Looking for a Needle in a HaystackNovember 19, 2016
Boston luxury real estate is, for better or for worse, becoming out of reach for many buyers who would like to stay in the city — unless they lower their expectations or broaden the sphere of their search. Unfortunately, in a tight market, Boston luxury homes buyers, especially those coming from outside of Boston, are a bit in the clouds and are disappointed and even frustrated when they don’t find what they want within their price range.
It is however, smart to get educated on market trends and talk to a knowledgeable real estate professional to see where and what (or if) buyers can get for their budget. In life, what we “want” and what we can “have” don’t always align. Given your budget, a quick search for Boston luxury homes will determine what (if any) your options may be, generally speaking.
Some buyers indicate that they are in no hurry and can wait until they find exactly what they are looking for. Some are very patient and wait for months, if not years. This is not magic. If it doesn’t exist now, it will not magically appear in a few months. The Boston luxury real estate market may go a bit flat at times, but here, the high end market does not sink.
Based on comparable sales and a variety of elements that are factored in, there’s a general consensus of price per square/ft in different neighborhoods. Buyers can’t expect to get everything they want at the price they want in the neighborhood they want on a limited budget. Sometimes they have to bend and get a little more creative. In some cases, buyers have been pleasantly surprised when they looked outside of the box and bought a property that wasn’t even on their radar.
It is so rewarding to see a 180 degree turn in attitudes once buyers broaden their search and consider Boston luxury homes they wouldn’t normally think about. Extending the scope of options also makes the buyers more realistic and happy without giving them false hope.