The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell Boston real estate is changing. This is a moment in time that’s even sparking a debate, some buyers claim we’re in a real estate recession, looking for deals on a Boston condod. Sellers, however, aren’t offering a discount these days; they’re holding steady on price. They claim we’re in a induced coma state, and can be revived soon.
According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:
1. “Have any of your sellers recently reduced their price to attract buyers?”
Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis.
2. “Are home buyers expecting lower prices now?”
Boston real estate
Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.
What We Do Know
In today’s Boston real estate market, with everything changing and ongoing questions around when the economy will bounce back, it’s interesting to note that some Boston condo buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their downtown Boston real estate. Clearly, there are two different perspectives at play.
Boston Real Estate and the Bottom Line
If you’re a Boston condo buyer in today’s market, you might not see many sellers lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your Beacon Hill home, let’s connect today to discuss your real estate needs and next steps.
