Boston Condos for Sale
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When COVID-19 first hit downtown Boston real estate sales dropped and most experts thought it would bring about a buyers market. Fast forward to end of 2020 and prices are rising, Beacon Hill and Boston Seaport condos are still selling, and inventory is low and continuing to drop. Hard to believe, but the Boston downtown real estate market is on the upswing, with no indication that will change going into 2021.
The Downtown Boston Real Estate Market
Downtown Boston real estate is still selling at 95% of asking price or higher. This means that price is harder to negotiate for Boston condo buyers, as the seller can just go to the next in line if your offer isn’t high enough. Additionally, Boston condo sellers are in the position where they can ask for more commitment upfront.
Downtown Boston Real Estate Negotiations
Although buyers may not have much wiggle room in terms of the upfront financials, there are ways they can make up for some of this during the negotiation process.
Existing Condo Decor.
If you love the look of a home—the furniture, appliances, light fixtures, etc.—you can negotiate with the seller to buy those items with the home. This may also benefit the seller as sometimes their old furniture isn’t a fit for their new place, so they may be open to leaving it for you. Dibble advises to keep in mind, however, that this can sometimes complicate your loan and it may be staged furniture (not the sellers’ to sell).
Home Cleaning.
Anyone who has bought a new home knows that getting it ready to live in is a lot of work, and the cost can add up. Most contracts include basic conditions that must be met around home cleaning. But sellers can ask for additional services such as a deep clean of a high traffic carpeted area. The negotiated value of these extras in a contract can be up to $500.00
Home Repairs.
If your inspection report uncovers items that need repairs you can negotiate to have those repairs made by the sellers before you buy the home. Remember to be reasonable here: The etiquette when buying a home is to stick with non-cosmetic improvements. If a buyer asks for cosmetic changes like wallpaper or painting, it can be seen as abusing your leverage.
Real Estate Closing Timeline.
Sellers are often looking for the fastest closing timeline possible, but remember you can negotiate the timeline to better match your schedule. Or, maybe the timing doesn’t matter to you, but the seller wants to stay in their home for an extra month. If you give them extra time for the closing, they may give you something in return.
Downtown Boston Real Estate and the Bottom Line
No matter the market conditions, the key in the negotiation process is to not focus solely on ‘winning’. Try to be fair, reasonable and keep everyone happy. Home buying is a human transaction and trust needs to be established between the buyer and seller, because this is such a significant and important transaction, If everyone is happy throughout the process, then the process will be much easier for all involved.
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