Sellers with High Expectations Are Left BehindOctober 31, 2015
Boston luxury real estate prices keep going up, and sellers as well as developers are in heaven. The prices of desirable Boston luxury homes in so called “trendy” neighborhoods keep surging. However, there’s a decline in other areas. Zillow reports a decline in prices in percentage of condos and single-family homes in Boston and the suburbs.
Regardless of the market condition and surging prices, it is evident that some properties have peaked in their valuation. Sellers of those Boston luxury homes need to be educated about comparable sales and more realistic about their home value. Needless to say that competition is fierce for these homeowners.
Supply and demand do affect the valuation of some Boston luxury real estate properties. Larger supply of newer products flooding the market, as well as newer trendy areas, are all good factors to consider for selling a home that you have owned for a long time. The expertise and advice of an agent will be more valuable to a seller than the hype in the press that does not disclose specifics or details.
The press only talks about the market and prices, price per square foot, volume of sale, et al. This could be misleading to many homeowners, and some rely on news reporters’ advice rather than real estate professionals who deal in the marketplace day in and day out. Bottom line: be smart in pricing your Boston luxury home.