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Boston condos for sale, Sellers buyers are willing to compromise in this market
Boston condos for sale, Sellers buyers are willing to compromise in this market:
Inventory issues continue to plague first-time homebuyers while competitive pressures have sparked bidding wars. By the end of August, there was only a two-month supply of housing available for sale, which is a historic low.
Here in downtown Boston, there is a limited supply which is the lowest we have seen since winter/
Same old story. Lots of downtown Boston real estate buyers and few sellers.
In past decades we were able to build our way out of housing shortages. Let’s hope it repeats itself thru 2022
2020 is quite the robust Boston condo seller’s market, especially for Boston condos for sale priced $500k or under. Limited inventory and high demand continue to give way to multiple offers and substantial overbidding. Interest rates are also still very low. If you’re a Boston Seaport condo owner with any near-term plans to move, now is the time to take action.
Reasons for selling your Boston condo
Maybe you have that job relocation possibility in NYC? Or you’ve owned your Boston Beacon Hill condo for the last 20 years and would rather be living in Nantucket? There are plenty of reasons you might be considering a big move, and I’m here to tell you that you should take advantage of the market while it’s still in your favor.
What are buyers willing to compromise on
If your Boston condo for sale requires any type of compromise, buyers are much more willing to make one (or three) in the current market. What are some compromises that buyers in the current market may overlook?
– No parking
– Downtown Boston condo with no yard or outdoor space—or one that backs up to a restaurant.
– Boston condos for sale that’s not near retail or public transportation
– Situated on a high-traffic street
– Boston Seaport condo with particularly limiting condo association restrictions (pets, rentals)
– Awkward floor plan
– Low curb appeal that can’t be easily helped (I’m thinking faux stone, or starters)
– Multi-unit building with low rents and deferred maintenance.
I could go on. But you get the point. Give me a shout/text at 617-595-3712 if you’re ready to talk about your property’s value. I can craft a custom marketing plan that will win over home buyers and convince them that they can work with whatever objections they might have
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As there’s more and more talk about the Boston condo for sale market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you should know the market is still anything but normal.
Even though the supply of Boston condos for sale has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of inventory of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this:
A Boston condo buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their house.
In a Boston condo sellers’ market, it’s just the opposite. There are too few homes available for the number of buyers in the market and that gives the seller all the leverage. In that situation, buyers will do what they can to compete for the limited number of homes for sale.
A Boston condo for sale neutral market is when supply is balanced and there are enough homes to meet buyer demand at the current sales pace.
And for the past two years, we’ve been in a red-hot sellers’ market because inventory has been near record lows. The blue section of this graph highlights just how far below a neutral market inventory still is today.
What Does This Mean for You as a Boston condo buyer or seller?
Ed Pinto, Director of the American Enterprise Institute’s Housing Center, gives a perfect summary of what’s happening in today’s market, saying:
“Overall, the best summary is that we’ll move from a gangbuster sellers’ market to a modest sellers’ market.”
