A few weeks ago, the mounting number of coronavirus cases in downtown Boston seemed to be having a little affect on the Boston real estate market. The “spring frenzy” predicted by brokers at the beginning of the year was in full swing — and even if not quite as frenzied as some had hoped, buyers were still attending Beacon Hill open houses.

But uncertainty — over the stock market the increase in coronavirus victims and just recently rising mortgage rates, to name just a few factors — has started to impact the attitudes of Beacon Hill condo buyers and sellers.

According to new data from the National Association of Realtors:

Interest in homebuying nationwide has contracted sharply in recent days. Nearly half of the agents it surveyed said homebuyer interest has decreased due to the coronavirus outbreak, up from 16% the previous week.

As one of my clients stated:

“With all of this uncertainty I’m just on hold for right now.”

Many of us have volunteered to shelter in place, so you might be out of touch and want to know what’s going on in the Boston real estate market?

What should Beacon Hill condo and buyers & sellers expect?

The most immediate thing right now we’re dealing with is helping Beacon Hill condo buyers and sellers who signed Purchase & Sales Contract (P&S) contract before the coronavirus took off, also our home appraisers, inspectors, movers, and buyers and sellers who may not be able to sign loan documents in person and lenders may not take digital signatures so all that adds up to closing delays. As a result. you will probably want to extend your closing dates and use a legal addendum to do that. Beacon Hill condo buyers should speak to your lender/banker about extending your interest rate lock due to possible closing delays.

Will we have a Beacon Hill condo Spring Market?

Normally we would be heading right into the busy Beacon Hill condospring market with many homeowners anxious to list their properties for sale, but all that is pretty much put on hold right now.

You may see less Beacon Hill condo listings in the short-term

Buyers & Sellers don’t be surprised if you see less Beacon Hill condo listings as they might be moves into a “Off market” status in the MLS. The purpose for this is, brokers don’t like to rack up too many days on market (DOM) on the MLS.

Beacon Hill Condos for Sale

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