Home Buying in Boston>Question Details

jrdanyluk, Home Seller in Boston, MA

When is the best time to list a condo for sale in Charlestown? Unit is currently leased through 8/31/13.

Asked by jrdanyluk, Boston, MA Mon Feb 25, 2013

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BEST ANSWER
NOW! The market is red hot as inventory numbers are down. Even with a lease in place you can sell it with the tenant in place or discuss breaking the lease. There are many investors searching for quality properties in the Boston area.

Next Steps:

1.) Interview several agents to see who you feel most comfortable with and discuss how they market your property. If the agent only uses the MLS system do yourself the favor move on to another Realtor for a full service quality experience. The name of the game when selling a property is getting the most amount of eyes on the property so you can find the perfect buyer.

2. ) Have a market analysis completed on the property to determine it's value
3. ) Prep the home for sale
4. ) Discuss and set a timeline for the sale of the property. NOW is the best time especially since there is such a limited amount of inventory

Good luck
2 votes Thank Flag Link Mon Feb 25, 2013
Nice response. Hope your market is doing well.
Flag Tue Feb 26, 2013
You can def. list it now, it doesn't matter. The market is hot right now but I would let the tenants know as a courtesy.

Best Of Luck
2 votes Thank Flag Link Mon Feb 25, 2013
Certainly before May or June. I have been a broker in Charlestown for over 28 years and have never seen the inventory numbers so low. You could put it on immediately and take an offer from someone who may want to keep the tenant but depending on the price point of the unit, I have found most people do NOT want to be landlords and will want the unit delivered vacant. If you want to discuss further please call me at 617-851-7393, Carol
2 votes Thank Flag Link Mon Feb 25, 2013
The sooner the better. As stated earlier, sales inventory is low and quality properties are going fast. You're more likely to get at or near your asking price if it's reasonable.

I just had a listing on the market go under agreement within 24 hours with multiple offers and many cash buyers.

Of course, I'd be happy to help you with your sales needs.

Best Regards,

Stephen Bourassa
Executive Vice President
Sales & Leasing
City Central Realty, LLC
617.738.7700
2 votes Thank Flag Link Mon Feb 25, 2013
Now is a great time to start the process. The Charlestown market is incredibly strong with very little inventory and lots of motivated buyers. Even though buyers wouldn't be able to occupy the property until the lease is up, many of them are likely to be first time buyers with leases of their own that run out at the same time.

I'd be happy to discuss this further with you and provide a free market analysis of your property. I'm also working with several Charlestown buyers right now so I may even already have the buyer! Please feel free to email me at ken@kensnyderhomes.com and we can take it from there.
2 votes Thank Flag Link Mon Feb 25, 2013
Hi,

Now is a good time. It would take some time to find the right buyer for your condo, and some time for the buyer's lender to process and approve their loan. The interest rates are still at historic low and many buyers want to buy as soon as possible.
Please let me know the terms of the lease and if your tenants are planning to move out on 8/31. Some investor buyers we work with don't mind keeping the tenants.
You would want to give the condo listing enough time on the market while you are collecting rent.
Please call or email me and I'll be happy to present an action plan specific to your situation.
2 votes Thank Flag Link Mon Feb 25, 2013
Thanks for your answers. I didn't expect to close prior to the end of the lease. I suspect that whoever buys the unit will be a first time buyer and coming off a lease on 8/31 anyway (since all of Boston is on the same lease schedule). I took a look at some other responses to similar questions and it seems it might be best if we list it 3-4 months prior to the lease expiration date since a Charlestown property average about 90-120 days on the market.
1 vote Thank Flag Link Tue Feb 26, 2013
I have a new listing coming on MLS soon that has a rental lease to Sept 1st, 2013 and it is not much of an issue but this unit has a clearly defined lease that covers the issue of ownership change. Take a look at the lease and consult a RE Professional about this. It can be done easily and for many buyers who are looking to move in Sept, the rent can often times pay the mortgage until they move in if it is the perfect home for the buyer.
1 vote Thank Flag Link Mon Feb 25, 2013
While the market may be ready, your property may not be.
Make sure to disclose the lease dates.
You can always offer the tenant "cash for keys" to help close earlier.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
1 vote Thank Flag Link Mon Feb 25, 2013
There is no reason to wait, even though the unit may be leased. You can either ask your tenants to break the lease and there are also plenty of buyers looking to purchase places that are already tenanted. The market is strong and inventory is low. Go for it! And of course, if you are looking for an agent to guide you through the process, please do not hesitate to contact me at 617-461-2891.

Very Best,

Meri Galstian
Boston Luxury Residential
1 vote Thank Flag Link Mon Feb 25, 2013
I echo what the others have stated, NOW! The Charlestown market is pretty hot, inventory is fair so that creates a bit of demand and there are many buyers looking to get into the Charlestown housing market.
1 vote Thank Flag Link Mon Feb 25, 2013
Now is the best time. Season is about to start, and there is no inventory in the area.
you can sell the property leased until 08/13, or you can ask your tenants to break their lease prior to selling.
We can list your property for you, if you want BLR to represent you. we do have a strong marketing program for our sellers.
Please take a look at our site below.
1 vote Thank Flag Link Mon Feb 25, 2013
Now is the time to list. With the fact that inventory is low and there are a lot of buyers out there, now is the time to list your property aggressively and get the best prices before other properties hit the market. There are many in bestirs out there that want properties that are already rented. Let me know if you need a complimentary market analysis to help you price your unit.
1 vote Thank Flag Link Mon Feb 25, 2013
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