As the Boston real estate for sale market enters its 3rd month of uncertainty because of the COVID-19 outbreak. Many sellers are asking should they lower there list price on their Boston condo for sale. Although the year started off with strong sales activity and rising real estate prices, lower mortgage interest rates, things have changed and caused the market to cool down.
Market conditions in downtown Boston don’t always move at the same pace as the rest of the Massachusetts. It’s not unusual for Beacon Hill homes and high rise condos to be in higher demand, which means sales activity is greater compared to single-family residences in the suburbs.
Prospective Boston real estate buyers should determine the kind of market they’re in, which can be done by reading our monthly Boston neighborhood sales reports
Because we’re going through a health crisis, doesn’t mean the Boston real estate market is crashing. Your Boston real estate agent can tell you if a listing is overpriced based on factors such as automated valuation model appraisals and pencil calculations based on comparable sales. When a listing is asking more than 10 percent over the market price, an offer that’s 20 percent lower than the asking price wouldn’t be unreasonable, and the selling broker will likely be aware of this. On the other hand, offering 20 percent below the market price wouldn’t be reasonable unless conditions are heavily tilted in favor of buyers, which at this point that’s not happening.
A broker who refuses to present an offer that’s reasonable based on the market price isn’t someone you want to have on your side. If the pencil appraisal indicates the listing price is overvalued by 15 percent, your real estate agent shouldn’t balk at presenting an offer 25 percent lower than the asking price. Should you run into this situation, you can always look for another agent.
If you’re shopping for downtown Boston condos for sale and you want to get the most for your money, make sure to work with agents who have experience in the downtown Boston real estate market. For the best advice about buying a downtown Boston condo, rely on the Janet Lamb Team of Ford Realty to guide you. Please us a call today at 617-720-5454.