The Boston real estate market could be the next area to experience a shakeup due to the coronavirus, especially with Gov. Baker implementing a MA shutdown.
Typically, spring is a peak time for Boston condo buyers and Beacon Hill apartment renters. But uncertainty about the disease has some people on edge about buying, selling or renting an apartment, according to realtor.com.
“This is probably a good time to wait. One reason is that a potential buyer might want to have more certainty about how their own financial situation will be affected.
RentCafé says searches on its website are down 25% as coronavirus spreads.
As coronavirus spreads, restaurants, bars and other service businesses have scaled back operations across the country, leaving some workers without jobs, which will likely have tenants breaking leases or holding off on signing a new lease.
I’ve been receiving calls from Boston landlords who are beginning to be concerned that its taken longer to rent our there apartments and for first time, that I can recall one landlord is considering lowering there Beacon Hill apartment rents.
For now, I don’t think coronavirus will impact the desire to search for Midtown, Seaport or Beacon Hill condos, but could make people more hesitant in moving forward on the downtown condo homebuying process.
It’s also not likely downtown Boston condo prices will fall because there’s a shortage of Boston condos available for sale. I also think that the condominiums that are on the market may be pulled off until this virus passed by.