The question that I’ve been asked a lot lately is; “How are Beacon Hill condos being priced during this coronavirus outbreak?”
Boston Real Estate Pricing
Sometimes Boston real estate owners tell me they didn’t select me because I recommend a listing price for their home and they would rather work with an agent who has a higher price recommendation. Boston real estate agents know this and some will give you that higher price every time.
Boston Real Estate Brokers – Good News
The good news is there are a lot of Boston real estate agents and several that can and will do a great job selling your home . . . once it is priced right.
Pricing a Boston Condo More of an Art than Science
The value a real estate broker gives you is just a recommendation and it is based on data and facts and in all cases, a homeowner should be able to ask whatever they want to for their home. Pricing a home is more of an art than a science and yes it takes experience and I don’t know anyone who always gets it right every time.
A great strategy for real estate agents is to tell the homeowners what they want to hear and then work on a price reduction after the home is on the market.
The problem with that strategy is that the longer your home is on the market without an offer the less it will sell for in the long run. The homeowner who starts at the lower price often ends up getting more money for the home than the homeowner who wants to just “try” the higher price for a while.
Boston Condo Transparency
If your finances or other circumstances dictate that you must sell then I would strongly recommend what is called in industry transparency pricing.
Transparency pricing means listing your condo at a price you’d take. There is a LIMITED pool of buyers right now and the chances of multi-bids are probably slim. Best to list on the conservative price range.
To come up with your Beacon Hill condo list price you could do is view the past 3 months of Beacon Hill sales comps. Upon viewing the average or median price per sq. ft., price your Beacon Hill condominium accordingly. I would recommend that you should look at the middle or lower end of the comp price per sq. ft. range. At least until the Boston real estate for sale market improves.
Boston condos that are priced right generally sell quickly in today’s market.
As a homeowner myself I don’t think I can price my home correctly. I am biased and I think I am probably underpricing it. At the very least I would need and want a second opinion.
Unless a home is underpriced sellers can plan on getting less than the asking price. When I work as a buyer’s agent I rarely encourage the buyers to offer full price when I know from experience that the sellers will probably take less and even if they don’t it hurts to ask and do a little negotiating.
Boston Real Estate and the Bottom Line
If you live in downtown Boston and would like some general information about home values please see feel free to call me at 617-595-3712.