Boston Condos for Sale and Apartments for Rent
If there’s one thing I’m sure of for the 2023 Boston condo market, it’s this…
There will be one overwhelming factor in selling Boston condo for in 2023:
Boston Condos Buyers Will Want To Pay Less.
Boston condo buyers are coming into every price range with that mindset. Whether it’s first-time homebuyers or luxury condo buyers they will be looking to find a reason to place an offer below asking price to. If they can’t find one, they will at least be doing the mental math on how much money they will have to pay to customize it to their tastes……and they will want someone else to pay for it.
It’s a 180-degree change from the hot Boston condo for sale market era when buyers just wanted to win a Boston condo bidding war. In the past, nothing mattered during the frenzy – bad floor plans, bad locations, bad improvements, bad agents, and bad prices didn’t stop Boston condo buyers from paying insane amounts OVER the asking price. And what’s worse – those are now the comps!
Will Boston condo sellers adjust to the fast changing real estate environment?
Will listing agents educate their Boston condo sellers of how 2023 is not like the past?
Here’s my thoughts that will happen:
Boston condo sellers and their brokers will add a little extra to the list price to compensate. Their mindset, we can always come down later!
Oh, great. If this happens, we’ll be at a stalemate, one of my worst fears as a broker.
It will be easy for sellers to shrug it off, and mentally prepare to sell for 2% to 4% under their list price…..because they already added it on top!
