In the first seven months of 2014, only 3,552 Boston condominiums were listed FOR SALE.
This, of course, begs the question, “Where are you hiding the other 3,159 listings, Boston?”
I reviewed Boston’s better condo markets and these were the five sales that went the most over ask in the first seven months of the year.
Can you imagine coming from some small podunk town in the middle of nowhere, moving to the Hub and looking forward to experiencing the American Dream. On the first meeting, your agent says, “Disregard the listing price. You might have to go $330,000 over ask to get what you want”? Moving back to Podunksville might start looking pretty good.
This happened recently. A neighbor contacted an owner whose house is about to go on the market and makes a cash offer, with no contingencies, that was 10% below what a broker told him was the lowest price to expect. So, of course, the owner refuses the offer. The neighbor, still hot for the home, asks what will it take the owner to sell him the house instead of going to market? The owner responds something along the lines of “an offer that makes it worth my while.” So, the neighbor increases their offer by 40%. You read that right, 40%! The revised, cash, no contingency offer surpasses the highest range of broker predicted possible sale prices. The only hitch, there were no houses that were available for sale in that market at that price. So the aforementioned house goes to market and …of course, sells for almost 10% more than the neighbor’s increased offer. DANG! Folks, in this market no one can assess market value without going to market. Don’t believe me? Then, read my featured column in Curbed!
The key to reading an MLS showing sheet is understanding that agents sell what they got. So while the sheet is bursting full of information, the part of the listing sheet that will emphasize the best and most salable features is the remarks section. Like proud parents talking about their child’s latest accomplishment, agents typically tout the homes admirable amenities. So anything that would make a buyer want to buy that home should be in the remarks section. In fact, not too long ago MLS increased the size of it from 500 words to 1,000 words so agents can list every possible benefit.
Some people think that selling is all about emphasizing a product’s positive traits and de-emphasizing the negative. So another key to understanding the
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About David Bates
David Bates is a top producing real estate agent who has sold condominiums, single families, and investment property in a variety of Boston neighborhoods and many of the city's better suburbs.
His insights appear not only in in this original content blog, but also in the most established local media, including Banker and Tradesman, Boston Magazine, Boston.Curbed.com, The Boston Globe, The Boston Herald, Bloomberg News and NECN.
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