Hi John Ford here with your inside Boston Real Estate Blog update for April 1, 2020.
This my surprise you, because it surprised me. As the real estate industry remains split on whether the services it provides are “essential” during a pandemic, one federal agency has weighed in with an emphatic “yes.”
Workers in both residential and commercial real estate, including settlement services and government workers who facilitate mortgage and real estate deals, were included in a “Essential Critical Infrastructure Workforce” advisory list released by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.
Now, I do believe that Boston real estate brokers add value to our clients, but we’re not medical or supply chain health/food workers providing downtown Boston neighborhoods through this health crisis.
As a Boston real estate broker, I’ve found that the biggest issue around selling Boston condos for sale or renting a Beacon Hill apartment during this period is the physical property showings that our clients still request.
Downtown Boston has thousands of real estate agents with clients, should each broker/agent decided to listen to Federal government, and just showed one property. What would happen? I’ll tell you that would results in thousands of people milling around the streets of downtown Boston. Do you really want that?
The future of Boston real estate
If there is any good news, it’s this, once this virus passes the Boston real estate for sale market will look a lot better for 3rd and 4th Q of 2020. What we have now is a lot of Boston condos for sale and Beacon Hill apartments for rent in the pipeline. In addition, Boston real estate buyers and renters anxiously waiting to make a move. With Boston condos and Beacon Hill apartments all queued up in MLS this will collide with the pent-up-demand for those that want to make a move. This will result in the classic supply-and-demand theory resulting in a major Boston real estate boom. Hold on for the ride.