Updated April 2020
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The stock market with steep ups and downs happening on a daily basis. What does this mean? How will this impact the Boston real estate for sale market? There’s uncertainty over how the coronavirus and falling oil prices will play out. I’m watching and waiting to see how this effects our Boston real estate for sale market.
The low interest rates are motivating for downtown condo buyers, who are starting to think that this may be a good time to buy (provided you haven’t lost a bulk of your down payment money in the stock market). Of course, those who’d love to own property in the city are keeping a close eye on sale prices and inventory and hoping there’s a possibility prices will fall within their range.
Boston condo sellers are having second thoughts about listing their properties, fearing we are heading for a recession that will put downward pressure on prices. Indeed, I’m seeing sellers accept those first offers a bit more quickly, rather than waiting around for another offer that may or may not be negatively affected by another stock market slide.
At this point, it’s too soon to say how the Spring market will fare. As much as I’d like to accurately predict what will happen, I’m just a Boston real estate broker trying to make sense of all this day-to-day activity. I worked through the other financial crisis successfully; the current state of affairs fortunately doesn’t include bad loans engulfing real estate nationwide. So if sellers don’t create panic selling, the stock market stabilizes and interest rates remain low, it’s quite possible that the downtown Boston won’t be dramatically affected.