One of the most recent phenomenons we have noticed is a significant increase in the number of sellers removing their properties from the Boston real estate market after receiving an offer. And yes, the buyers are shocked. What Boston real estate and Cambridge real estate buyers should realize is that many local homeowners do not need to sell. In fact, they have many options open to them. Some sellers decide to become landlords and lease their properties, even at substantial monthly losses, in hopes of a higher sales price down the road. Other sellers have simply decided to stay put. Unlike a stock or bond, for example, a home is a tangible asset that owners enjoy with use. If the seller receives and offer for 80 percent of her asking price, she may very well decide that now is not the right time to sell and move into her vacation home full-time. She will comfortably enjoy her Boston condo for another year or two, and then sell for a much higher price.
If, as a buyer, you are truly interested in purchasing a property, know the seller’s motivation. If the seller is really just testing the market or doesn’t absolutely have to move due to say, job relocation or financial strain, a low-ball offer may put the seller in a mind-set to remove the property from the market all together.