Is this a Boston condo sellers market?
Yes. However, more Boston condo owners are decreasing their asking price. That isn’t something we have seen very often. It is still a seller’s market. My advice to buyers is the same as it has always been
If a Boston condo for sale has been on the market for a couple of weeks don’t wait for the Boston condo sellers to drop the price because when they do there will be multiple offers. Go ahead and make an offer for less than the asking price and be prepared to negotiate. The sellers might say no but they could say yes.
For Boston condos for sale that were just listed buyers can offer less than the asking price but most sellers will not accept less than the asking price right after they put the house on the market. Most would rather wait for a better offer.
In general Boston condo prices are still rising but they won’t rise by much this year due to higher interest rates . . . . or at least that is my current theory.
Waiting for the price to go down rarely works but miracles can happen.
- If you’re on the fence about selling your Boston condo, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition.
- With Boston condo buyer demand rising and low Boston high rise condos for sale, if you’re in a position to move, your house may really stand out from the crowd.
- Let’s connect today to get your homebuying process underway
Whether or not you’ve been following the Boston condo market lately, there’s a good chance you’ve heard we’re entering a Boston condo sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their downtown Boston condo for sale?
It starts with the number of Boston condominiums available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):When the supply of Boston Back Bay ccndos for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer. As this happens, home prices rise, and sellers are in the best position to negotiate deals that meet their ideal terms.
Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.
Today’s ultimate sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it. Let’s connect to discuss how to jumpstart the selling process.