What’s behind the high Boston condo listing prices
I’ve been seeing a spike in downtown Boston condo listing prices lately. There are a few reasons behind these high listing prices for Boston condo for sale.
We’ve had a robust real estate Spring to date, with Boston condo sellers obtaining their listing price in many cases.
Boston condo sellers tend to lean heavily on the high-flying comps when determining their property value, giving the most weight to the highest, craziest sale outcomes. If a seller is lucky, one or two buyers will go all out for the property and will pay well above what everyone else offers.
This scenario unfortunately doesn’t happen in every instance. Boston condo sellers attempting to replicate their neighbor’s enormous condo sales price may hit a wall, if they aren’t willing to accept anywhere under their list price.
Boston condo sellers in this case tend to be in the “I’ll sell if I can get that price” camp, and may or may not end up coming to terms with market value. The advantage for the buyer is that he or she can simply pay the list price and not have to compete in a multiple-offer situation. Everyone cuts to the chase, in other words.