In today’s Boston Back Bay real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.

Things Are Different Today Boston Condo Market

Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are:

Receiving an average of 3.8 offers
Selling in just 17 days

Boston Back Bay homes are selling quickly and receiving multiple offers highlights how competitive the Boston Back Bay housing market is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more. Selma Hepp, Deputy Chief Economist at CoreLogic, explains how these stats can impact buyers:

“The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months. Now, almost 6 in 10 homes listed are selling over the asking price.”

You May Need To Rethink How You Look at a Home’s Asking Price

What does that mean for you? If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make. Offering below or even at a home’s asking price may not cut it. In today’s market, the highest bidder often wins the home, much like at an auction.

Currently, the asking price is often the floor of the negotiation rather than the ceiling. If you really love a home, it may ultimately sell for more than the sellers are asking. That’s important to keep in mind as you work with your agent to craft an offer.

Understand An Appraisal Gap Can Happen

Because of today’s home price appreciation and the auction-like atmosphere in the selling process, appraisal gaps – the gap between the price of your contract and the appraisal for the house – are more frequent.

According to data from CoreLogic:

“Beginning in January 2020, nationally, 7% of purchase transactions had a contract price above the appraisal, but by May 2021, the frequency had increased to 19% of purchase transactions.”

When this happens, your lender won’t loan you more than the home’s appraised value, and the seller may ask you to make up the difference out of pocket. Buyers in today’s market need to be prepared for this possibility. Know your budget, know what you can afford, and work with a trusted advisor who can offer expert advice along the way.

Back Bay Condos and the Bottom Line

Bidding wars and today’s auction-like atmosphere mean buyers need to rethink how they look at the asking price of a home. Let’s connect so you have a trusted real estate professional who can advise you on the current market and help determine what the market value is on your dream home.

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Boston Back Bay condos asking price/selling price

If one of the goals is to list your Boston Back Bay condo for sale and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.

A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re ready to sell.

1. Price Your Boston Back Bay Condo for Sale Right

The Boston Back Bay condo for sale market shifted in 2023 – 2024 as mortgage rates rose and home price appreciation started to normalize once again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Hannah Jones, Economic Research Analyst for Realtor.com, explains:

“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.

2. Keep Your Emotions in Check When Selling a Back Bay Condo for Sale

Today, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years (see graph below):

This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even tougher to separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations and the best pricing strategy along the way. Trust the professionals who have your best interests in mind.

3. Stage Your Back Bay Condo for Sale

While you may love your décor and how you’ve customized your house over the years, not all buyers will feel the same way about your vibe. That’s why it’s so important to make sure you focus on your home’s first impression, so it appeals to as many buyers as possible.

Buyers want to be able to picture themselves in the home. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, says:

“Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”

A real estate professional can help you with expertise on getting your house ready to sell.

Back Bay Condo for Sale and the Bottom Line

If you’re considering selling your house, let’s connect so you have help navigating the process while prioritizing these must-do’s.

Boston Condos for Sale & Back Bay Real Estate

Boston condos for sale

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Boston Back Bay condos asking price/selling price

Boston Condos for Sale & Back Bay Real Estate

The selling pattern in the Back Bay continues to be list low, sell for more. However, it doesn’t always work out that way for some sellers. In December 2017 a few Boston condo buyers veered from the typical pattern, in the Back Bay neighborhood where it absolutely is the norm to overbid. Congrats to these buyers and sellers who wrapped it up before the end of the year:

Click here: Back Bay luxury condos for sale and sales data

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11 Back Bay condos that sold in the last 30 days:

Back Bay condos that sold at asking price:

362 Commonwealth Ave – sold at asking price.

Back Bay condos that sold above asking price:

41 Commonwealth Ave
293 Commonwealth Ave.
345 Commonwealth Ave
230 Beacon Street.

Back Bay condos that sold under asking price:

452 Beacon Street.
352 Beacon Street.
65 Commonwealth Ave.
160 Commonwealth Ave.
295-295 Commonwealth Ave.
226 Marlborough Street.

Pet Friendly Boston condo for sale.

Pet friendly luxury condo for sale at the Ritz Carlton with price reduction.

Back Bay luxury pet friendly condominium with a recent price reduction.

Boston South End Condos pet friendly for sale under $1,000,000.

Boston South End price reduction for pet friendly property.

Downtown Boston Financial District luxury condo with a price reduction dogs and cats welcome.

Boston Waterfront pet friendly properties with reduced asking price.

To learn more about the Boston pet friendly real estate market please feel free to call our office at 617-595-3712. You can also stop by our Beacon Hill office at 137 Charles Street, Boston MA.

Source: MLS

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