instead, focus on setting a price that’s fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.
When you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.
Boston Condos for Sale and the bottom Line
When it comes to selling your house, working with a local real estate professional is essential. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.
My thoughts, if priced right Boston real estate is moving selling.
Boston Downtown Condos for Sale FAQ
Is the Boston real estate market is seller or buyers market?
In the 2nd half of 2021 downtown Boston is in a Seller’s market, With low inventory and high buyer demand, homes today are selling above the asking price at a record rate.
How long does it take to sell a home?
the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR): Homes typically sell within 17 days (compared to 26 days one year ago).
How many homes are selling above the asking price?
the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR) 54% of offers are over the asking price.
Why are Boston condo prices rising so fast?
Because so many buyers are competing for so few homes, bidding wars are driving higher Boston condos for sale prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.
