As summer winds down and we look to the autumn season, Nick talks about what he expects during a historically busy time in Boston real estate. He discusses what buyers are looking for in the market now and what sellers can do to appeal to them.
What are buyers looking for right now in the market?
We've seen buyers shift from a scarcity mindset that forced them to be aggressive with their offers and terms to now being more patient and confident to negotiate with sellers again.
What can sellers do to best appeal to them?
Sellers face more competition and longer days on the market now vs. during the spring, so they have to be more strategic when listing their property for sale. Sellers should work with their agents to find items around the home that should be repaired or upgraded before listing the property to reduce distractions for potential buyers. One of the best ways to give a property a lift without spending too much money is to provide it with a fresh coat of paint.
We understand that the thought of finding a contractor and spending potentially 10's of thousands of dollars on upgrades just to sell your home can be overwhelming or simply not possible for some sellers. For this reason, Berkshire Hathaway HomeServices Warren Residential has partnered with a company that can provide contracting services for upgrades and repairs before listing a property and not be charged for them until the property closes. For more information on this program, please contact us today!
Once the property is in show condition, a seller must work with their agent on pricing it correctly. The days of throwing a property on the market and expecting multiple offers are over. You need to study the competition, see what comparable properties are selling for, and price accordingly.
What new developments are coming to the market that you are especially excited about?
I've mentioned it before, but the Raffles Residences in Boston's Back Bay is at the top of my list. We were lucky enough to get a personal tour of the sales center a couple of months ago. The level of finishes and quality of amenities is something I haven't seen in the Boston market before. I can't wait to see the final product!