In the spring of 2020, it became quite difficult to get Boston real estate deals done. Because banks weren’t physically open to be able to finance them. Now many banks are back open for business, but they have also become more selective in their mortgage process.
The verdict is still put in which way Boston condo pricing will go in 2021. If there is a fallout in the pricing, then some smaller investors can take advantage of it because they’re more nimble. So it’s almost an advantage for smaller investors to watch that kind of thing happen.
Money doesn’t just evaporate into thin air. It changes direction and changes where it goes. So when I can’t make money over here, I’ll need to find a safer place for it over there. They call it a flight to safety. And then it’s just a matter of figuring out who’s the smartest on the street and has that safe place for the money. Having that ability to look and find those opportunities will really determine whether you sink or swim in today’s Boston real estate market.
Boston Real Estate and the Bottom Line
Don’t get me wrong, it’s still a great time to be a seller. If you can build up that cash war chest, you’ll be positioned really well for the opportunities to come. It just might be harder to exit in the near-term. That’s why it’s an even better time to be a buyer. When everybody else is greedy, you need to become fearful. When the deals become harder and harder to find, that’s when you know to keep a sharp eye on what’s going on in the market.