If you’re thinking about listing your Beacon Hill home or Boston downtown high rise condo, you’ve probably heard that regardless of Covid-19 we’re beginning to enter into a seller’s market right now. As inventory dwindles and buyer interest intensifies, it’s not uncommon to see Seaport condos sell just hours after they’re listed, sometimes even tens of thousands above their original asking price.
This may seem like an ideal scenario, but navigating a multi-offer situation can be difficult for even the most seasoned sellers. And sometimes, selecting the right offer doesn’t always mean going with the highest bidder.
Your Guide to Choosing the Right Real Estate Offer
As a Boston condo seller, you’ll quickly find that not all offers are created equal. In addition to price, there are a few other factors you should consider, such as contingencies, financing, closing dates and plenty of other extras that buyers can attach to an offer.
Feeling a little overwhelmed by the thought of selling your Seaport condo? This advice can help you streamline, and get the most out of, your home sale.
Keep your real estate agent in the loop
First and foremost, you’ll want to include your agent in every step of the negotiation process. They’ll be the main point of contact between you and a buyer’s agent, but they can also talk you through your options and help you decide which offer best suits your needs. Additionally, your agent can educate you on common contingencies, as well as other terms that are often added to an offer (more on that later!).
Compare real estate contingencies and financing
Aside from the Seaport condo sales price, you should look at the contingencies and financing options included within any offers you receive. Contingencies are conditions that must be met before a sale—common examples are home inspections, appraisals, and loan approval. As a seller, you want to see as few contingencies as possible, as they can make it harder to close the deal.
Additionally, it’s important to consider how a buyer will be paying for your home. Cash offers are usually considered the best, as you won’t have to deal with appraisals or lenders. There’s also no chance of losing the sale if the buyer’s loan application doesn’t get approved. If you’re looking to close fast, it may even be worth accepting a lower offer if it’s in cash.
Consider any real estate extras
In a hot market, some Boston condo buyers will do anything to stand out against the competition. However, before you fall for any seemingly enticing offers, you’ll want to know which terms will actually benefit you as a seller.
It’s almost always worth giving special consideration to pre-approved buyers because they’ve taken an extra step to secure their financing ahead of time. Buyers who want to close quickly, pay any closing costs, or even set an escalation clause to outbid other offers may also be more serious candidates.
Remember your home’s value
If you end up receiving quite a few offers on your home, you might even find yourself in a bidding war. This can drive the price up quite substantially, but you should probably think twice before accepting the highest bid.
If a buyer is financing their purchase, your home will likely need to pass an appraisal before the sale. And if the price was inflated in a bidding war, a bank may not approve the buyer for the full amount of their loan, which could jeopardize the deal. Be sure to keep your home’s value in mind as you review offers with your agent. They can help you filter out any outlandish bids while still maximizing your profit.
Gearing Up to Sell Your Boston Condo Soon?
Selling a home doesn’t have to be a stressful process—at least not when you work with a top-rated local agent! Feel free to give us a call and let us know how we can help with any of your real estate needs. We have the resources and expertise to get your house sold quickly and for top dollar!
Our mission at Ford Realty Team is to not only provide exceptional service but to shatter the negative perception of downtown Boston real estate brokers and set a completely new standard for the industry as a whole. One of the ways we like to do this is by offering full transparency in all of our dealings and sharing what we’ve learned along the way.
Orginal Boston Real Estate Blog Post
As experts in the downtown Boston real estate in the industry, we receive many questions from our clients who trust us with often the biggest investment of their lives. We’ve put together a list of the top downtown Boston real estate questions we’ve been asked and answered each one of them for you below.
Whether you’re a buyer or a seller, we hope this expert advice guides and clears up any confusion you may have.
Enjoy!
HOW MUCH WORK DO I NEED TO PUT INTO MY CONDO BEFORE PUTTING IT ON THE MARKET?
When preparing to sell your Beacon Hill condo for sale, the goal is always to get the most money. For many sellers, this may mean making some improvements.
There is a balance though, as you want to ensure that the time, money, and energy that you are putting into those improvements and renovations are going to provide you a return. Beacon Hill condo sellers often think that they have to do more work than they may need, considering things like huge kitchen and bath remodels. While these add value to a home if done correctly, you may not always get out what you put in.
Some Seaport condo buyers may not like the finishes you put in, and many may be looking for projects themselves, looking to put their own finishing touches on a property–not wanting something that is brand new. Often improvements like a fresh coat of paint (neutral colors), refinishing hardwood floors or replacing worn carpet or laminate, and a deep clean with staging and professional photos will go a long way with helping you to get the most bang for your buck.
If you are aware of any issues with critical components of the home such as roof, electrical, HVAC, or plumbing, these are also projects to strongly consider taking care of as it will help you avoid potential headaches and buyers backing out after home inspections.
With all of this in mind, it’s important to hire a professional downtown Boston real estate agent who will help you to evaluate these potential improvements and advise you on what should be done for a successful and profitable sale.
The first Beacon Hill condo we ever sold is a perfect example of this. We met the Seller at an open house, and they mentioned “needing” to redo their kitchen before listing their home. Before having them rush in to do that, we were able to stop by and help them evaluate if that was going to be beneficial.
Taking our advice and keeping the property as it was, while doing a few minor touch-ups, decluttering, and staging. We were able to help them sell for their asking price and they didn’t have to invest thousands of dollars on top of dealing with the headache of a remodel.
WHAT’S MY HOME WORTH AND HOW ACCURATE ARE THE HOME VALUATION ADS I KEEP SEEING ONLINE?
The downtown Boston real estate search has changed dramatically in recent years with the rise of technology and various online platforms such as Zillow, Redfin, Trulia, and more. Where buyers and sellers used to have to rely solely on real estate agents for access to homes and images, now buyers and sellers have the entire market practically at their fingertips with these online platforms and apps.
Their ability to review photos, sales history, take virtual tours along with access to a plethora of additional information, right from their smartphone. These platforms also often offer home value estimates and “Zestimates” and have become increasingly popular for consumers to gauge the value of their home. While these estimates can be helpful as a starting point, they are not and should not be taken as entirely accurate.
There are many factors that play into determining the value of a Boston Midtown condo, and a lot of these cannot be evaluated by a computer algorithm, which is what these estimates are based on. They may be able to see that there was a recent sale of a property nearby that has the same amount of bedrooms and baths and similar square footage as your home. But the algorithm cannot determine that the home may have had substantial improvements made to it, that it is located in a more desirable location within the neighborhood, along with many other factors. Features such as views, floor plans, and layouts, can all have a dramatic effect on the value but are not easily quantifiable to a computer algorithm. In some areas, real estate is hyper-local with values changing dramatically just by which side of the street you may be on. These variances change even more dramatically in higher price point markets.
The CEO of Zillow himself was a perfect example when he sold his Seattle home in 2016. With a Zestimate of “$1,750,000”, he eventually sold after multiple price reductions for $1.05 million, 40% less than the estimated home value on his own company website. He even acknowledged that his property’s irregular lot and location on a busy road impacted his sale–a feature that the algorithm did not easily recognize.
Ultimately evaluating all of these factors and coming up with a pricing and marketing strategy that works for your Beacon Hill condo for sale is what a great agent is there to support you with. It’s not in your best interest to hire the agent that just tells you what you want to hear or is willing to price a home based on an unrealistic estimated value. You want to hire and work with someone who knows the market and has a pricing and marketing strategy in place that is going to support a successful and profitable sale of your home.
HOW DO YOU DETERMINE HOW MUCH MY HOME IS WORTH?
To determine what a Boston North End condo for sale is worth it’s essential to look at the complete picture. You may have heard the adage “Location, Location, Location,” and that is still the number one driving factor in a property’s value. There are many other things to keep in mind, though. Size, number of bedrooms and baths, and finishes are also going to have a large impact on the value of the home along with the overall floor plan. If you have two homes that are comparable in every way, but one has a nice open layout and a floor plan that flows and functions nicely, vs. a home that is very chopped up and not very functional. You’ll likely see a dramatic difference in their values.
WHAT’S THE REAL ESTATE MARKET LIKE RIGHT NOW?
The Boston Seaport District real estate market right now is HOT! This is especially true if you are shopping or selling in the lower or median price point. There is simply not enough inventory for the number of buyers looking to purchase. This lack of inventory means that there are often multiple buyers competing against each other for homes. This is especially true for the really great homes that are on the market. Homes that have nice finishes have been well maintained, and are in desirable neighborhoods. Once you get into the higher price points, this demand does shift as there is more inventory available to choose from. This higher-end market is more of a buyer’s market, and buyers have the luxury of being more selective. Homes will also tend to stay on the market longer at these higher price points.
HOW LONG WILL IT TAKE TO SELL MY HOUSE IN TODAY’S MARKET?
In today’s market, if a Beacon Hill condo for sale is priced well and does not have anything negative impacting the sale, you can expect to be under contract in about two weeks. What are some things that could negatively impact the sale? Features like being located on a busy street, being next to a restaurants or similar commercial space that may be seen as less desirable, poor layout, and floor plan, can be reasons for a property to sit longer on the market. Overall, price is going to be the biggest factor in how quickly a home will sell.
WHAT SHOULD I DISCLOSE TO POTENTIAL BUYERS?
As a seller, you should disclose all known facts about the Boston North End condo for sale. Here in Massachusetts, there are required disclosures that the Seller must provide to the buyer. These disclosures are essentially a list of questions that must be answered and elaborated on. Should a seller not disclose something that is required and that they have knowledge of, they could put themselves at risk of a lawsuit.
HOW IMPORTANT IS HOME STAGING, AND DO I REALLY NEED TO HIRE SOMEONE TO DO IT?
The staging of a downtown Boston condo is important and can play a key role in whether or not the sale of a home is successful, and the time that it takes for the property to sell.
In preparation for a sale, sellers should make sure that their home is clear of any clutter, put away personal belongings, and arrange the furniture in a functional way that helps to give any potential buyers an idea of how space can be used.
Many Boston Midtown condo buyers struggle with visualizing and conceptualizing space, especially in vacant homes. Having a few pieces of furniture (but not too many), can help a buyer to wrap their head around the space and get ideas of how they could use it. You ultimately want prospective buyers to be able to visualize themselves in the space using it as their own.
As for hiring a staging company or not, that would depend on the furniture that you have available and the home that you are selling. If you have furniture that matches well with the home and can be arranged in a functional way, you may be able to utilize what you already have.
If you do not have furniture that would work well or the Charles River Park condo for sale is vacant and empty, we would strongly suggest considering a staging company. Statistically, homes that are staged sell faster and for more than homes that are not.
SHOULD I BE PRESENT WHEN BUYERS VIEW MY CONDOMINIUM?
No. It is not recommended that a seller be present during showings of the Beacon Hill condo for sale. Buyers that are touring want to be able to tour the home and discuss any pros and cons candidly. They do not want to feel as if they are going to offend or upset a seller should they not like certain aspects of the home.
WHAT’S THE DIFFERENCE BETWEEN A LIST PRICE AND A SALE PRICE?
The list price of a home is the price that the home is being advertised for. The sales price is the price that the home actually sells and closes at.
SHOULD I PRICE MY HOME HIGHER TO LEAVE ROOM FOR NEGOTIATIONS?
This really depends on the property and local market and is something that a great agent can assist you with. In most cases, it is not recommended to overprice a Beacon Hill home as more often than not, it will hurt you in the long run.
A better and often more effective strategy is to price the home at market value or even just a bit below. The goal is to get as many prospective buyers looking at the home and through the door. Most buyers fall in love with a home based on emotion, and you ideally want as many of those buyers competing for your property.
A seller will typically see the best result when they receive multiple offers and can get those buyers competing against each other, rather than just negotiating with a single buyer. These resulting bidding wars can often drive the price up over what the property is listed for and get you more than if you had aimed for the lofty price, to begin with.
A Charles River Park condo for sale that is overpriced and that is sitting on the market, attracts buyers who are looking for deals and discounts because they see the property as stale or that no one else wants it.
We would say the exception to this would be in the higher end luxury market where prices and value are more subjective. Multi-million dollar properties can have much larger swings in list price and sales price and room for negotiations.
WHAT HAPPENS IF I’M NOT HAPPY AND WANT TO CANCEL A CONTRACT?
As a buyer, you typically have your contingency periods to investigate the property and ensure that it is what you want to buy and meets your expectations. Should you discover something that you are not happy with, you could choose to cancel or renegotiate. A seller, on the other hand, is contractually obligated to the buyer and can only cancel should the buyer not be upholding their end of the agreed-upon contract. Should a seller cancel anyway, they could be subject to reimbursing the buyer for any costs and fees that they incurred. It’s important to consult your real estate agent or real estate attorney before canceling a contract.
HOW DO I RESPOND TO LOW BALL OFFERS?
A seller can choose to respond to an offer however they would like, if at all. If a low offer comes in, a seller has the option of responding with a counteroffer, or they could choose to ignore the offer altogether.
WHAT ARE SELLER CONCESSIONS?
Seller concessions are when a seller “gives up” something to the buyer. This is typically in the form of a credit or repairs. Ex) Seller offers a $2,500 credit to the buyer for closing costs.
WHAT HAPPENS IF THE APPRAISED VALUE COMES IN TOO LOW?
If an appraisal comes in low on your Beacon Hill condo for sale you want to buy, you have a few options as a buyer. You can decide that you no longer want the property and cancel, citing your appraisal contingency. You can try and renegotiate with the Seller, getting them to come down to the appraised value or meeting somewhere in the middle, with the buyer bridging the gap in appraised value and agreed upon purchase price. You can decide that you want the property regardless and come up with the difference in value in cash. Or you can try and fight the appraisal and have the report amended.
WHAT IS A SALE CONTINGENCY?
A sale contingency is a sale that is contingent on something else occurring, typically the sale of another property. You will most often see a contingent sale on a seller who is looking to purchase a property, but in order to qualify and be able to purchase, needs to sell another property.
HOW DOES THE INSPECTION PHASE WORK?
The inspection phase, known as your inspection contingency, is your opportunity as a buyer to verify that the Boston condo for sale you are purchasing is what you want and meets your expectations. This window is when you would conduct a home inspection, bring out any specialists if needed, review seller disclosures, and essentially look into anything that you would like to regard the property. Should you as a buyer discover anything that you are unhappy with, you have the opportunity to back out or renegotiate.
WHAT ARE THE COMMON CLOSING EXPENSES FOR HOME SELLERS?
Escrow fees. Title Fees. Realtor Commissions and potential reports like Termite, Potential repairs, etc.
HOW DO YOU MARKET MY HOME?
When marketing a Boston Seaport condo for sale, the goal is to get the property in front of the largest audience possible in the hopes of attracting buyers and getting as many as you can through the door. Every property is different, and there is not a one size fits all approach to marketing.
There are a few important general rules when it comes to marketing, though. Pricing is important, and you want to have a good pricing strategy that is going to ensure success. Professional photos are another component that should be used in the sale of most homes.
Depending on the property and price point, you may also want to consider things like virtual reality tours, events, or publications.
Ultimately it’s important to partner with an agent who is experienced and knows how to market a property in your market effectively.
IS ANYONE LOOKING AT MY HOME?
There could be many factors to why no one is looking at your Back Bay condo for sale. The first factor in evaluating would be price. If your home is priced too high, it is not going to be attractive to buyers that are in the market when they are comparing them to similarly priced homes that may have more to offer. You also want to evaluate how the home is being marketed. Are the photos nice? Is the home staged well? Are buyers able to find the listing online and does it look better or worse than the other similar properties on the market?
CAN YOU RECOMMEND SERVICES PROVIDERS WHO MAY BE NEEDED THROUGHOUT THE TRANSACTION?
A downtown Boston real estate agent is often very well connected with various service providers and contractors. We would definitely suggest connecting with your agent to see if they have any recommendations prior to hiring anyone for work.
Because of the amount of work that real estate agents do in this space, they may be able to get you discounts and/or make sure that you’re working with someone that is going to complete quality work.
That’s about it for now! If you have any additional questions we didn’t cover in this Q&A please mention them in the comments below and we’ll do our best to respond to you directly or in a future Q&A.
Also, if you’d like to work with us, please give us a contact anytime!
Boston real estate for sale
Downtown Boston Real Estate for Sale
Boston Beacon Hill condos for sale
Charlestown Boston high rise condos for sale
Charlestown Navy Yard high rise Boston condos for sale
Fenway Boston luxury high rise condos for sale
Financial District luxury high rise condos for sale
Highrise Boston luxury condos for sale
Midtown/Downtown luxury high rise condos for sale
North End Boston luxury condos for sale
Seaport District high rise condos for sale
South Boston high rise luxury condos for sale
Waterfront Boston luxury condos for sale
West End Boston condos for sale
Beacon Hill luxury condos for sale
Back to Homepage
Beacon Hill condos for sale
Boston Midtown Condos For Sale
