The graph above is a simplified explanation stating the difference between a Boston condo buyers marker versus a Boston condo sellers’ market. By using the above chart as a guide, one can easily determine in which direction our current Boston real estate market is heading.
It’s going to be a Boston real estate buyer’s market for the next 2-6 months, and the vast majority of Boston condo agents have never seen a buyers’ market in downtown Boston, let alone know how to navigate it. Over the last ten years, listing agents have gotten away with doing little or nothing to accommodate the Boston condo buyers – their mantra has been, “hey, if you don’t like it, then cancel and we’ll get someone else”. But will there be any other buyers today?
Buyers were signing Offers at a price close or above asking price to make the sellers happy, but that will be major challenge today. Yes, I thought I never would say this, but the downtown Boston real estate market is becoming a buyers’ market.
- Get a pre-listing inspection, and fix as many issues as possible before going on the market.
- Have specific quotes available for other issues that aren’t fixed yet.
- In spite of furnishing this data to the buyers, expect that they will want to re-negotiate.
- Build a defense in advance.
You may still need to do a little something for them to get the deal done, but at least being prepared will keep it to a minimum.