I heard this saying today “every day the clock resets.” More so today than ever before. The world is going through a pandemic that’s affecting just about every individual and family on the planet. Millions across the world have been infected with the virus. While the health impacts are obviously the most important byproduct of the pandemic, it has also had an impact on the Boston real estate market.
All industries from real estate to retail have been affected and have had to make adjustments to their business model. This post is going to look at the impact on selling downtown Boston condos from a real estate perspective in a post-COVID-19 world.
One of the most notable ways that Covid-19 has affected the Boston real estate less demand for Beacon Hill apartments and urban condo living. People don’t know what’s going to happen next, and would rather wait it out. Before committing to buy a Boston condo or rent a Beacon Hill apartment
While every Boston neighborhood has been impacted a little differently, let’s take a look at Beacon Hill. There are record-breaking numbers of Beacon Hill apartments for on the market today than this time last year by around 100% more available, in addition, it has become harder to buy a Beacon Hill condo as mortgage companies are lighting up their lending restrictions and a high number of unemployed workers in Massachusetts. In fact, Massachusetts is ranked 4th in unemployed workers. The overall prices of homes, being driven by the lack of demand, will soon decrease in the Hill. They will likely continue to rise on days on the market until the employment situation improves.
This means sellers should put more effort into marketing or preparing the home for a sale or show. You still need to get your downtown Boston condo ready to sell in order to have the best results and find the best possible buyers.
Another thing that will (and has in some areas) changed in-home selling because of Covid-19 is the prevalence of virtual viewings. While public open houses were common, social distancing rules have hindered them for a while as people are trying to be as safe as possible. Many sellers have opted to use virtual viewings to allow people to see their home, without actually having to physically visit it.
These can be high-quality 360-degree pictures or videos, or even live videos.
Even once all restrictions are fully lifted in all areas of the country, many sellers will still opt to allow virtual viewings like the example above. They are fast, easy, and can be done at a reasonable price While many agents and real estate service providers have already used virtual viewing, expect them to be much more common going forward.
Generally, the downtown Boston areas that were hardest hit by Covid-19 were large areas where a ton of people basically exist on top of one another for example Boston Midtown high rise towers. While many people might want to socially distance in places like in Midtown/Downtown Boston, it proves difficult if you ever need to leave your condominium for anything. People are everywhere, and this makes it easier for the virus to spread.
As a result, many people buying homes may shift their sights away from cities and look to the suburbs. Those in the suburbs might have a larger demand for their homes, as some people prioritize less densely populated areas post-COVID 19.
Also, as remote working continues to be more popular, people won’t need to go into the office, which is generally found in the heart of the big city. This could eliminate one of the biggest problems people have with suburbs, which is a large commute.
Even once social distancing rules are taken away, there is a good chance people might still be mindful of large crowds. This could lead to more people looking for quieter cities and neighborhoods to buy-in.
With that said, If you’re interested in buying or selling a Beacon Hill condo, Seaport or high rise Midtown condo make sure you check out our Boston real estate blog to learn about each area before you invest.
We hope this information helped you learn a little more about what might change in the real estate world (home selling in particular) in a post-COVID world. And remember every day the clock resets. so come back again tomorrow to find out what’s happening in the Boston real estate market.