Typically, Boston luxury home buyers and sellers tend to vacation in August and don’t concentrate on real estate until after Labor Day. Knowing that most buyers are away in August, sellers are reluctant to market their property. They don’t think they get as much exposure, nor get attention of Boston luxury real estate buyers who are arguably on vacation too.
Sellers often put the word out about the sale of their Boston luxury home without officially putting it on the market. They spread the word under the radar in the event that an out-of-town buyer is visiting Boston and is a perfect match. In fact, of late, many Boston luxury real estate properties have been sold before they hit the market, thanks to the shortage of inventory.
The downside to this scenario is that there will be a flood of inventory on the market in the fall, and sellers will have more competition. Buyers, on the other hand, should not assume that they can’t buy a property that matches their criteria because they are on vacation.
A knowledgeable broker works 24/7, and is aware when a Boston luxury home is sold off the market during summer. They keep buyers in the loop, so that they don’t miss a beat. Even when I’m on vacation, I’m plugged into Boston real estate activity and stay in touch with my clients who could benefit.
I come across buyers who don’t miss out on an opportunity to briefly interrupt their vacation to come home and buy a property before it hits the market. So being late summer, winter or fall, buyers should know to be in contact with their agent to take advantage of the off-market listings.