Have you heard what’s going on in the U.S. real estate market right now? Nationally, home sales decreased in June, surprising the real
estate industry after months of increases. However, a big part of this is because
the buyer’s market we’ve been experiencing is turning toward more of a seller’s market! Inventory of homes for sale are down, meaning Boston home sellers are
getting more offers and higher offers in the Boston real estate market!
That’s why home prices dramatically increased in June. As
your Boston real estate agent, it’s my duty to tell you that now is a great
time to sell your home in Boston! With home prices up, inventory down and
Boston homebuyers eager to take advantage of historically low mortgage rates, you
don’t want to let this perfect home-selling opportunity pass you by in Boston.
So, as a home seller in a recovering Boston real estate market, how do you know what your asking price should be? Should you price it
low, hoping to gain a lot of eager homebuyers and bids that will increase the
price? Should you price it high, since inventory is low anyway? Or should you
give it an average price, hoping to sell it fast?
Inman News wrote a great article about this issue. Many home sellers are pricing their home low, hoping to attract numerous homebuyers and
multiple offers, but sometimes it doesn’t work. Sometimes, the home seller ends
up with one homebuyer, offering the low asking price. Then what?
The article explains what your options are when this happens. Here’s a summary:
- You don’t have an obligation to accept it. If you receive an offer that isn’t what you were hoping for, you don’t have to accept it, even if it matches your asking price. You could just reject it or ask for more, but beware, the homebuyer will not be happy and will most likely take off.
- Understand your listing agreement. When working with a Boston real estate agent, you’ll have a listing agreement. If you deny a full-price, cash offer with no contingencies from a potential homebuyer, you might have to pay a commission. However, you can negotiate the terms of the listing agreement before signing it.
- List your price at a smart price. When home sellers price their homes low, it’s not 40 or 50 percent below what they want to sell it for. It’s more of a 2.5 percent discount from what it should be marketed at. In other words, don’t list your home at a price that would upset you if it was offered. If you want to price it low, price it at the low-end of an acceptable range. That way, if you do only receive an offer at that price, it wouldn’t be so bad to accept it.
You can read the Inman News article in its entirety here.
When choosing an asking price for your Boston home, it’s
important to take many factors into consideration. What is the market value of
your home right now? What are other homes like yours selling for in Boston? How
much do you still owe on your home? There are a lot of questions to think about
when considering your asking price.
As your Boston real estate agent, I can help you with this!
I have ample experience helping Boston homeowners sell their homes for a fair
price that is right for them and for the current conditions of the Boston real estate market. Contact me. We’ll discuss the current market and your selling
needs, and we’ll come up with the right asking price for your Boston home!
Phone: 617-642-7585
Email: pf@pattifine.com
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