Low-ball offers a thing of the past?

The NYT featured an article, “Low-ball Offers a Thing of the Past?”, showcasing the fact that the Real Estate Market received a lot of low-ball offers in the early 2000’s. The numbers of low-ball offers are turning around and buyers are now offering a purchase price closer to the asking price, if not above.

Downtown/Midtown Condos

Low-ball offers were pretty common in the Downtown Boston condo market in the late 190’s thru  early 2000’s.  Fast forward to the present time,  the Boston Downtown condo market is showing that low-ball offers have reduced drastically. A survey completed by the National Association of Realtors state the fact that 10% of Realtors complained about low-ball offers in 2011 compared to no complaints in 2018. One reason could be that Downtown Boston currently has a very stable inventory of Boston high rise condos on the market. Many Boston Midtown condo sellers are trying to price their condos realistically to produce offers close to the listing price. Boston Midtown high rise condo buyers might think that they can get away with a low-ball offer, but it will most likely get rejected, countered or taken out by a competing offer.

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