At an open house in Brighton a few weeks ago, a browsing buyer says to me, “Overpriced, everything is overpriced!”
What does that mean?
If a property is overpriced, multiple buyers would not be willing to pay more than the asking price. If property is overpriced, it wouldn’t sell fast. Shall I remind you what overpriced feels like? How about 150 days on market, difficult negotiations, and neither seller nor buyer are happy about anything.
Real estate sales are a fairly decent example of the natural laws of supply and demand. Real estate is a finite and scarce resource (especially in Boston), and buyers have the choice of NOT buying.
Just because prices have increased rapidly and a one bedroom condo in Brighton can now sell for over $350,000 does not mean it is overpriced.
On the right find the median sale price of condos in Brighton MA for the month of March 1987-2015. Most of the major price hikes happened two decades ago, when condos were $55,000. I’ll take two of those, please!
Take a step back and think about the market, not just the four walls of the condo. With the anticipation of rail at Boston Landing, biotech boom in Cambridge, and Cleveland Circle’s upcoming face-lift, this market is just getting started.
What condos are currently available in Brighton?
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