Many potential Beacon Hill home buyers assume that to find a great deal on a Beacon Hill condo is impossible will be impossible, but this isn’t always true. yes the Beacon Hill condo marker has been on fire for last several years. This doesn’t mean great deals aren’t out there in Beacon Hill. It just means they can be a little tricky to find. Here are some tips for getting the best price on a Beacon Hill condo and potentially saving 10 to 20 percent off market value.
Search for Properties That Have Been on the Market for a While
A Beacon Hill condo that has been on the market for just a few days is unlikely to go for a discount, but that same property may be available for a steal after it’s been sitting for a few weeks or months. Beacon Hill agents will be reluctant to take a lowball offer on a just-listed property and many have guidelines from the owner regarding how much of a reduction they will accept within a specific period. If you want a lower price, look for Beacon Hill condo that have been listed for at least 100 days.
Look Beyond the MLS
The MLS is an excellent place to begin any Boston condo search, but it’s not the only resource available. Beacon Hill condos listed on the MLS also mean plenty of competition. If you want the cheapest price, try looking for Beacon Hill condos for sale on real estate offices who are located on Charles Street. Sometimes offers are displayed in their window before going on MLS. Check out my office in Beacon Hill at 137 Charles Street.
Don’t Get Trapped in a Bidding War
It’s a common tactic to list Beacon Hill condos for far less than they are worth to grab attention as well as multiple offers. This strategy often pays off because buyers become emotionally attached to the home and get into bidding wars. Before you fall in love and make an offer, research what the home is worth and what other comparable condos have sold for recently.
Know How Much You Need to Put into a Beacon Hill condo
Those Beacon Hill condos that seem to need major rehab work commonly go for far less than market value because they turn off most buyers. Despite the neglected appearance, missing appliances, and other issues, you may find that the necessary work won’t cost as much as you think. Get a home inspection. From there, you can get an estimate for repairs from a licensed contractor to make an informed decision and more accurately gauge whether the price is reasonable.
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