What to Look for at Open Houses This SpringApril 7, 2012
Once again, the market is extremely active, and sales of single family homes and luxury condos Boston have increased noticeably. Although the Boston luxury real estate market didn’t really slow down due to the economy, I’m seeing multiple offers per property for the first time in years.
The traffic is up dramatically at open houses for luxury condos Boston. Why? Prices are still down, consumer confidence is up and the inventory is limited….so, buyers are rushing to purchase as soon as they find a home that fits their needs. Buyers act much faster than a few months ago. They know that they don’t have time to sit and watch the market anymore.
Knowing that the economy is on the rise, Boston luxury real estate buyers take advantage of low prices and don’t want to risk paying more once the market has fully recovered. I’ve seen some properties sell for more than the asking price, due to multiple offers.
When you go to a luxury condos Boston open house:
- Make sure to look thoroughly at all the details, not just the appearance. Look for any damage or water problems. Ask about the condo association, pending assessments, building and upgrading, if applicable.
- Who manages the building? Most smaller 3 or 4 unit buildings are self-managed to keep the condo fees low. In these buildings, the budget in the reserve is not large, which is OK. Don’t be alarmed by that. Once there is an expense, units get assessed accordingly. Hence, the monthly fees are kept low until there’s a special assessment. The case is different in larger buildings and high rises, of course.
- If the condo is on the lower level, check for dampness and water damage. Is there any history of water seepage?
Word of advice: do your homework, have your financing lined up, choose your favorite neighborhood, and act fast once you find a property you like and if you like the property you see at the open house, don’t take days to think about it. Be prepared to make an offer ASAP! Contact me to help you navigate the Boston luxury real estate market and the offer process.