Boston condo sellers: I’ve been told that the first Offer is the best Offer. ( But is that really true?
It is possible to get multiple offers on your Boston Seaport condo for sale or Back Bay condo for the asking price or more and then lose all of the offers and have to start all over again.
Losing Boston Condo Officers
The offers are lost after the Boston condo buyer backs out or fails to get financing and the other offerers have moved on.
The second time around it almost always takes a lot longer and the second round of offers are not as good as the offers in the first round.
The first offer isn’t always
The first offer isn’t always the best but good or great offers should be taken seriously. They feature excellent financing approved for a qualified buyer and may also include a large downpayment and a convenient closing date.
I had on sale last year where the buyer allowed the seller to leave furniture and junk behind. The buyer also offered an amount over the asking price with no contingencies. The sellers accepted and did not wait for more offers.
Boston condos for sale and the bottom line
It is also true that an offer in hand is worth a lot more than possible future offers.
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Boston Real Estate for Sale
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I’ve noticed a lot of Boston real estate for sale websites and other internet tools tend to generate maximum urgency early in the listing period. Oh my God if it doesn’t sell in two weeks …
But the Boston real estate industry (me included) doesn’t do a great job of educating – and sellers can be surprised to see a rush of people right away, and an offer or two in the first few days on the market. There is a temptation to wait for the two in the bush.
There is an old real estate adage that the first offer is the best offer.
There is an old adage that the first offer is the best offer. But that sounds like sales talk, and is easy to shrug off – it makes it sound like you have to accept the first offer, but even the most motivated buyer wants a deal and will offer less than they might pay.
Let’s change it to the first BUYER is probably the best BUYER.
Boston condo sellers should recognize that anyone who makes an offer in the first day or two of the listing must be on high alert, and is ready to buy. They have probably made offers on others, and lost out or couldn’t come to terms. Frustration is creeping in, and they want to get it done – these are the folks who have the highest motivation, and willingness to pay top dollar.
Here are some Boston condo qualifiers:
Timing is the key. If the market is hot and prices are trending higher, then it might get better, later. But the downtown Boston condo pricing trend today because of COVID-19 can be described as flat-to-slowly-rising. However, the Boston suburbs are on fire.
Is it a clean offer? Be cautious about Boston condo offers that are contingent upon selling another property, or have other complications. They are worth considering but drag your feet for a day or two to see if anything better comes along.
Motivated Boston condo buyers have been in the game for a while, and have seen the comps. They will pay a fair price, or maybe a little more. If your Boston Seaport condo for sale is super spectacular, then a higher bidder might come along later – those are the downtown condos that are the hardest to find. But if yours is a regular offering or has any negatives, get it done early while you have urgency on your side!
Does the Boston condo buyer’s agent have experience getting people to the finish line? Zillow has their sales history for the last 12 months, and a good agent should have at least one sale per month.
Does the escrow period give you sufficient time to pack, move, and fumigate your house if needed? Get a termite report before committing to a specific exit date.
Can the lender perform within the scheduled timelines?
Have all the decision-makers seen the house?
Do you have a place to go? Buying is harder than selling – make sure you have a clear and reasonable exit plan. The packing of your belongings usually takes twice as long as you expect. Don’t put it off!
Boston Real Estate for Sale and the Bottom Line
While ‘the market’ seems uncertain because of the pandemic any neighborhood can hit a dry patch. If you receive an Offer appreciate your good fortune, and make the deal.
Boston Real Estate for Sale
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