Boston comedian Steven Wright once said:
What happens if you get scared half to death twice?
Covid-19 scared the Boston real estate market. Scared it half to death, didn’t kill it … so let’s all take a deep breath for a second. As we know, the world is connected and the COVID-19 has impacted the global economy, the only questions are how bad and for how long? For the Boston high rise condo market the impact is unknown at this point.
An unexpected person that comes up behind you, taps you on the shoulder, scares you half to death, is the best description for the current Boston real estate market. But it wasn’t a person that scared us unexpectedly, but the COVID-19. In the span of one month, the economy literally shut down. Every aspect of the life we were leading a few months ago has changed. But remember this, both the virus and the economic turmoil will be resolved; we have the greatest medical teams in the country and we are the economic engine for the world. We all took a scare, we need to calm down and get back into the mix in a reasoned, thoughtful manner.
The Boston real estate market functions like every other market; in cycles. Predictability is a friend, uncertainty is the enemy. The economic conditions drive Boston real estate and to a large extent, real estate drives a big portion of the economy; the two are inextricably intertwined. In order to move on, we need to be optimistic.
Being optimistic is the capacity to perform properly even when scared half to death
The COVID-19 won’t kill the Boston real estate market. To answer Steve Wrights question; what happens if you get scared half to death twice? Let me answer by stating; I’m no Dr. Fauci that we all see on TV, but the answer is simple if you like my math.
If you were to be scared half to death again, you would be one eighth alive. Then one sixteenth. Then one thirty-second. But no matter how many times you are scared half to death, you will never become fully dead, in other words, the Boston real estate market will live on. And that’s no joke.