“The market is dead.”
“Were in a pandemic.”
“The major banks all agree that prices are going to drop.”
“Maybe the seller really needs to sell, because he lost his/her job.”
“Tom Brady left the Patriots, now nobody wants to move to New England?”
The list of potential reasons why downtown Boston condos might not sell for as much as it would have could have, or more specifically – you wanted it to, runs deep. But as I continue to explain to some wishful buyers out there, none of these self-created excuses for the market are relevant.
I understand the logic, to some extent.
For starters, we are coming out of a worldwide pandemic. We watched downtown Boston shut down as we all quarantined and self-isolated. It’s very possible that given all that we’ve been through, the Boston real estate market could provide for some buying or renting opportunities.
Then consider that the media and some major banks are forecasting declines in real estate prices, both for condos and Beacon Hill apartment rents and I can see why Boston condo buyers and Beacon Hill renters are optimistic.
So while I don’t fault buyers or renters for thinking, we’re in a weak market because they’re reading as much online, I do think that wishful Beacon Hill condo buyers, who are informed, diligent, and active, lack a legitimate reason for their, optimism
What Boston real estate brokers I spoke with are telling me is that there hearing a lot of maybes as of late. Maybe the buyer pool will sit this one out? Not likely.
Maybe our offer that’s 25% below the list price gets accepted. Nope. That’s now how it works.
Grant it, this is a very tricky market, and we’re a little more than two months removed from a time when the COVID-19 struck. But here are the realities.
It’s the end of June, the Beacon Hill apartment rental market is slow and yes rents are coming down. I’m also seeing a trend where more and more landlords are paying the broker fee.
To the Beacon Hill condo buyers out there: use this for good and not hopeful thinking, I encourage you to do your research with your broker so that you can learn about the Beacon Hill or Midtown condo markets and move forward, rather than getting frustrate why prices are dropping like a rock so that you take a step back and make an educated view of the market.
The Beacon Hill condo market is sluggish as expected. This can be a great opportunity for you to buy a Beacon Hill condo for sale under $500,000. Janet, in my office, will be listings one soon under $500k, for more information call her at 617-721-9504