Well, trurh be told; This isn’t what buyers think. It’s what Boston real estate brokers are thinking that their buyers are thinking, but we aren’t mind readers so it’s really what realtors think…..who by the way haven’t left their downtown Boston condo for a month, other than going to Whole Foods.
Yes, the Boston real estate for sale market is starting to show delays on new listings and closings. Sixty percent said their clients are pressing pause for a couple of months. Completely stalled, though? No—they’re simply simmering, responses show. Real estate buyers and the industry are adapting to the changes, awaiting a hopeful return to normalcy.
According to NAR Chief Economist Lawrence Yun:
“Expect second quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential homebuyers and sellers indicate they’re still in the market or will be in a couple of months, Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10 percent of REALTORS® report the same level or even more business activity now than before the economic lockdown.”
So how is the real estate markets faring? The survey shows 33 percent (a third of REALTORS®) have not experienced closing delays. For those who have reported delays, these road bumps often happen during the financing, appraisal and home inspection portions of the transaction process. As of today’s date, one of my Beacon Hill real estate agents has a closing coming up soon and there is no indication she won’t close on this South Boston condo. ( oops…. I hope I didn’t just put a curse on myself).
How to you adapt to this new Boston real estate environment?
The key to adapting? Technology. To cultivate new client relationships, surveyed respondents say they will leverage live videos (33 percent), social media (59 percent), e-closing tech (42 percent), e-signatures (77 percent), virtual tours (34 percent), messaging apps (38 percent) and WebEx/Zoom (30 percent).