What to offer?
Knowing how to structure your offer to be competitive in today’s real estate market takes careful consideration. The old adage “real estate is local” is definitely a factor, but price segment is also a factor when it comes to making an offer on Boston real estate. Across various Boston neighborhoods, the local real estate market has its own nuances. Likewise, price segments within a given neighborhood will also have particular trends. These trends will change depending on available inventory, recent sales, interest rates, and several other economic components.
Finding your dream home is just the beginning. Acquiring that dream home is another matter altogether. In certain markets, you may need to contend with cash buyers and buyers waiving all contingencies (i.e. mortgage contingencies and inspections). You may have buyers offering to bridge an appraisal gap or offering escalation clauses on their purchase price. At RESIS, our goal is to provide superior market expertise to our clients to help them make informed decisions. Understanding the market context will help you make the right offer.
Here is a look at what some specific markets look like this year:
- Accepted offers for Fenway/Kenmore condos are averaging 2-4% below asking price this year.
- In Jamaica Plain, trends are varying with price segments. Condos between $450,000- $600,000 are averaging 4-6% above asking price while condos $800,000 – $900,000 are averaging 3% below asking price.
- In South Boston, the winning offers are typically at asking price or averaging 2-3% above asking price on all segments except $1M – $1,500,000 where accepted offers are averaging 3% below asking price.
If you are looking for guidance on what it will take to acquire real estate in the Greater Boston area, reach out to us and let’s discuss.