In the past, Boston condo buyers who were willing to purchase a Boston condos ‘as-is’ with no repairs, because of bidding wars, are contemplating what to fix next.
Today’s Boston condo buyers – which is a whole new set of people – are not going to be in bidding wars and are going to demand home inspections and repairs with their offers.
It would be smart for home sellers to get in front of it. Completing a home inspection before going on the open market is an idea that’s been around for years, but the industry has been slow to adopt – but in today’s market its a must.
Paying a few hundred dollars for an inspection report and then fixing the defects prior to going on the market provides significant benefits to the sellers:
It provides potential Boston condo buyers with confidence that they aren’t buying a money pit when making their offer on your property.
Secondly, It demonstrates that the sellers have respect for the current marketplace
And more importantly, It helps to avoid having to receive offers for your home 2-3 times, each at a lower price because of days-on-market.
Boston condo sellers and agents can do everything right to place the property under agreement with a buyer, only to have buyer’s remorse kill a deal over one stupid little thing. You know that the buyer’s family and friends have been telling them that they are making a big mistake, and that prices are going to drop – and at this point the buyers are looking for any reason to cancel.
Don’t give them one – even if you have to fix everything on the list.