As the July 4th holiday weekend is now in our rearview mirror. I would like to start the Boston real estate blog post with a quote from the father of our country:
It is better to offer no excuse than a bad one.” —George Washington
Boston Condo Buyers: What have we learned from COVID-19?
From talking to most of the Boston estate brokers and Beacon Hill apartment leasing agents and my own findings, it might surprise many of you that new inquiries from homebuyers, tenants, landlords, and home sellers have been at record levels since COVID-19 hit our shores.
There are a number of reasons for this. Firstly, we had the pent-up demand for Boston condos for sale from the pandemic since March. Next, many downtown Boston condo owners and buyers were planning to move this spring yet were prevented doing so because of lockdown, and finally, surprisingly, an advance wave of home movers seeking to bring their moving plans forward because of a fear of a second Covid-19 wave later in the year.
So, what does the future hold for the Downtown Boston condo market?
So, what of the future of the post-lockdown for the Boston condo market? While a stern recession seems almost guaranteed, a downtown Boston condo market crash is not. Many in the media are predicting property values to fall in 2020, then rise reticently from the ashes in 2021.
The fact is, nobody knows. Unlike other financial investments, the Boston condo market is partially driven to by emotions. Buying a Beacon Hill condo is not like buying stocks and bonds – it’s a home to live in … and those Boston condos buyers and Beacon Hill real estate landlords who are looking for an investment opportunity, often let their heart rule the head (again sentiment) when investing in property.
For Beacon Hill renters that want to own a Boston condo
Property always has, and always will be, a long-term investment. Many of you downtown Boston residents that may be reading this, especially potential Boston condos first time buyers, have been putting off buying your first home because of Covid-19 and not the Boston economy, and in a few years, it will be something else. There will always be ‘something else… and you could get to your 50’s and 60’s, still renting, waiting for the ‘next thing’ to pass and then tell yourself I’ll buy then … and end up buying nothing.
Boston Real Estate and the Bottom Line
Nobody knows what the months or years ahead will bring … yet what I do know is, people will always need a place to live.
Please let me know your thoughts if you can send me an email. Tell me what your experiences are as a Beacon Hill apartment renter or homeowner, high rise condo owner, or buyer so we can all learn from each other.