The Greater Boston Market is Hot
Many times there can be ten or more offers on a given property. This means that prices are rising and there is intense competition for desirable listings.
Even in this hot market, bargains exist! On any given day 300 to 600 homes in the Greater Boston area will have a list price which is at least 5% or $50,000 below what a computerized valuation report suggests the property is worth.
The National Association of Realtors® has a valuation service available to its members which produces estimates called the “RVM.” RVM is an attempt by the Realtors® to give you a better version of Zillow’s “Zestimate.” The maps and tables accessible through this site show properties where the RVM valuation exceeds the list price by at least 5% (or $50,000).
Not all these properties will be true bargains. Some sellers and Realtors® deliberately underprice a property in order to trigger a bidding war. Some properties have “back stories” about work that is needed to be done or a problem in the neighboring vicinity which lowers value. Many bargain properties are those which started off as “over-priced” and then “went stale” — the initial “too high” price led to a lack of interest by prospective buyers. Still others reflect the desperation of a seller — perhaps the initial buyer lost their financing and the seller had already bought a new home and needed the money yesterday.
Under-pricing is not a substitute for finding the home you love, but it is always interesting to see if a bargain might suit you.
Unless you are an investor, numbers alone are no reason to buy a house. No matter how much of a “bargain” the numbers may say a property is, it is critical that you are comfortable in any home you live in.
It is part of my job to help you find the best match given your budget. It could be a bargain.
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. and to NAR RPR from third party sources, including sellers, lessors, landlords and public records, and were compiled by MLS Property Information Network, Inc. or NAR RPR respectively. The property listing data and information, and the Images, are for the personal, non commercial use of consumers having a good faith interest in purchasing, leasing or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers and NAR RPR disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein or referenced by links hereto.