You just found the perfect Charles River Park condo and it is priced at $500,000. Now what? Do you offer $475,000? The number one factor for making a great offer on a Boston condo for sale is knowing the DOM (days on market). If the sellers are asking fair market value and there are no other offers on the table you can follow this rule of thumb.
1-3 DOM (Days on Market)
You will need to offer full price or extremely close to it. Make sure your Boston buyers agent calls the listing agent to check if there are already multiple offers submitted.
4-14 DOM (Days on Market)
You will need to offer within 1% to 3% of asking price. At this point the Beacon Hill home is still pretty new on the market and the sellers aren’t going to consider much less than they want. The sellers will generally wait at this point for something better.
15-31 DOM (Days on Market)
With this time frame you can consider 3% to 5% off asking price on the Boston condo for sale. The sellers are probably starting to worry they won’t sell their Charles River Park condo, but it is still recent enough on the market they aren’t going to consider low ball offers.
32-60 DOM (Days on Market)
At this point you can consider asking 4% to 7% off the listing price on the Boston condo for sale. Feel free to get a little aggressive with what you are asking for. It doesn’t hurt at this stage to try for a significant reduction on the Charles River Park condo.
60+ DOM (Days on Market)
Be reasonable but at the same time feel free to ask 5% to 10% off the listing price or more, depending on the downtown Boston condo and situation. Make sure your Boston condo buyers agent has checked in with the listing agent before making an offer. At this point the sellers may have already had a price drop or two and you can’t take another 10% off their latest price drop.
Keep in mind every Boston condo for sale and every neighborhood market is a little different. Make sure to rely on the advice of a top downtown Boston real estate agent. Also keep in mind that higher priced (luxury) properties tend to stay on the market longer and you typically won’t be able to ask too much off the top. However, these DOM numbers are a good rule of thumb. Always have your Boston Midtown condo buyers agent check the home’s value. Check if there are other offers on the table, and find out if the sellers have made any price drops since they started the listing. With these items and the DOM in mind you will be able to make a good offer on a downtown Boston real estate listing for sale