The Greek philosopher Pythagoras is credited of saying; Thought is an idea in transit.
Yesterday, I had a conversation with a Beacon Hill real estate broker who shared an idea with me, his idea is that he would use National Floor Plans to help him sell real estate with high definition virtual tours, pictures and floor plans. I give credit to the Boston real estate broker for taken on technology to try to sell Boston real estate during the COVID_19 outbreak.
But as Pythagoras said; “Thought is an idea in transit.” Will buyers buy homes virtually?
My guess is people will not purchase a home without seeing it in person unless it is investor who knows the market and perceives the home is a good value. I do believe buyers will be spending lots of time looking at homes virtually. I have seen a big increase in viewers on both my website looking at homes. As a buyer, it is a great time to learn the market. Study the Boston condo for sale market and home prices in the neighborhoods that meet your criteria.
Even more importantly, find the lender you want to use and get pre-approved. This is not just a quick call and a credit check (like a pre-qualification). I mean start the loan application and give the lender the appropriate documents so that they can be processed in underwriting. Why do all this before the viewing Boston real estate? Because when (hopefully soon) the Boston real estate market opens you will be an even better position than most downtown Boston condo buyers. If my seller receives multiple offers, because of pent up demand, the buyer that is already preapproved is always going to be seen as less risk than a buyer that has only been pre-qualified.
Sellers use this time to get your Boston condo for sale ready for the market. While you are not likely be getting the “virtual shoppers” you are not accumulating days on market and you will have the advantage of seeing what the market will be like once Boston condo buyers are buying again. And, you will be able to price and react accordingly. You will also have the added benefit that buyers who contract on your home after the COVID-19 Shelter in Place will know if their industry and purchasing power has been impacted.
While we are unable to conduct Open Houses as usual in person, we are working with buyers helping them be smarter and more attractive buyers and working with sellers getting downtown real estate ready and adapting to the market. Once the Shelter in Place is lifted, buyers WILL want to buy Beacon Hill homes, Midtown high rise condos and sellers we need your Seaport condo! Remember downtown Boston was already experiencing an all-time low inventory in housing. Interest rates have remained low during this so it remains a good time to buy. So while it might not be business as usual, there will be real estate business going on. A thought is an idea is transit, virtual tours do have a place for home buyers, perhaps you won’t buy a Boston condo for sale based on a virtual tour, but it can help reinforce your to physically view a Boston real estate listing, or not. Let me know if I can assist you virtually until we are able to meet in person.