Boston Real Estate Market Insights

Know what's going on in the Boston real estate market.

Boston - Home Listings

(Data for Boston - Suffolk, Norfolk, and Middlesex Counties)

Boston - Median Home Price ($)

(Data for Boston - Suffolk, Norfolk, and Middlesex Counties)

Boston - Homes Sold

(Data for Boston - Suffolk, Norfolk, and Middlesex Counties)

Tips to help home buyers compete in a competitive real estate market

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Low
Competition

Low competition markets mean there is a more supply than demand for homes and its when as a buyer you have the most leverage.

In order to be successful you may consider:

 

  • Pricing lower or near the asking price. You may also decide to wait after the first weekend the home is on the market to make an offer.

  • Include mortgage, appraisal, and inspection contingencies if you feel there is some risk on the table.

  • ​Target a closing date that works best for you.

Moderate
Competition

Medium competition markets mean there is a balanced demand and supply for homes and being aggressive in some parts of an offer may make sense vs. others.

In order to be successful you may have to consider the following:

 

  • Compete on price, but be confident that there will also be other options if this home does not work out. Escalation clause is still a great tool to utilize if its possible.

  • To create an edge, be realistic on if a home inspection is really needed or is it a nice to have? If the home is younger than 20 years consider dropping it.

  • Keep your mortgage and appraisal contingencies included especially if you think they are needed and you feel there is some risk on the table.

High
Competition

High competition markets mean there is more demand than supply for homes and getting as close to a 'clean' offer as possible will be needed.

In order to be successful you may have to consider the following:

 

  • Ultimate pricing could go over asking price, an escalation clause is a helpful tool to compete (if it's accepted by the seller).

  • For homes where pricing goes above generally appraised levels you may have to drop your appraisal contingency to remain competitive.

  • To compete with cash offers, you may need to drop your mortgage contingency entirely. If needed getting a 'pre-commitment' from your lender is a great tool to fight against cash offers.

  • For homes younger than at least 20 years in age, you may have to drop inspection contingencies.