Is there Boston real estate opportunities after Covid-19?
Before I get into that first let’s take a look back in the rear view mirror:
Early in the pandemic, many of my clients who lived in the city asked for my thoughts about their condominiums — specifically, their future value and the next move. At the time, I noticed two things that led me to believe that the condo market was going to take a dip:
1. Mayor Walsh outlawing Airbnb coupled with pause college attendance created a glut of Boston apartments. Thus the market flooded with rentals, driving down rates.
From job losses to closed-down businesses to losing tourism, not to mention wild stock market fluctuations, there’s no doubting the economic mess left by Covid-19 in 2020.
But for the business savvy, there have also been unique opportunities to seize.
At a time when government officials suggest we retreat, many have indeed found chances to advance, capitalizing on this moment to enhance a variety of financial positions. Some stock market players have already realized gains, but those inclined to all things real estate have noticed other opportunities due to the pandemic.
Because of the pandemic, many transplanted urbanites work from home, making their choice to move less complicated. This has led to the “opened window” to rural and suburban home sellers are now cashing in on the downtown Boston exit.
Many international Boston real estate buyers have started to look again for new buying opportunities here in the downtown Boston condo market. Even though that the Boston high rise condo market has slowed this year, I strongly feel that many will return. We have one of the best health facilities in the world to help combat critical care needs. These factors will revive Boston’s downtown real estate market, specifically downtown Boston is ripe for both developers and the everyday Boston condo buyers looking to purchase in the near future.
Extremely low-interest rates have created definite advantages for investors and Boston real estate buyers. Combined with what should be revived downtown Boston economy in 2021 the new possibilities appear lucrative. More conservative homeowners have leveraged valuable home equity to help pay bills and maintain their way of life until then. Some have acquired manageable, inexpensive loans to spend their extra downtime on overdue home improvement projects.
To use a stock market analogy, whether you’re bullish or bearish on the financial impacts of Covid-19, this is undoubtedly a time to profit on the Boston real estate if you know how to navigate the market. In 2021 review your interests, investments, goals and overall financial picture to see if some of these opportunities are in your future. It could be your silver lining to the clouds that hung over 2020.