Beacon Hill condos – overpricing.
In this market, it’s hard to define what is an overprice listing. As far as I am concerned, an overpriced Beacon Hill condo is one that does not sell. In other-words, a Beacon Hill condo is not “overpriced” if a buyer moves forward with the listing price.
The supply & demand dance is taking a strange shuffle since the coronavirus out-break
Look at this scenario; two months ago, the Boston real estate market was ablaze. with little inventory, huge pent-up demand, low mortgage rates, strong economic news and then … BOOM – coronvairus outbreak hits downtown Boston.
Where will the Beacon Hill condo market be tomorrow? To answer that question, let’s use a little wisdom that only experience in selling Beacon Hill condos can provides us. In the Boston real estate market, the present does not last any longer than the New England weather.
In our ever changing world, it is not necessarily a good guide to predict the future from the past, especially in this coronavirus era. It is not because raising asking prices may have stalled yesterday, that we can count on that for tomorrow.
What we can say, looking backwards, is that if a Beacon Hill condo was on the market pre-coronavirus for more than a month and did not sell, chances are it was overpriced.
Overpricing, in a buyers’ market or a sellers market, is a dangerous idea. If the market is slow, it makes no sense. If the market is hot but the Beacon Hill condo does not move quickly, it will grow old and collect MLS dust, as Beacon Hill agents prefer to show the newest listings.
Here at Ford Realty, we have our ears to the ground, and will keep you informed of the current Beacon Hill condo market. If you’d like a free consultation regarding listing your Beacon Hill condo for sale please call/text us at 617-720-5454. You can also email us if you prefer at firstname.lastname@example.org
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