Seller offer dates are becoming a thing of the past.
Listing agents and sellers have traditionally scheduled a date on which to review any and all offers from very interested Back Bay condo buyers, a week or two after going on the market. This effectively creates an auction for the property, which will get that seller the highest price in a competitive situation.
But listing agents are increasingly encouraging buyer agents to simply submit strong offers prior to any sort of offer date. “Offers as they come” is starting to be more typical in today’s market.
No surprise there, as inventory is growing. Buyers aren’t circling around a handful of homes because they have more choices. There are over 100 Back Bay condos for sale on the market for 21 days or more as of this writing. Rising interest rates and the slower summer market are adding up to a situation where a landslide of buyer interest may not materialize for any given property.
Counting on multiple offers is not something a seller should be doing this summer. If a buyer transpires who submits a clean offer at an acceptable price, a seller should seriously consider taking that offer.
Updated: Boston Real Estate Blog 2022
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Updated: Summer 2022