It happens all the time. A Beacon Hill condo goes on the market and after about three weeks or sometimes three days home sellers start to get worried that the Boston condo won’t sell.
Sometimes the price needs to be lowered for a quicker sale. I know one seller who is quick to point out that he got his asking price by being patient but most home owners are not willing to keep their property on the market for two or three years.
Some types of downtown Boston real estate take longer to sell than others. Generally higher price condos and townhouses take longer to sell
If the high rise condo is getting a lot of showings but no offers the home owner might want to just tough it out and pay attention to the feedback. Maybe there is some small improvement that will sell the home or maybe the right buyer has not come along yet.
When the goal is to sell the Boston real estate quickly the price needs to be lower. If the goal is to get the maximum amount of money for a piece of real estate the seller needs to be willing to give it a few months. However it is important to keep in mind that a buyer is more likely to offer closer to the asking price the first few weeks the home is on the market.
Dropping the price of a Boston condo
So . . . when is the best time to drop the price? Well it depends upon how long the home has been on the market and how many people have seen it. If it isn’t getting any showings in today’s market it is possible its because of COVID, but more than likely it is over priced. if it is getting a lot of showings but no offers check the feedback from buyers.
If they are constantly saying the home is “dated” or maybe that the bedrooms are two small or are commenting on something else that can not be changed and for them is a deal killer it is time to reduce the price.
Boston Real Estate for Sale
Know that putting a price on a Beacon Hill condo is not an exact science and especially here in the Beacon Hill where there are no two homes that are exactly the same and prices go up and down a little each month.