A few years ago, condos for sale in Boston were flying off the shelves and getting multiple offers well over their asking price. It felt like you could name your price and still have Boston condo buyers lined up at the door.

But today’s housing market is different. Buyers for condos for sale in Boston are getting more selective now that inventory has grown. Boston homes are sitting a little longer. And more sellers are having to cut their prices.

So, how do you still come out on top? It all starts with one thing, pricing your condominium right from the start. Today, that matters more than ever – and it can make or break your sale.

There’s a Real Price Disconnect Between Buyers and Sellers

A recent survey from Realtor.com shows 81% of home sellers believe they’ll get their asking price or more. But the actual sales data shows there’s a growing gap between what sellers expect and what buyers are actually willing to pay.

In fact, an annual report from the National Association of Realtors (NAR) shows 44% of recently sold homes went for less than the asking price. And 1 in 3 sellers had to cut their price at least once before the home sold. It’s a sign that expectations may be a little out of step with today’s reality.

Check out the graph below. It uses data from Redfin to show that asking prices (blue line) are higher than actual sales prices (green line) by a wider and wider margin:

This tells you something important: not all buyers are willing to pay what many sellers are asking. That doesn’t mean you can’t sell for a great price – but it does mean you need to start with a price that reflects what people are willing to pay in today’s market.

What Happens When You Overprice Your Boston Condo?

Pricing your home high initially may seem like a smart move, so you have more room to negotiate. But the reality is, an overpriced home can sit on the market and turn buyers away.

Boston home buyers are smart. And when they see a house that’s been sitting for a while, they start to wonder what’s wrong with it. That can lead to fewer showings, less interest, and eventually, a price cut to re-ignite attention. As Realtor.com explains:

“By getting the right price early on, you can increase the odds buyers will be interested in the home. In turn, this decreases the chances the home will sit on the market for a lengthier timeline, also reducing the odds you’ll need to lower the listing price.”

The longer a condo for sale in Boston sits, the harder it can be to sell.

You Still Have a Great Opportunity – If You Price Your Boston Home Right

To avoid making this mistake, it’s important to lean on an Ford Realty agent who knows what’s happening locally when you set your asking price.

Our agents will look at recent local sales, buyer trends, and inventory levels to find that pricing sweet spot for your neighborhood – because it’s going to be different based on where you live.

And here’s something else to keep in mind, home prices have climbed more than 57% over the past five years. So, even if you price a bit below the number you had your sights set on, you’ll likely still be in a great position profit-wise.

With a Ford Realty real estate agent’s help, you’ll attract more attention, avoid seeing your house sit on the market too long, and maximize your chances of getting a strong offer.

In today’s market, the right price works. As Mike Simonsen, Founder of Altos Research, explains:

“. . . the best properties, well priced are selling quickly in most of the country.”

Condos for Sale in Boston and the Bottom Line

The market has changed, but your opportunity to sell hasn’t. You just need the right pricing plan. Talk to a Ford Realty real estate agent at 617-595-3712 to go over what’s happening with prices in your area and determine what price would help your house sell quickly and for top dollar.

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Real Estate Secrets

You get what we pay for is one of the open secrets among Boston real estate agents. When you go downtown Boston condo searching on the web and land on one of those real estate websites that have homes for sale you might have the option of requesting a showing or more information or maybe you see the faces of real estate agents next to the homes for sale.

Zillow Real Estate Website

On the Zillow website, often time the person you are contacting doesn’t know anything about the home in question. He or she or they have paid to be the contact person. Sometimes these agents will respond to the inquiry and other times they won’t. Anyone who inquires about a home for sale becomes a “lead” which is just fine for homebuyers who want to become leads.

The reason the websites are free to consumers is that real estate agents pay to advertise on them. The houses that you find on the websites are there because a real estate agent listed them and the information and pictures were fed from the multiple listing service.

Boston Condos for Sale and the Bottom Line

People who want to buy a Boston condo for sale should choose an agent before selecting downtown Boston condos to view. Your agent will be able to get more information and will return your calls and answer your questions. Your agent needs to respond quickly because the condominiums you are interested in may only be on the market for a few hours.

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Contact me to find out more about Boston condos for sale or to set up an appointment call/text 617-595-3712.

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