Byline – John Ford – Boston Seaport Blvd Condo Broker.
Submitting an Offer for Boston Seaport condos for sale
Boston Seaport Condos for Sale
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So, you’ve been searching for that perfect Boston Seaport condo for sale to call ‘home,’ and you’ve finally found it! The price is right, and with the Boston Seaport District such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true.
When it comes to buying a Boston Seaport condo for sale, you’re looking for the perfect place to call home. The problem is, in today’s market there just aren’t that many homes available to purchase. With inventory hovering near record lows and sky-high buyer demand, a multi-offer scenario is the new normal. Here are five things to keep in mind when you’re ready to make an offer.
1. Know Your Real Estate Numbers
Having a complete understanding of your budget and how much house you can afford is essential. That’s why you should connect with a lender to get pre-approved for a loan early in the homebuying process. Taking this step shows sellers you’re a serious, qualified buyer and can give you a competitive edge in a bidding war.
2. Brace for a Fast Pace Downtown Boston Real Estate Market
Today’s market is dynamic and fast-paced. According to the Realtors Confidence Index from the National Association of Realtors (NAR), the average home is on the market for just 17 days – that means from start to finish, a house for sale in today’s climate is active for roughly 2.5 weeks. A skilled agent will do everything they can to help you stay on top of every possible opportunity. And, as soon as you find the right home for your needs, that agent will help you draft and submit your best offer as quickly as possible.
3. Lean on a Boston Real Estate Professional
While downtown Boston condo buying may seem like a whirlwind process to you, local real estate agents do this every day, and we know what works. That expertise can be used to give you a significant leg up on your competition. A Boston real estate broker can help you consider what levers you can pull that might be enticing to a seller, like:
- Offering flexible rent-back options to give the seller more time to move out
- Your ability to do a quick close or make an offer that’s not contingent on the sale of your current home
It may seem simple, but catering to what a seller may need can help your offer stand out.
4. Make a Strong, but Fair Offer
Let’s face it – we all love a good deal. In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. According to Lawrence Yun, Chief Economist at NAR:
“For every listing there are 5.1 offers. Half of the homes are being sold above list price.”
In such a competitive market, emotions and prices can run high. Use an agent as your trusted advisor to make a strong, but fair offer based on market value, recent sales, and demand.
5. Be a Flexible Real Estate Negotiator
If you followed tip #3, you drafted the offer with the seller’s needs in mind. That said, the seller may still counter with their own changes. Be prepared to amend your offer to include flexible move-in dates, a higher price, or minimal 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 forego. Freddie Mac explains:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
Freddie Mac Helps Boston Condo Buyers
Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:
1. Determine Your Price
“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”
Based on your agent’s experience and key considerations (like similar Boston Seaport condos recently sold in the same neighborhood or the condition of the Boston condos for sale and what you can afford), your agent will help you to determine the offer that you are going to present.
Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.
2. Submit an Offer
“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”
Talk with your Boston Seaport condo broker to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.
3. Negotiate the Offer
“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.
Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”
If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.
4. Act Fast
The inventory of downtown Boston condos listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.
Boston Seaport Condos for Sale and Bottom Line
When it’s time to make an offer, it’s important to consider not just what you need, but what the seller may need too. Let’s connect so you have expert advice on this step in the homebuying process to put your best offer on the table.
Whether buying your first Boston downtown condo or you’re fifth, having a local real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dream of home-ownership a reality
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Updated: Boston Real Estate 2021
Boston Seaport Condos – 1,2 and 3 bedrooms sales data 2021
What is the average price of a 1 bedroom Seaport condo for sale?
The average price of 1 bedroom Seaport condo is $1,150,000
What is the avg price per sq/ft for a Boston Seaport 1 bedroom condo?
The avg price per sq/ft for a 1 bedroom Seaport condo is $1,621.00
What is the avg. living area for a 1 bedroom Seaport condo?
The avg. living area for a 1 bedroom Seaport condo is 779 sq ft.
What is the average price for a Boston Seaport 2 bedroom condo?
The average price for a 2 bedroom Seaport condo is $2,127,300
What is the average sales price per sq ft for a 2 bedroom Seaport condo?
The avg sales price per sq ft for a 2 bedroom condo is $2,359,647
What is the average living area for a 2 bedroom Seaport condo?
The avg. living area for a 2 bedroom Seaport condo is 1,661 sq ft.
What is the average sales price for a 3 bedroom Seaport condo?
The avg sales price for a 3 bedroom condo is $4,609,350
