Mounting Frustration for BuyersJanuary 23, 2016
Just when we thought the Boston luxury real estate market was getting calmer and buyers were coming to terms, or rather accepting, the bidding process, we see that is not always the case. The frustration is mounting and some buyers are simply throwing in the towel.
Recently, a Boston luxury home buyer in corporate housing had only three months to find a property to purchase. The buyer liked the second property he looked at, but he decided not to buy because he wanted to look some more Boston luxury home options. That was mistake #1 not to jump right away at the opportunity to buy when he could. Not only did he lose the property he liked in his price range, but he never found anything else he liked as much. He ended up renting.
In this Boston luxury real estate market with tight inventory, you don’t have the luxury of over analyzing and playing the waiting game. Unfortunately, with the present market condition, buyers must do their homework prior to their search and be educated enough about the purchase process and the speed at which they have to make a decision.
Buyers should have a firm grasp of their budget beforehand, including expenses such as mortgage, condo fees, taxes, etc. You don’t have time after you see a property to talk to your lender….. you should do all of that before you enter the property search, knowing that you are competing with others who have done their homework and are making offers. The property might not be available tomorrow, and you may not find anything that you may like as much.
The next time you’re ready to buy a Boston luxury home, whether it’s six months or a year from now, who knows if you’ll find anything better. Most likely, you will be paying more the longer you wait. There will always be something better, but WHEN is the question and at WHAT PRICE?