Bringing back the Boston real estate market, isn’t the same as turning the Cappuccino machines back on. Why? The Boston real estate sales market is an emotional, big-ticket game, inextricably linked to employment, wages, job mobility, the stock market, and ultimately, consumer confidence.
Boston condos for sale … are still selling
Today one of my agents had a closing on a South Boston condo sale, my point, is that Boston homes are still moving, both with large and small price tags. Boston real estate brokers who are on their toes working with willing buyers are learning to adapt rapidly. And motivated Boston condo sellers are still closing deals.
The Covid-19 pandemic is really teaching us (real estate brokers) how we need to adjust and learn new ways to transact in this business environment. Transitioning into the digital and virtual world is more important now than ever. Because of COVID_19 impact on the Boston real estate market, agents need to be more creative than they’ve ever been before to their Beacon Hill condo or Midtown sales listings to keep them relevant.
We are in uncharted territory with the coronavirus. But the Federal Reserve is taking incredible steps to help the housing market.
Why this reminds me of September 11th
This is more like the real estate market after September 11th. Here’s why; It was unexpected. It came on quickly. It scared us. And people just froze. The same thing is happening right now. The corona pandemic came on equally as unexpected, stopping the economy and creating a similar disturbance in the Boston real estate market. But if you recall, in that recession the value of Boston real estate went up. I don’t think this is any different.
Boston Real Estate and the Bottom Line
I don’t think we will have a lot of sales activity over the next few months, bringing back Boston real estate buyers and sellers isn’t the same as turning on the cappuccino machines. But once we are out of this, it all picks up fairly quickly and by the end of the year and I believe we will be back to normal.