One of the growing trends in our Boston luxury condo market seems to be the “back on market” status. This happens when a seller/sellers agent needs to cancel the contract, usually for the holidays and by the end of January the seler or sellers agent puts the property back on the market in search of a new buyer.
I’ve started noticing recently that a handful of Boston luxury condos seem to come back on the market daily. The numbers are certainly not staggering; of the $500,000 plus condos currently listed, only 7 came back on the market in the last 14 days. The reasons behind the condos were taken off the market could be due to financing, though I have come across buyers backing out for personal reasons. And I’m sure there are instances where inspection results didn’t sit well with the buyers.
But let’s get back to the “personal” reasons. I think these can stem largely from buyers feeling rushed to make decisions in order to meet offer deadlines; in many cases, the deadlines are set for within a few days of the accepted offer. There is a lot of information to get through when you’re considering writing an offer, and I have to believe that not everyone can be as thorough as they’d like when given a day or so to get through all the decision points involved.
As such, I’m guessing that we’ll see an upswing in the back-on-market rate as 2018 moves on. Remember, buyers: It’s highly recommended that you review all disclosures and comps before writing your offer. Consulting your lender/broker on an ongoing basis (vs popping up peridically when you want to write an offer) is a great way to avoid last-minute surprises when you finally get into contract. And ideally, you’ll want to visit the property at least twice to make sure it’s the right fit.
Back to homepage Updated: 1st Quarter 2018