As life slowly but surely returns to normal just in time for summer, a sort of thaw is taking place across the country. After a year and change of isolation, Americans are resuming public activities they once took for granted with renewed gratitude and aplomb. This mounting excitement for things to come has extended to the downtown Boston real estate market with experts forecasting a strong rebound to usher in a second “Roaring ’20s.”
Downtown Boston condo owners and brokers often market properties at times like this when prices run high, and sometimes an easy swing hits a home run.
You’ve heard it said before: “Everybody’s got a price.” Savvy investors employ this concept to profit significantly by knowing what their price is, even on a property they don’t necessarily expect to sell. They put a property on the market for 20% more than they know it’s worth because that’s the price they would be comfortable letting it go for. Sometimes, it’s that easy.
I know a residential property owner who bought a property for $1 million and was determined to hold it until the end of the time, letting its value steadily increase. But an agent walked through his office, saw a picture of the property and said, “Name your price.”
Furthermore, I know an investor who actually sold his own home, a house he’d lived in for decades and had no intention of moving out of, because he realized that he could make exponentially more on it than he had thought possible. He recognized the Roaring ’20s and profited, even using his own residence to do so.
The fundamental idea behind this strategy is simply the importance of flexibility in investment. If you’ve meticulously planned the direction of your investments over the next five or 10 years, don’t let that plan keep you from profiting in an unexpected way due to the present reality. Open your mind to the possibility that selling now might provide you with profits you had never even considered.