Time to Get Realistic in Pricing Your Boston Luxury HomeJuly 11, 2015
For over two years, many Boston luxury real estate sellers have been sitting on the sidelines trying to decide whether or not to sell their Boston luxury home. They started banking on the economy getting stronger and foreign investors/buyers pouring in.
Sellers began hearing about foreign capital, and in turn started asking higher and higher prices. In some cases, they asked more than the actual value of their properties. Some lucked out and were able to sell, and others were not so lucky.
Foreign investors are no longer as readily available as they used to be due to their own country’s weak economy. It has taken a while for Boston luxury real estate sellers to be more realistic in pricing their homes and, with the help of their real estate specialist, they price the home based on the correct value and not over pricing it. There are still some sellers who continue to hold onto hope and aim to sell for more than what their Boston luxury home is worth.
Bear in mind that the housing market, especially the high end luxury market, is a lot more competitive than it used to be. This is largely due to all the brand new products and ultra luxury units flooding the market. If you don’t fall into that category, don’t be mislead thinking that you can price your home as high without having the services that those buildings provide.
Also, let’s not forget that most foreign buyers/investors tend to buy newer products that are turnkey, require low maintenance and are hassle free. Owners/sellers of older homes are finally realizing that if they want to sell, they will have to adjust their thinking, and therefore, their pricing. The advice of a good real estate profession is golden.