Boston Luxury Real Estate Buyers Experience Sticker ShockMay 31, 2014
With rising Boston luxury home prices, buyers are finding it increasingly challenging to find the right home at a reasonable, affordable price. The reality is that the Boston luxury real estate market is changing, whether it’s temporary or not, and sellers and buyers need to adjust accordingly.
We are experiencing much higher prices, but still nothing like before the crash. Buyers for very expensive Boston luxury homes would pay any price for quality and unique homes selecting a home for its location, city views, quality and finishes. However, the majority of buyers who could afford homes from $600K to $3M find themselves in a position where they can’t find homes that meet their requirements anymore in terms of space, quality and location.
Many buyers are forced to face the sad reality of the current market and have to sacrifice something. I’ll never forget my client telling me, 'I have never felt so poor when I can only spend $3M in today’s market' – he was looking for a 2 bedroom home but couldn’t find anything he liked in that price range. The Boston luxury homes were either too small, or in terrible disrepair.
What do we do? We need to change our understanding of the market. We don’t know how long this market will last. We either have to change our focus and area of our search or rethink the size and alter the 'wish list.' No point of agonizing over something that is beyond your control. Different neighborhoods have their own charm and character and you would be pleasantly surprised how fast you get used to a new area once you decide to move out of your comfort zone and find a home in an area that wan not on your radar before. Contact me to explore your options!