Don’t Wait To List Your Boston Property For SaleFebruary 2, 2013
If you’re thinking about selling your Boston property in a few years, you should do it now before it’s too late. The inventory all over the city, including the best Boston neighborhoods, is at an all-time low. Buyers stand in line when a new property goes on the market in Cambridge, Somerville, Medford, Brookline and the metro area. Open houses are overcrowded and buyers are coming in droves. For the most part, properties are selling for over the asking price, regardless of condition. There simply isn’t enough product on the market.
A Sellers’ Market in the Best Boston Neighborhoods
If you wait too long to sell your home, you’ll be running the risk of increased competition, especially sellers whose homes need work. Newer and more up-to-date Boston properties are flooding the market. The city alone has 22 new developments under construction which translates into well over 2,000 brand new housing units.
Millennium Place broke ground last year with expected occupancy next fall. The development is selling at such a rapid pace that Millennium Partners have decided to soon break ground on the old Filene’s Basement site, introducing nearly 600-650 units with commercial and retail components. The list of development is long all over the city from Chinatown, to the South End, Fenway etc.
It is very hard to compete with brand new products. 99% of buyers, especially professionals, don’t want to do any work to their new home. Buyers today simply don’t have the time nor do they want to deal with the hassle. They PREFER buying brand new properties and often forfeit preferred location to buy the home that is brand new and needs no updating.
If I were a seller, I would list my property NOW. After all, it is a seller’s market. Are you living in one of the best Boston neighborhoods and curious what your home is worth? Contact me to explore your options for listing your property.