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
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114