Right now is a spectacularly bad time for most people to buy residential real estate.
Beacon Hill condo prices are at historic highs. But why? There is a raging pandemic and an economic recession.
I say a bad time for “most” people because there are exceptions. There are always people who have to move and sometimes it does cost more to rent.
Too many people are making decisions based on the pandemic. They are assuming they will have jobs and that they can work from the home long term. Most jobs and conditions of employment are not long term but mortgages are for 10 to 30 years.
There has been a shortage of affordable Boston real estate for sale for the last several years and the pandemic has made it any better (yet). The demand is still high and the supply is low and prices are often too high.
It truly is a fantastic time to sell downtown Boston real estate.
I am not sure there has ever been a better time to sell a Boston condo. Even in the pandemic, downtown Boston real estate sales are still at top dollar.
Homeowners can take advantage of a once in a lifetime event and make a nice profit even if they have only owned the Midtown condo for a few years.
It is also a great time to own Seaport or Beacon Hill real estate, especially real estate without a mortgage. It might be a good time to refinance depending upon your current interest rate and how much you owe.
A better time to buy might be mid-2021 or maybe early 2022. By 2026 the housing shortage may ease up a bit as the oldest baby boomers turn 80.
If you are planning on buying or selling real estate I am here to help. I’ll hopefully be here in 2026 too.