Tips on Selling Your Boston Back Bay Condo

Byline – John Ford Boston Back Bay Condo Broker 137 Charles St. Boston, MA 02114

Selling your Boston condo is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process. A listing agent, also known as a seller’s agent, helps market and sell your house while advocating for you every step of the way.

But, how do you know you’ve found the perfect match in an agent? Here are three key skills you’ll want your listing agent to have.

They Price Your House Based on the Latest Data

While it may be tempting to pick the agent who suggests the highest asking price for your house, that strategy may cost you. It’s easy to get caught up in the excitement when you see a bigger number, but overpricing your house can have consequences. It could mean it’ll sit on the market longer because the higher price is actually deterring buyers.

Instead, you want to pick an agent who’s going to have an open conversation about how they think you should price your house and why. A great agent will base their pricing strategy on solid data. They won’t throw out a number just to win your listing. Instead, they’ll show you the facts, explain their pricing strategy, and make sure you’re on the same page. As NerdWallet explains:

“An agent who recommends the highest price isn’t always the best choice. Choose an agent who backs up the recommendation with market knowledge.”

They’re a Great Negotiator

The Back Bay condo-selling process can be emotional, especially if you’ve been in your house for a long time. You’re connected to it and have a lot of memories there. This can make the negotiation process harder. That’s where a trusted professional comes in.

A skilled listing agent will be calm under pressure and will be your point-person in all of those conversations. Their experience in handling the back-and-forth gives you with the peace of mind that you’ve got someone on your side who’s got your best interests in mind throughout this journey.

They’re a Skilled Problem Solver

At the heart of it all, a listing agent’s main priority is to get your house sold. A great agent never loses sight of that goal and will help you prioritize your needs above all else. If they identify any necessary steps you need to take, they’ll be open with you about it. Their commitment to your success means they’ll work with you to address any potential roadblocks and find creative solutions to anything that pops up along the way.

BankRate explains it like this:

“Just as important as the knowledge and experience agents bring is their ability to guide you smoothly through the process. Above all, go with an agent you trust and will feel comfortable with. . .”

Back Bay Condo for Sale and the Bottom Line

Whether you’re a first-time seller or you’ve been through selling a house before, a great listing agent is the key to success. Let’s connect so you have a skilled local expert by your side to guide you through every step of the process.

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If you’re on the fence about whether or not you want to sell your Boston Back Bay condo this year, there’s good news. Back Bay real estate professionals are highly experienced in how to sell Boston condos safely during the pandemic. Over the last year, Boston condo agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the National Association of Realtors (NAR), puts it:

“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”

Below is a closer look at some of the new tools real estate professionals are using to better serve sellers.

New and Existing Technology Are Impacting the Back Bay Condo Selling Process

Back Bay condo safety

In the 2021 Realtor Technology Survey, NAR asks real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months. The graph below highlights the top five tools those agents said are true game-changers: Tools that allow agents to serve clients at a distance and limit exposure to others, including eSignature, lockboxes, and video conferencing, became increasingly important during the last year. Those same tools are just as essential today. Restricting the number of people a seller must interact with during the process is the best way to keep all parties involved in a sale safe.

Trusted Advisors Stay Up to Date on Guidelines for In-Person Back Bay Condo Showings

As things change in our day-to-day lives, the guidance on how to stay safe changes as well. NAR regularly updates the resources available to real estate professionals to ensure the latest recommendations and best practices are readily available. This includes suggestions on how to continue to conduct safe in-person showings.

Agents also follow guidance from the Centers for Disease Control (CDC) to make sure homes are safe. The CDC’s advice includes information on how to clean high-touch surfaces like doorknobs, tables, and countertops so they’re disinfected for all.

This past year changed the way agents do things for the better. Real estate professionals use new technology, tools, cleaning procedures, and the latest guidance to meet your changing needs. The goal is to keep you safe and build your confidence throughout the sales process.

Back Bay Condos for Sale and the Bottom Line

It’s important to know that your safety is still a top priority when it comes to selling this year. Let’s connect today so you can have the best tools available to help you take advantage of today’s sellers’ market.

Boston Condos for Sale & Back Bay Real Estate

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Downtown Boston real estate for sale

Tips on Selling Your Boston Back Bay Condo

We’re in the ultimate sellers’ market right now. If you’re a Back Bay condo owner thinking about selling, you have a huge advantage in today’s housing market. High buyer demand paired with very few homes for sale makes this the optimal time to sell for those who are ready to do so. Whatever the move you want to make looks like, here’s an overview of what’s creating the prime opportunity to sell this summer.

High Buyer Demand for Back Bay Condos

Demand is strong, and Back Bay condo buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Homebuyers aren’t just great in number right now – they’re also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.

Low Inventory for Downtown Boston Condos for Sale

Purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com, explains:

“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”

NAR also reveals that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. Below is a graph of the existing inventory of single-family homes for sale:At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:

“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”

What Does This Mean for You as a Downtown Boston Condo Owner?

If you’re thinking of putting your Boston real estate home on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.

Boston Real Estate for Sale and the Bottom Line

As vaccine rollouts progress and we continue to see the economy recover, more houses will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.

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Tips on Selling Your Boston Back Bay Condo

Receiving your first offer is one of the most exciting parts of selling your Boston Back Bay condo. While it might seem like the hard work is finally over, the negotiation process is actually just getting started.

Even in this Boston real estate pandemic market, negotiating with a buyer can require quite a bit of time, skill, and guidance from your broker. However, with the right strategies, you can remain in the driver’s seat and maximize your profits.

Here’s How to Negotiate with Potential Boston Condo Buyers

When Back Bay condo buyers submit an offer, they’re trying to get the best possible price, secure specific contingencies, and financing, and close on their ideal timeline. As a seller, you’ll want to take their needs into consideration—but that doesn’t mean you have to give in to every concession.

Ready to hone your negotiation skills? Here are four easy tips to help you leverage a deal that gets you the price you want while keeping your buyer happy.

Review every real estate offer with your broker

Even if you have some home selling experience, it can be hard to decipher all the elements of an offer. Most offers are just a small part of a purchase and sale agreement, which includes everything from price to contingencies to deadlines, so it’s important to review every detail with your Boston real estate agent.

While it might be tempting to decline any offers below your asking price, you still want to consider the bigger picture. It may be worth sacrificing some equity for fewer contingencies or a cash deal. Your agent can guide you through the pros and cons of each offer, as well as answer any questions. Remember we still have COVID-19, and as result, more people are moving out of the city than moving in.

Don’t compromise on your must-haves

Unfortunately, Back Bay inventory is rising and prices have stabilized, thus, have given Back Bay condo buyers a distinct advantage in today’s market. That means you probably will have to give up something—like a certain price or closing date—to secure your sale. Pick and choose your must-haves.

While it’s okay to drive a hard bargain, you don’t want to appear unreasonable to Back Bay condo buyers. In some situations, it’s common courtesy to agree to certain contingencies (such as a home inspection), offer credits for repairs, or even pay a portion of their closing costs.

Make a clear real estate counteroffer

If you receive an offer that isn’t quite what you want, you have a few options. Most sellers choose to respond with a counteroffer, which proposes modified terms that are more beneficial to them.

The biggest factor to consider is the price—if a buyer offers less than you’re willing to accept, try countering with a more realistic number. However, you’ll also want to take financing, contingencies, and timing into account. For example, you may want to ask a buyer for a different closing date or say no to excessive contingencies, as they can slow down the transaction. Ultimately, the ball is in your court, so it’s worth weighing different options with your agent.

Boston Real Estate and the Bottom Line

If you’re looking for the right agent to guide you through the negotiation process, we’d love to lend a helping hand! Get in touch with us today to learn the ins and outs of selling your Back Bay condo—we’re always on hand to answer any questions you might have.

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