Offers, Offers and More Boston Luxury Real Estate Offers…May 2, 2015
You guessed correctly, the Boston luxury homes market has not only gained momentum, but it has made buyers even more aggressive in their offering prices.
Recently, Zillow named Boston as one of the Top 10 markets for Sellers in the Spring Market. If you are a seller and have a unique, one of a kind Boston luxury home then the sky is the limit for listing price. Buyers are hungry for high end properties and they’re willing to pay top dollar for a chic unit in a desirable Boston neighborhood.
Multiple offers are still the norm, regardless of the asking price. Fortunately, Boston luxury real estate buyers are getting more comfortable and less frustrated with the process of multiple bidding. Buyers know by now that to get a unique luxury property in Boston, in any price range, they need to be fairly aggressive, act quickly and not get too emotional nor upset if their bid doesn’t ultimately get the home.
In this market, buyers may lose on a few Boston luxury homes before they have an accepted offer. In anticipation of making a strong and clean offer in this environment, you should only bid within your price range and not go outside your comfort level. It’s not fair to the buyer or the seller if you get cold feet and pull out after your offer gets accepted, and it’s a reach beyond your means. In so many cases, buyers get over excited and absolutely must have a property which leads to a bidding war with adrenaline running high. Once the dust settles and the adrenaline subsides, remorse can set in for some buyers.
Brokers have to make sure that buyers are jumping in with their eyes open and not push them beyond their means. If the top of the buyer’s range is $X amount, show them properties under that range, so that if they have to bid over asking prices, they are comfortable doing so. Keep in mind that sellers must also make decisions quickly and often move based on a solid offer. Once the ‘reach’ offer falls apart, their plans are also affected negatively which doesn’t bode well for anybody involved. Bottom line, only bid on properties that fall within your financial comfort zone, and be aggressive to succeed in the current environment.