Buyers of Boston condos are increasingly critical of pricing, with only about 30% willing to consider homes at market value. This skepticism leads them to conduct extensive online research. Homeowners often overestimate their condo's selling value, typically pricing it 5% to 10% above market rates. Consequently, it is predicted to become increasingly challenging to sell downtown Boston condos. Retail-priced homes face difficulties if they do not sell within the first week or two, as buyer expectations decline in a stagnant market influenced by projected mortgage rates.
Under normal conditions, only 60% of buyers are willing to consider homes priced at market value. Today? It's probably half that many!
Boston condo buyers are making decisions based on what they can find out about the local market from the internet. They're willing to spend more time doing their own research because they are skeptical of every listing being worth it.
I feel that it's going to get harder and harder to sell a downtown Boston condo for what homeowners think is their selling value, which is usually 5% to 10% above the actual market value.
In this flat or declining Boston condo for sale market, the retail-priced homes are cooked if they don't sell in the first week or two on the market.
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