Buying a Boston Luxury Home DirectlyJune 21, 2014
The shortage of property supply in the Boston luxury real estate marketplace has created over eager buyers that are desperate, for lack of a better word, to find a home to buy. Buyers and their real estate agents are getting creative in searching for Boston luxury homes.
Bonus Points for Working with the Right Real Estate Agent
There are many advantages of working with a well-established agent who is well connected, has a vast networking ability, connections and a positive reputation. Partnering with the right pro will provide the opportunity to approach her/his past sellers or acquaintances who may be on the verge of selling their Boston luxury homes in the near future, or even in a year or two, but could be persuaded to sell to the right buyer at the right price.
Needless to say, buyers must be prepared to pay more for Boston luxury real estate that is not already on the market. Sellers, of course, need some extra motivation to sell to make it worth their while, and buyers will be able to find a home without having to go through the stress of dealing with multiple bids and a grueling bidding war process, realizing that they will be paying over the market price.
If the intention is to stay there for a few years, then overpaying for a luxury Boston home is generally not a major concern for the buyer. There have been quite a few sales in the high end of Boston homes where units were not on the market, and their real estate agents offered the owners a very appealing offer that they couldn't refuse. In some cases, many sales have been in excess of $10M+.
Some buyers take it upon themselves to approach homeowners directly. Let me caution you: this is a big mistake. For the most part, these buyers run into difficulty with many undisclosed issues that could be avoided under advisement of a market savvy agent. So, it is important to work with a reputable and well-established agent who has great connections and a deep rooted knowledge of the market, plus considers buyers’ needs and long term plans.