In selling or buying Boston luxury real estate, there are many situations that education becomes critical. Pricing Boston luxury homes is a very thoughtful process, and submitting a competitive offer is as well.
The advice of an experienced real estate agent is a major asset. Seasoned professionals can give you valuable information and points to consider, including comparable sales data and recommendations for pricing condo units within a less desirable building.
Comparable Boston luxury homes sales in the area prevent buyers from overpaying and sellers from overpricing. Overpaying in multiple bidding situations these days is pretty common, due to lack of inventory. But don’t be foolish about it, since you have to consider resale at some point. Some buyers and sellers not only have their own idea of the “right” price, but friends and colleagues also become an authority in real estate and offer their opinion of value with no basis or any in-depth knowledge of the market.
Sometimes, you buy or sell a unit which is gorgeous and in great condition, but the building is not up to par with the unit. You can’t expect to buy or sell a high-priced luxury unit in a B-rated building. Your Boston luxury real estate agent will know to advise you accordingly, not your friends. It becomes frustrating for sellers if the property doesn’t sell for what it is worth, or for buyers in their purchasing process.
For the best results, pick someone you trust rather than getting advice from everyone. Working with an experienced Boston luxury real estate agent will help you in the long run. Make sure to work with someone you respect and value their opinion.