Boston condos for sale. You want to sell it on your own (FSBO) I get it.
Boston Condos for Sale and Apartments for Rent
Boston condos for sale. You want to sell it on your own (FSBO) I get it.
Doing it yourself can be satisfying and cost-effective. When I went to get some screens repaired last spring and was told it would take about 3 weeks, so I bought screening, spline, and an inexpensive tool.
After watching a YouTube “how to” video I put screening in three window frames. Sure it took time but it will take less time if I need to do it this coming Spring.
Selling your own Boston condo
It is possible to buy and sell a Boston condo without a Realtor or an attorney. It isn’t as easy as booking a vacation but it is doable. People ask me for advice on how to do this all the time.
My best advice for DIY real estate purchases and sales is to keep in touch with this real estate website in the coming weeks and months. There will be a lot of information about how to buy and sell real estate in MA, including buyer and seller handbooks. The site will be a wonderful resource for anyone who wants to learn more.
Free legal forms for real estate can be found on several websites. The forms Realtors use are proprietary and are not available for public use but there are standard legal forms for real estate.
It is important to remember that real estate is local. Forms and advice from other states are not advised.
Your city or municipality website may also be useful. It will have information about fire inspection requirements, for a valid certificate of occupancy or in some cases a code compliance report.
What could possibly go wrong with a DIY purchase or sale of residential real estate?
There are a few areas that can be contentious. Disclosures are very important as is spelling out who will pay assessments, taxes, and or fines if there are any. Who will be responsible for repairs if they are required.
I like to verify that the person selling the property actually owns it. Surprisingly that isn’t always the case.
Both parties need to get everything in writing. Contracts need to have numbered pages and they need to be dated and signed. An attorney or title company will need to close the sale.
There is something unexpected in almost every real estate transaction, mainly because people are unpredictable and no two properties are the same.
An experienced real estate agent understands what can go wrong and is a good problem solver. He/she can anticipate, based on experience, and come up with a plan or solution. Chances are she won’t work for free. Would you work for free?
There is also an emotional component to residential real estate, which can make negotiations difficult. There are times when home buyers and sellers just need a little help from an objective professional.
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Are you thinking about selling your Back Bay condo as a For Sale by Owner (FSBO)? If so, know there’s a whole lot more time and expertise needed in that process than you might think. While the idea of doing it all by yourself might seem tempting, it’s important to recognize the challenges you may face if you take it on all by yourself. As a recent article from Bankrate explains:
“Choosing the right price, crafting a compelling listing, marketing to potential buyers, coordinating showings, preparing paperwork: All of these are tasks that, in the absence of a real estate agent, you will have to do yourself.”
Here’s a bit more information on just a few of those things and how you may miss out if you don’t use an agent.
The importance of pricing your Back Bay condo right
Pricing your Back Bay condo right is key to a successful sale. Boston condo agents have experience navigating this housing market and understand the art of pricing a home to sell today. Unfortunately, homeowners who sell on their own often lack this all-important experience. That can lead to two common consequences: overpricing or underpricing the house.
An article from Nerd Wallet offers this advice:
“If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”
Don’t run this risk. Instead, partner with an agent to make sure your Beacon Hill condo for sale is priced at current market value, so it catches the eyes of eager buyers. This will put your house in a position to make the best first impression possible.
You Don’t Have as Much Experience in Marketing a Boston condo
In this digital age, online marketing has become a real game-changer, especially when it comes to selling your house. A recent report from the National Association of Realtors (NAR), explains:
“Among all generations of home buyers, the first step taken in the home search process was to look online for properties.”
When you partner with a real estate agent who knows how to take advantage of online marketing tools and resources, you’ll be able to get in front of these tech-savvy house hunters, boosting your chances of a successful sale. But, if you’re attempting to sell your house on your own, you might find yourself missing out on the full power of online and social media strategies.
You May Not Be Comfortable Handling All the Back-and-Forth
When you decide to sell your Boston Beacon Hill condo, you’re not just on a quest to find a buyer; you’re also stepping into a world of negotiations. You’ll have to coordinate with a bunch of people, including the buyer, the buyer’s agent, the inspection company, the appraiser, and more. It’s a dance where every move counts, and the expertise of a real estate agent can make a world of difference in keeping these negotiations on track and sealing the deal.
As NerdWallet says:
“Your listing agent will also, of course, be on your side throughout negotiations. They’ll double-check paperwork that comes through, communicate with the buyer’s agent and other parties to the sale, and generally stay on top of things through to closing day.”
Boston Condos for Sale and the Bottom Line
If you’re thinking about selling your condominium and the idea of going it alone has crossed your mind, be sure to think through that decision carefully. Let’s connect to discuss how a real estate agent has the experience needed to take all that stress off your plate.
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Boston condos for sale. You want to sell it on your own (FSBO) I get it.
But just what makes For Sale By Owner (FSBO) such a bad idea? From incessant inconveniences to costly paperwork mistakes, here are a few of the horror stories that FSBO sellers inevitably encounter.
There are many benefits to working with a Boston real estate broker when selling your Beacon Hill condo. During challenging times like the one we face today, it becomes even more important to have an expert help guide you through the process. If you’re considering selling on your own, known in the industry as a For Sale By Owner or FSBO, please consider the following:
1. Your Safety Is a Priority When Selling Your Condo
During this pandemic, your family’s safety comes first. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, agents are equipped to follow the latest industry standards recommended by the National Association of Realtors (NAR) to help protect you and your family.
2. A Powerful Online Strategy Is a Must to Attract a Boston Condo Buyer
Recent studies have shown that, even before COVID-19, the first step 44% of all buyers took when looking for a home was to search online. Throughout the process, that number jumped to 93%. Today, those numbers have grown exponentially. Most real estate agents have developed a strong Internet and social media strategy to promote the sale of your house. Have you?
3. There Are Too Many Negotiations in a Boston Condo Sales
Here are just a few of the people you’ll need to negotiate with if you decide to FSBO:
- The buyer, who wants the best deal possible
- The buyer’s agent, who solely represents the best interest of the buyer
- The inspection companies, which work for the buyer and will almost always find challenges with the house
- The appraiser, if there is a question of value
As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.
4. You Won’t Know if Your Boston Condo Purchaser Is Qualified for a Mortgage
Having a buyer who wants to purchase your house is the first step. Making sure they can afford to buy it is just as important. As an FSBO, it’s almost impossible to be involved in the mortgage process of your buyer. A real estate professional is trained to ask the appropriate questions and, in most cases, will be intimately aware of the progress that’s being made toward a purchaser’s mortgage commitment.
Further complicating the situation is how the current mortgage market is rapidly evolving because of the number of families out of work and in mortgage forbearance. A loan program that was there yesterday could be gone tomorrow. You need someone who is working with lenders every day to guarantee your buyer makes it to the closing table.
5. FSBOing Has Become More Difficult from a Legal Standpoint
The documentation involved in the selling process has increased dramatically as more and more disclosures and regulations have become mandatory. In an increasingly litigious society, the agent acts as a third-party to help the seller avoid legal jeopardy. This is one of the major reasons why the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
6. You Net More Money When Using a Boston Condo Agent
Many homeowners believe they’ll save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between an FSBO and an agent-listed home was an average of 6%. One of the main reasons for the price difference is effective exposure:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more buyers that view a home, the greater the chance a bidding war will take place.
Boston Real Estate and the Bottom Line
Listing on your own leaves you to manage the entire transaction yourself. Why do that when you can hire an agent and still net the same amount of money? Before you decide to take on the challenge of selling your house alone, let’s connect to discuss your options.
Original Post.
Marketing Your Boston Condo for Sale
It takes more than placing your Boston condo for sale to make buyers notice your Charles River Park condo for sale. According to the National Association of Realtors, 95% of buyers use the Internet in their home search.
This means that online marketing — starting with listing your Boston condo for sale on the local listings database, sharing your listing to dozens of social media platforms, and advertising your listing on numerous websites with a global audience — is essential to selling your home.
Marketing Your Boston Condo for Sale Isn’t Cheap
This is where it gets expensive: ads, brochures, high-quality photographs, and a professional-looking website — things Boston downtown real estate agents have at their disposal — are your responsibility to finance and maintain when you have to do your home’s marketing yourself.
Pricing You Boston Condo For Sale
Even after all that marketing, FSBO sellers don’t actually make more money. In fact, many lose money.
The research backs it up: the National Association of Realtors reports that the average home sold with an agent sells for $240,000. FSBO homes, however, sell for only $185,000. That based nationwide prices. Obviously, for downtown Boston real estate sales those prices would be much higher. What you could save in commission you lose by pricing your home incorrectly or skimping on the marketing.
Finding the Right Price for Your Boston Condo For Sale
Part of the problem with a low-dollar sale is the asking price. Boston downtown real estate agents have more tools and resources, plus an intimate knowledge of the local housing market, so they can spot a wrongly priced listing from a mile away. FSBO sellers, however, have only limited access to home value tools and resources about past sales activity.
The Mountains of Real Estate Paperwork
Understanding the paperwork involved in a real estate transaction is one of the biggest challenges of selling For Sale By Owner.
After all, the contract isn’t just an agreement about the price; it also includes contingencies (like those for home inspections and financing), the closing date, and other important terms.
Without an Agent, Sellers Can Make Costly Mistake
The paperwork involved in a home sale can be complicated and full of legal jargon. An oversight could mean a costly mistake or even a lawsuit. Downtown Boston real estate agents, however, have the knowledge and understanding to take care of all the necessary disclosures.
Boston Condo for Sale – FSBO – Conclusion
Yes, the commission is a sizable chunk of change. But so are the hidden fees and lost profits, not to mention the added stress, that comes with selling a home by yourself. The best way to save money, save time, and save headaches is to work with an experienced real estate professional.
We’re here to help! Give us a call and let’s talk about the home selling process
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