Boston Real Estate Market FrenzyMay 11, 2013
Buyers are becoming disappointed, discouraged and frustrated with the pace of the current market. With bidding wars and multiple offers on properties within any given price range, buyers are simply fed up by not getting the home they want.
Insider's Guide to Buying a Boston Luxury Condo
Some properties don’t even go on the market before they're purchased. Often times, the buyer’s broker has inside information (another reason to work with a savvy Boston real estate agent who has connections), and the buyer gets to make an offer well before the property hits the market. Buyers may be prepared to pay well above the asking price to entice sellers not to put the property on the open market.
Properties in the $300K to $2M are typically showcased at open houses, and offers are entertained after the open house. If the Boston luxury condo does not generate multiple offers or an offer that is acceptable to the seller, there may be some room for negotiation (should not count on it though in the current market). Unique, renovated properties sell faster than the ones in dire need of work. There are only a few buyers willing or with the resources to take on renovation projects.
In this market, it is no secret that buyers looking for a home within a certain budget have to compromise somewhere. It is a mistake not to purchase Boston real estate now, because the prices are not going down anytime soon. My advice is to be flexible in terms of size, amenities or location. Maybe you can do with one less parking space or one less bedroom. Even think about expanding your horizons by going out of the box and looking in other areas.
Even if the home you're looking at is not your dream home, it will give you the opportunity to wait for the ideal property. Don’t miss out on a solid investment in this red hot market.