Luxury Market Prices are Holding For NowJanuary 14, 2017
Don’t expect a price change in the Boston luxury real estate market, at least not in the first quarter of 2017. As long as the inventory remains low, Boston luxury homes prices will remain steady.
With inventory low, buyers are hoping that the winter months will be in their favor, and the market will be slow as sellers are more eager to sell than accumulate days on the market with their listed property. I hate to be the bearer of bad news, but Boston luxury homes sellers will hardly be more negotiable as long as the inventory stays low.
A Boston luxury real estate agent presented an offer recently on a property that has been on the market for several months. Granted, the property was aggressively priced initially. Thinking they could buy the property for a lot less, the buyers presented an offer less than 30% of the asking price. Needless to say, the Boston luxury homes seller did not even respond.
Sellers maybe more negotiable in winter months, but only to a reasonable degree. So, when you find your dream Boston home, make sure your offer is within the ballpark. Don’t insult the seller with a low ball offer, because it may backfire when you want to further negotiate other details.
The art of negotiation and effective communication are skills that a strong and knowledgeable real estate agent possesses. She/he knows exactly how to draft a reasonable offer and how to guide both parties based on facts and data. It is then up to the buyers and sellers to make the final decision.
Interested in what your home is worth? Contact me to discuss fair market value and review recent comp sales in your neighborhood.