The cornavirus is going to have a significant impact on the Boston condo market. With the stock market facing significant volatility, for the last few weeks while we deal with this pandemic. This virus knows no borders and it is surprising how many people are still blogging that this is somehow not going to impact the Boston real estate market. Really?
To assume the Federal Reserve is going to have the power to generate demand for downtown Boston condos for sale with low interest rates, is a stretch. Boston real estate brokers like me, who can we sell to? The Fed has aggressively cut rates, but if you are out of a job or if the economy is in a shut down mode, who’s buying? Think about it, Gov. Baker doesn’t want you to go to work, filings for unemployment in Massachusetts is at an all time high. Yet somehow this isn’t going to impact housing? Once again, Really?
To think that “housing only goes up” and forget that real workers need to earn real money and stay healthy, is a fallacy. For all my Boston real estate broker friends, say what you want, but the truth is…. we are in for a correction here. However, I do firmly believe the Boston condo correction will be short-lived and the fundamentals were very strong before the virus outbreak.
Hopefully, the govt will remain focus on getting this virus under control