Today's housing market is arguably one of the most competitive in history. A record low supply of listings, coupled with extraordinarily high demand from the largest generation, mean fast-rising home prices and more people going after the hottest properties. Bidding wars are now the rule, rather than the exception.
So how do you win a bidding war? Best to be prepared before you even begin your search and to carry equal amounts of patience and humor with you … if possible.
Decide on your absolute maximum price. This factors in the monthly payment on your mortgage (if you need one), property taxes, homeowners insurance, potential homeowner association or condominium fees, and a general estimate of monthly upkeep (lawn care, pool guy, unforeseen repairs). Then start looking for homes priced slightly less than that maximum. This gives you some wiggle room in the bidding war.
1. Come with cash. Not everyone can do this, but if you can make an all-cash offer, you will have an advantage. In certain very hot markets, investors are heavy, and they usually come with cash. Sellers don't want to deal with the possibility that your loan might not come through, or they may not want to wait the extra time for the mortgage processing, so they prefer cash. In some cases they may even cut the price a bit to get the cash. Coming with cash can actually double your chances of winning a bidding war, according to Redfin, a real estate brokerage. You can always take out a mortgage after the deal closes.
2. If you don't have all-cash, try waiving the financing contingency.That is when the deal is contingent on your loan being approved by the lender. Be careful though, you don't want to end up on the hook for cash if the loan doesn't come through, so get a fully underwritten loan pre-approved from your lender before submitting your offer. This could improve your chances of winning a war by 58 percent, according to Redfin.
3. Try a personal letter to the seller. I did this once myself, and it worked on a deal I never expected to win. Selling a home is just as emotional as buying one, especially for sellers who have lived in the home a long time and have raised their kids there. Sellers want to know a little about the people taking over their precious nest. If you're a young family, write about how you can see raising your children in the cozy family room and how you already envision them playing in the back yard. Write about how much you love the neighborhood and want to become an active part of it. DO NOT tell the seller if you plan to gut the home. That could gut the deal.
4. Finally, don't be afraid to walk away. The last thing you want to do is get over-emotional and overstretch your budget. Don't be house-poor. That defeats the whole purpose of the investment.
And remember, there will always, always be another perfect home.
Four Seasons two bedroom overlooking the Boston Public Garden!
Priced to sell at $2,575,000 or $1,798 per SF; $621 below the average sale price per SF of the last five front facing residence at the Four Seasons at 220 Boylston Street. At 1,432 SF with two bedrooms, two baths, garage parking and views into the Public Garden, that leaves plenty of room to put your signature on this luxury condominium property and still be "in the market".
Professional stagers are paid to bring out the best in your home. Don't take it personally.
Your home might be beautiful. Maybe it is immaculate, stylishly appointed to suit your tastes or highly upgraded with the finest materials and features. Perhaps it is all of these things. But, unless you are one in a thousand, it is not “staged.”
Staging a home for sale is not a new concept, but it is a practice that has gained steam with our more challenging market. I see many home sellers confuse staging with decorating and consequently resisting the process and the recommendations of the staging professional. But the reality is that the moment you commit to marketing your home for sale, you need to commit to transforming your home into a place that potential buyers can easily picture as their home. This means that you need to be prepared to emotionally detach.
Let your home speak to buyers.
Your home speaks to you, but what is it saying to your potential buyer? Most sellers we encounter tend to take the staging process personally, and this is precisely the point. Our homes are personal, yet how we live is not how we sell. Our homes represent who we are; they are life-sized memory books of our travels, they trumpet our likes, our dislikes and our beliefs. They showcase our stuff -- all that stuff we have accumulated over time that speaks to us. The goal of staging is to make the home speak to everyone else, in a compelling and positive way.
You are proud of your Hummel collection. Each piece acquired over time has a special meaning, but to your buyer, it is a collection of your things which serves only to draw his attention away from the main event. Likewise the personal photos, the too-tall centerpiece, the overstuffed china cabinet and the bookcase filled with National Geographic magazines dating back to the Paleozoic Era -- these are all treasures to be sure, but they serve only to sidetrack a buyer from the task at hand.
Buyers tend to label the homes they see, as do agents. So, you can either be the “house with the beautiful arched doorways” or the “house with the Elvis throw rug and a bunch of office furniture where the dining room should be.” Both evoke emotional reactions, but unless the buyer is one who spends his annual vacations at Graceland, you will be far better served by eliminating distractions.
Clutter may suggest your home doesn’t measure up.
Most of us, if honest, will admit that our daily lives involve a certain amount of clutter. The little stack of mail and car keys and loose change next to the telephone, the “junk drawer” which has been busy propagating the species while no one was looking, and a bathroom with enough toiletries on display to groom the entire population of Northern Ireland are all examples. OK, I’m talking about my home here, but we all have our own flavors of clutter.
True, clutter is just another perpetrator of distraction. More importantly, though, your clutter may be sending a message that you don’t have enough space. My own kitchen counter top is at this moment permanent home to a toaster, a toaster oven, a coffee pot, a butcher block of knives, a canister of utensils and a bowl of random items of fruit origin, the latter living out their golden years in a decorative bowl. This arrangement (except for the brown bananas) is functional, but to another person it might suggest I lack the cabinet space to properly store these everyday items. And, if I'm hoping that this other person will buy my home, I need to clean up my act.
Don’t shoot the stager.
The primary goal of staging is not to transform your home into the eighth wonder of the world. For most of us, this simply isn’t realistic. Rather, the best stagers will work with what you have, rearranging and reallocating all of your belongings, in order to present the property in its best light. Sometimes this means reallocating some of those belongings to the garage.
Too often the tendency is take the process personally, but you shouldn’t. Staging is not a do-it-yourself sport, and only a third party specialist can bring the neutrality and objectivity needed to accomplish the goal. You may interpret the message that your favorite painting would look much better above the fireplace -- in your neighbor’s house -- as an indictment on your style and tastes. OK, maybe it is, but most likely it is not. Rather, it is probably the stager’s attempt to ensure that your appointments don’t upstage the home itself. That’s his/her job.
Make no mistake -- professional staging is an inconvenience. Your daily routine will be turned, at least temporarily, on its head. And it can be unsettling as you watch your life rearranged to suit the tastes of others. But if selling your home in the shortest amount of time and for the most money is your goal, it is precisely those "others” who should be your focus.
The 30-story, 340-foot Pierce Boston condo and apartment tower, the tallest building in Boston west of Back Bay, officially opened at Brookline Avenue and Boylston Street in Fenway on March 1.
Four weeks earlier, one of the biggest—and longest-in-coming—new projects in the Boston region got officially underway: The five-building, 1.1 million-square-foot Fenway Center where Brookline and Commonwealth avenues meet in the Kenmore Square area.
These buildings would total more than $1.48 million square feet of commercial, technology, and life science research space—the idea is to rival other regional commercial hubs such as Kendall Square and the Seaport.
It’s there that owner HYM Investment Group has put forward a general redevelopment plan with two paths. Both paths include 16.5 million square feet of new residential, retail, office, hotel, and lab space built out over as long as two decades. (Eleven million square feet of that would go in Boston and 5.5 million in adjoining Revere.)
That pro-commercial path would be paved with the up to 8 million square feet of office space that Amazon is seeking in a new HQ. It would, too, include 7,500 residential units, 550,000 square feet of retail, and up to 830 hotel rooms.
But suppose Amazon choose Dallas or some such exotic placeinstead of Boston. In that case, HYM would take a pro-residential path, with 10,000 housing units, 450,000 square feet of retail, and 670 hotel rooms.
There would also be 5.25 million square feet of office space.
Kendall Square-based M.I.T. is driving much of the change in the Cambridge neighborhood.
Silver Line service from downtown Boston into Chelsea is expected to start this spring. The five-mile route will run from South Station to a stop just west of Everett Avenue, and will facilitate connections to the Red and Blue lines.
An estimated 8,700 people will use the route daily, a figure sure to further boost Chelsea’s status as a Plan B for buyers and renters priced out of Boston proper.
The route will include an exclusive right-of-way for Silver Line buses once in Chelsea, where there will be four stops total. And, as part of the extension, the state will relocate Chelsea’s commuter rail station westward and spruce it up quite a bit.
These developments including the Hub on Causeway, the first phase of which is under construction and is due to include the city’s largest supermarket; a 15-screen movie theater; 10,000 square feet of outdoor space for a new entrance to TD Garden and North Station; and 175,000 square feet of what the developers are calling “creative office space.”
The greater Boston real estate market often logs in the largest number of sales closings in the Spring (2nd) Quarter each year; as the cold weather and snow give way to blooming flowers, warmer weather...and eager buyers!
Often buyers want to enjoy the Summer in their new digs. Some want to have their children in place for the next school year, while others strategize to maximize their tax write-offs for the calendar year. Many just want to get their home purchase project done and over with!
If you want your property sold during the 2018 Spring market you need to get started. Spruce up your property, assemble all the pertinent documents, hire a real estate broker and put your property on the market ASAP.
The following topics are some of the most crucial elements that you should attend to before that first showing appointment of your single family home, townhouse, condominium or cooperative.
As the buyer walks up to your property, their first impression often becomes their most lasting one. Make sure that their first view is as appealing as possible. It may determine whether the buyer will 1) go through with viewing the property. 2) make an offer...or not. 3) be willing to pay you a strong price.
I'm talking about increasing curb appeal with ideas like: repair cracks in the walkway, repair and paint the front steps, clean the litter and leaves out of the front garden of your building, replace worn hardware and touch up the chipped paint on the front door and make sure the entry foyer to your condo building is spotless. Not only does this first look affect the buyers initial emotional attachment to your property, it says a lot about how well the property has been maintained. In the case of a condo or coop building, it signals how willing your fellow owners may be to chip in on future repairs and general upkeep of the common areas; elements that directly affect the future value of your unit.
Let's Go Inside
Inside your property, there are numerous inexpensive ways you can make it show better. Clean your windows. Have your home professionally deep-cleaned. Place a few vases of fresh flowers in the main rooms. Increase the wattage of your light bulbs so the property appears bright and cheery. Clean the fingerprints off all doors, kitchen appliances and the bathroom mirrors. Clean out and/or reorganize your closets; a lot of buyers are coming out of large suburban houses where they are used to having a lot of closet storage.
Most buyers are very critical when it comes to the kitchen and bathrooms. Be sure every surface is uncluttered and spotless. Store the extra kitchen appliances and put all the personal items in the bathroom away. Limit the number of personal photos on display; you want the buyer to focus on your property and not who owns it. And if you have some rainy-day money stashed away, freshen the paint with neutral colors and refinish your hardwood floors!
Repair those little problems that don't really bother you but that all buyers seem to notice. Repair that dripping kitchen faucet. Seal and repaint that water stain from the leaky toilet upstairs that you had fixed last Fall.
If you’re aware of more costly repairs, consider doing them before you go to market. If the buyer doesn’t notice them, their inspector most likely will. And that can lead to unexpected renegotiations or even kill the deal. Replace that old hot water tank. Repair a roof leak. Repair or replace the decking or railings to that palatial deck.
Pets. Whether a prospective buyer is a pet lover or not, they want to buy a home that is immaculate. Pet odors, toys strewn about and damage to furniture, carpeting and woodwork can be a big negative. Some buyers are afraid of animals in general; they can be a real distraction. Although sometimes a logistical nightmare, best to not have the pet at home during showings. At the very least, have them crated somewhere private.
Assemble the documents and informationyou'll need to give to your real estate Broker.
Prior to going to market with your property, an experienced agent will ask you many questions about your property, from a dated list of your improvements to the age and condition of the heating system. Arm your broker with all the information you can. This way you'll shorten up the buyer's discovery period and get them to the offer stage quickly while their excitement level is still high!
In the case of a condominium, put together a package including a copy of recorded condominium documents such as the Master Deed, Declaration of Trust & Rules and Regulations. Assemble the last two years of financial statements, association meeting minutes and the current budget. Make sure you know whether there are any upcoming assessments for capital improvements and/or whether your condo fee, coop fee or any other fees attached to your property will be going up within the next twelve month period. For all properties, give your broker copies of your utility bills (gas, electric, etc.) for the last twelve months and a copy of your latest real estate tax bill.
Click on the following link to check out our new mid-year issue of The Real Estate Insider. We've been providing our readers with timely data, offerings and sales reports on the Boston real estate market since 1992.
Residential Real Estate Residential real estate markets in the First District remain strong. Five of the six First District states, as well as the greater Boston metro area, reported sales and inventory trends for the period May 2015 to May 2016; New Hampshire reported on trends between April 2015 and April 2016.
Closed sales of single-family homes are up by moderate-to-large margins in every state in the District, and pending single-family sales increased at a slow-to-moderate pace depending on the state. A contact in Rhode Island considers a summer slowdown "unlikely" in light of strong recent sales. Median sales prices for single-family homes are on average up modestly from a year ago--with Vermont and Connecticut reporting moderate price declines and the remaining states reporting small-to-moderate increases. Condominium sales figures varied across states. Closed sales of condominiums are up in all states except Connecticut and Vermont, while pending sales increased in Massachusetts and New Hampshire and decreased in Rhode Island, Maine, and Vermont. As in the single-family market, median condo sales price changes are moderate, with the exception of a large over-the-year decline in Rhode Island. However, a contact in that state believes the decline is likely transitory because the data are prone to volatility.
For both single family homes and condos, inventory is down in every reporting region. In addition, number of days on market decreased from a year earlier in all states reporting such data, as did months' available supply of both single-family homes and condominiums. Contacts continue to attribute the lack of inventory to a combination of lack of new construction and a dearth of sellers coming to market.
Despite persistent inventory issues, contacts are optimistic. Those in Massachusetts, Vermont, and Rhode Island all expressed a positive outlook, primarily attributable to strong buyer demand. They cite stable employment figures and continued low interest rates as the key factors supporting such demand.
Commercial Real Estate On balance commercial real estate markets appear stable or improving in the First District. In greater Boston, a modest slowdown in office leasing is reported, especially for high-rent space, but rents are steady amid low vacancy rates. Office leasing activity held steady at a moderate pace in Portland and Providence, but in Hartford activity remains light and some firms gave up space. Investment sales activity is down in Boston from last year's brisk pace. However, industrial sales activity picked up recently in Boston and parts of Connecticut, and a Portland contact sees a strong industrial property market with potential for new construction. Throughout the District, office construction remains limited in light of high building costs. Infrastructure construction is on the rise in Rhode Island, and hotel construction is planned for greater Portland. A regional lender to commercial real estate reports an uptick in loan demand at his firm amid reduced competition from other lenders. The outlook for Connecticut's commercial real estate market remains somewhat pessimistic based on weak job growth in the state. A Boston contact expects the Brexit vote to exert downward pressure on economic activity in the U.S. and the region, but notes that the vote should also boost foreign investment in Boston's commercial real estate market. Elsewhere in the District contacts are cautiously optimistic for commercial real estate but see risks as tilted to the downside based on global economic and political uncertainty.
Currently Boston's tallest and certainly one of it's most iconic luxury residential buildings, 47 of the 442 condos have now closed. With a timeline dating back to 2007 and all the buzz at cocktail parties across the Commonwealth (and beyond) , this is a momentous event in Boston real estate and a must read!
Millennium Tower Boston residents will enjoy 5-star services, doorman, 24-hour concierge, plus access to an exclusive two-story Club with dramatic owner’s lounge offering private dining and bar, screening room, billiard parlor, library, private function room, outdoor terrace, children’s playroom, 75-foot lap pool and the largest residential-only fitness facility in Boston. Adjacent to the renovated historic Burnham Building, Millennium Tower will stand at the center of a reinvigorated downtown Boston, home to vibrant retail, and a new Roche Bros. gourmet grocery. Come see why Millennium Tower Boston is the evolution of luxury residential living.
Own Boston's premier terrace. In my 32 years of brokering, I have never seen a private terrace as amazing as this one! You'll enjoy 180 degree, postcard views of the Boston Harbor and Financial District from the private and palatial (est. 1,400+/- SF) wrap-around terrace.
Located in a luxury concierge building, this 2BR plus den, 2.5 bath corner home offers Strada's best views and has been masterfully renovated. Highlights: Spacious open living area features a corner exposure, floor to ceiling windows, spectacular views, large den and step-out access to terrace. Chef's S/S island kitchen. Luxurious master bedroom suite with corner exposure, amazing views and sumptuous full bath en-suite. Large guest bedroom with adjacent full bath. Garage parking. Storage. W/D. Private fitness facility. Professional mgmt. and cafe on-site. $2,250,000
Contact Tim Marsh directly at firstname.lastname@example.org or at
617-548-7145 for more info or to schedule a private showing of this
breathtaking, one-of-a-kind property. Don't miss out on this one!