Michael DiMella recently spoke with Boston.com about the recently released market stats that showed condo owners in Boston were receiving more than 1% OVER list price. With limited inventory in the marketplace, he emphasizes that there may be bidding wars on highly-desired properties.

“Buyers are seeing this as a good time to get in the market,” DiMella told Boston.com in a phone interview. “The flipside is there isn’t enough inventory, so there’s going to be bidding wars that happen over desired condos.”

What Does This Mean For Buyers?

For buyers, DiMella encourages you to work with an agent who can help you navigate the market efficiently. They are involved in transactions on a weekly basis and can help you write a competitive offer based on your situation. Buyer agents are used to bidding wars and helping you put your best foot forward to get through them.

And For Sellers?

Obviously, this is a strong market to sell your home in and you should speak with an agent if you are considering doing so. However, as DiMella cautions, it is important not to overprice your home as this may result in no offers. As he tells Boston.com, “There’s a difference between being realistic and overly aggressive with pricing,” he said. “Those who are realistic are creating that demand, but those who overprice could miss the market.”