Low Inventory Luxury Housing is Affecting PricesJanuary 28, 2017
Like the rest of the metropolitan cities in the country, the Boston luxury real estate market has experienced low housing inventory for quite some time. The prices stay naturally high as a result of shortage of inventory and in some cases, multiple offers.
Like in any sector of the economy, it is hard to assess what the housing market projection will be in 2017. But if the current trend continues, Boston luxury homes prices will only keep going up. There are too many buyers in Boston proper in all price ranges.
I keep getting calls on a daily basis from Boston luxury real estate agents asking for new units coming on the market or selling off the market that they can show their client. There have been a number of off-market properties that have sold in the past year as long as Boston luxury homes buyers are flexible with terms of the sale.
Typically, the sellers of properties that are not officially on the market are much less flexible in terms of their price, contingencies and closing timeframe. Boston luxury homes buyers have to meet the sellers’ terms and in many instances, the buyers do, willingly, end up paying more than the market price.
Some sellers are offered such high prices that they can’t refuse, but due to the unexpected offer, they haven’t thought of their next move. In this case, the buyer is willing to work with the seller as long as they find a place to move. It is good to have a high profile and well connected real estate agent who has a vast network of sellers and clients to think out of the box and come up with great options for his/her buyers.