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Demanding Boston area sellers finally ready to deal?
Even with the downturn, there is a widespread perception that prices are still too high in the Boston market.
Too many sellers are holding out for top dollar on aging houses in need of major renovation is the complaint I constantly hear.
And it does seem hard to justify how a 1960s Cape in Wellesley can fetch $800,000 or more, but the same house, transported across the state to some little town in Western Massachusetts, might fetch a more down-to-earth $150,000.
Location is important, but come on now.
Boston area sellers are demanding, certainly. And, unfortunately for the legions of frustrated would-be buyers out there, this demanding attitude does not look like it's going to shift dramatically anytime soon.
Despite some small signs of flexibility, Boston area homeowners still appear to have fairly inflated conceptions of the true value of their castles, according latest quarterly survey of local Realtors by HomeGain.com.
Too many sellers are holding out for top dollar on aging houses in need of major renovation is the complaint I constantly hear.
And it does seem hard to justify how a 1960s Cape in Wellesley can fetch $800,000 or more, but the same house, transported across the state to some little town in Western Massachusetts, might fetch a more down-to-earth $150,000.
Location is important, but come on now.
Boston area sellers are demanding, certainly. And, unfortunately for the legions of frustrated would-be buyers out there, this demanding attitude does not look like it's going to shift dramatically anytime soon.
Despite some small signs of flexibility, Boston area homeowners still appear to have fairly inflated conceptions of the true value of their castles, according latest quarterly survey of local Realtors by HomeGain.com.
First, a sliver of good news. The number of homeowners who believe their listing price should be 10 to 20 percent higher declined to 35 percent in the fourth quarter, down from 47 percent who felt this way over the summer.
But now add in the other 15 percent who think their home is actually worth as much as 30 percent more than the recommended listing price, another finding from HomeGain's fourth quarter survey.
And add to that another 25 percent who think their home is worth up to 9 percent more, and soon you have a much less encouraging picture.
Do the math and you find that 75 percent of those looking to sell a house or condo in the Boston area are hanging onto inflated expectations of what their homes are worth.
The problem, here, of course, is not just necessarily individual expectations but larger, structural issues with the Boston area estate market as well.
However, if the Great Recession hasn’t done much to force Boston area sellers to become more realistic, it's hard to see what will.
But now add in the other 15 percent who think their home is actually worth as much as 30 percent more than the recommended listing price, another finding from HomeGain's fourth quarter survey.
And add to that another 25 percent who think their home is worth up to 9 percent more, and soon you have a much less encouraging picture.
Do the math and you find that 75 percent of those looking to sell a house or condo in the Boston area are hanging onto inflated expectations of what their homes are worth.
The problem, here, of course, is not just necessarily individual expectations but larger, structural issues with the Boston area estate market as well.
However, if the Great Recession hasn’t done much to force Boston area sellers to become more realistic, it's hard to see what will.
About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate
and business issues.
Rona Fischman is a buyer's agent who provides a look at the local housing scene, from basements to attics.
