Boston Real Estate: Will Boston condo buyers come out after the rollout of the vaccine? The answer, COVID-19 vaccine is likely to add more buyers and sellers to an already red hot real estate market.
A new survey from Zillow finds a large majority (70%) of homeowners say they would be comfortable moving to a new home after widespread COVID-19 vaccine distribution, a meaningful bump from the 52% who currently feel that way. That amounts to homeowners in more than 14 million homes feeling newly comfortable moving after widespread vaccination.2
Among homeowners who said the vaccine would impact their decision to sell, nearly four-in-five (78%) said they expect it will make them more likely to move.
Both Boston cond buyers and sellers are drawn in by more certainty, the vaccine could help feed a ravenous demand for Boston real estate this spring season.
“We expect that the vaccine rollout will likely boost inventory, as sellers become increasingly willing to move despite Covid-19 – resulting in greater numbers of new listings beginning this spring,” says Chris Glynn, principal economist at Zillow. “That injection of inventory could give buyers more options and breathing room in a competitive market. The vaccine, however, will also likely add to already-strong demand, given that most sellers will become buyers as they trade-in for a home that better suits their new needs. “
That already-strong demand is being driven by both demographic and pandemic-led factors. Millennials – often considered the largest generational group in the country – are aging into their peak home-buying years. The generation fueling the Zillow surfing trend is now hitting their mid-30s, the median age of a first-time homebuyer.
The Great Reshuffling continues to contribute to unrelenting demand in the for-sale market, as the pandemic has prompted people to rethink how and where they want to live. The freedom to telework has opened up new, affordable housing options all over the country. Boston real estate tech tools, such as next-generation 3D home virtual tours with interactive floor plans, are enabling shoppers to remotely explore all the possibilities a move could bring.
As realtor.com Senior Economist George Ratiu recently noted,
“Sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown.”
However, a recent report by ShowingTime reveals how this year is different. Buyer activity is way up compared to the same time last year. The report explains,
“The nation’s 12.6% growth in home showings compared to 2018 was the most significant jump in buyer traffic during the current four-month streak of year-over-year increases. The West Region saw the greatest growth in activity, with a 23.1% jump – the region’s greatest in the history of the Showing Index.”
The increase has spread across all four regions of the country, as the graph below shows and of course this includes the Boston real estate market
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