Multiple Offers – Real Estate
Boston Condos for Sale and Apartments for Rent
Multiple Offers – Real Estate
How do you negotiate multiple offers on a Boston condo?
Homes.com +1- Call for “Highest and Best”: Set a specific deadline (e.g., Monday at 5:00 PM) for all buyers to submit their final and best terms. This can drive up the price but carries the risk of discouraging some buyers who dislike bidding wars.
National Association of REALTORS® +4 - Negotiate One at a Time: Select the offer with the most favorable terms and issue a counteroffer while holding others in reserve. This allows for a more controlled negotiation but may lose other potential buyers if the deal stalls.National Association of REALTORS® +3
- Leverage Non-Price Terms: Use competing offers to negotiate for a faster closing date, waived inspections, or a rent-back agreement if you need extra time to move.
Metro Realty Corp. +2 - Accept “As-Is” Offers: In Boston’s older buildings, buyers may offer to buy “as-is” or waive minor repair requests (e.g., those under $1,000) to make their bid stand out.
Reddit +2
- Buyer Qualifications: A cash offer is generally the strongest as it eliminates financing hurdles. For financed offers, look for a pre-approval letter from a reputable local lender dated the same day as the offer.
YouTube +1 - Contingencies: Offers with fewer contingencies (inspection, appraisal, or sale of another home) are less likely to fall through.Metro Realty Corp. +2
- Escalation Clauses: Some buyers include a clause that automatically increases their bid by a set amount over the next highest offer. Review these carefully with your agent to ensure they are verified with proof of competing bids.
www.bostonreb.com +2 - Reasonability: Avoid buyers who seem overly difficult or nitpicky in early communications, as they may become more challenging during the inspection or appraisal process.Homes.com +1
National Association of REALTORS® +1
Click Here to view: Google Ford Realty Inc Reviews
If you’re thinking of buying a Boston condo for sale today, you already know that the number of homes available for sale is low. But what does that really mean for you? As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and get multiple offers. Realtor.com has this to say:
“Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….”
In a bidding war situation like this, doing everything you can to get ahead of the competition is a wise move. That’s because when you find a house and submit an offer, it’ll likely be up against strong offers from other buyers. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers. That’s the most offers we’ve seen in January for the last 5 years (see graph below):
To help you navigate Boston condo for sale bidding wars with multiple offers, an expert real estate advisor is key. They know what’s worked for other buyers, what sellers are looking for, and how to help you prepare when it comes time to make an offer. Here are three tips to keep in mind that will help you make the best offer possible.
1. Know What You Can Afford on a Boston Condo
Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Pre-approval shows sellers you’re serious, which can give you a competitive edge. You should also know making an offer at the home’s asking price may not be enough. Homes today often sell for more than their listing price. An agent can help you understand the market value of the home and what other homes are selling for in your area.
2. Be Ready To Move Fast on a Boston Condo for Sale
Speed and the pace of Boston condominium sales are contributing factors to today’s competitive housing market. When homes are selling fast, it’s important to stay on top of the market and be ready to move quickly. Your agent will help you stay up to date on the latest listings and help you put together your best offer as soon as you find the home you want to buy.
3. Make a Strong but Fair Offer on a Boston Condo
When you’re up against other Boston condo for sale offers, putting your best offer forward from the start is key. Lean on your agent to write a strong offer and use their expertise on which levers you can pull to make your offer as enticing as possible. One option is to wave some of your contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Just remember there are certain contingencies you don’t want to give up, like the home inspection.
Boston Condos for Sale and the Bottom Line
No matter what, your agent is your best resource for making an offer that stands out in a competitive market. Let’s connect to talk through what you can expect as a buyer and how to kick off a successful home search.
Two agents from this office submitted offers on two different properties this morning.
The first one was located in the Back Bay at 160 Commonwealth Ave #212 (MLS # 70872006) asking price $659,000. The listing agent for this Back Bay condo informed us that she received 3 offers on the property since the open house yesterday.
The second offer that was submitted this morning was at 29-31 Dover St., Cambridge (MLS # 70883992) asking price $419,000. The listing agent informed us that he had 4 offers on the property so far.
It would appear that the local real estate market is heating up.
Boston Real Estate for Sale and Beacon Hill Apartments for Rent
New Boston Condos for sale just listed TODAY
This content is currently unavailable. Please check back later or contact the site's support team for more information.
Click Here: Back to Boston Real Estate Home
