Boston Condos for sale Sale and Rent
Is there really a mass exodus out of downtown Boston?
Yes, according to a new study from Redfin.
Here are the top seven cities prospective homebuyers are seeking to leave, according to Redfin’s report:
San Francisco
Los Angeles
New York
Washington D.C.
Seattle
Boston
Detroit
Redfin study was combated with the U.S. Census data.
Boston Real Estate Broker’s Thoughts:
Where do we go from here? Here are my thoughts based in the Redfin study:
Things we can expect:
Boston condo sales will likely be lower for 1-3 years.
Mortgage rates aren’t going back to 3%…..but they might hang around in the 5% area.
Until the capital-gains tax is drastically reduced, many Boston condo owners won’t sell.
Boston high-rise condos are still desirable destination for affluent downsizers.
Boston condos for sale prices still look attractive to affluent downsizers.
A slower pace might encourage Boston condo sales and keep buyers engaged.
Boston apartment rents will remain high.
The media, especially social media, is a negative influence on the Boston condo for sale market.
There is game-changing commotion within the Boston real estate industry.
To compile its list, Redfin analyzed searches across more than 100 metro areas from about 2 million of its users. It compiled metrics like “net inflow” and “net outflow,” which refer to the number of people who sought to enter a given city compared with the number of people who wanted to leave it.
Updated: Boston Real Estate Blog 2022
Source: CNBC Real Estate
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Boston Real Estate for Sale
Are we really seeing a mass exodus out of downtown Boston?
The reason I ask this is that when I read the stories from the Boston Globe and elsewhere all I read about is how everyone is leaving the downtown Boston area. Yet, I’m finding this hard to believe, every day I receive internet leads both for rentals and sales from individuals who want to move into Boston. Ironically enough, most are from the Boston suburbs or from residents from out of state. So are the stories I read true? A survey of full-service moving companies describe a different scenario: Are people in the U.S. migrating during the coronavirus crisis in different ways than the pre-pandemic? Are they leaving cities? Moving to the suburbs? These are popular questions without definitive answers — yet. But there is some data emerging that can paint a better picture of Americans’ geographic response to the pandemic. One thing’s for certain: So far, there is little support for the dramatic claims that people are fleeing cities writ large. In fact, available data indicates that overall, fewer people moved at all since the beginning of stay-at-home orders and through June — even with interest in moving on the rise again. Among those who have moved, it’s unclear how many of those moves will be only temporary. But that doesn’t mean there aren’t interesting migration takeaways worth following. A select few cities including New York City and San Francisco do seem to be seeing more out-migration than most. But guess where many of those people are going? Other very large metropolitan areas, like Seattle and Los Angeles. If there is a perception that the pandemic has ushered in mass migration, it is not supported by the data. According to figures from two national moving companies, Americans moved less during the pandemic than they normally would have, not more. Several surveys have found that the great majority of people who did move during the first months of the pandemic did so for reasons unrelated to the coronavirus. In one such survey of 1,300 individuals conducted by Hire A Helper, just 15% said they had relocated because of Covid-19. Out of these pandemic-induced migrations, 37% of respondents said they moved because they could not afford current housing due to a COVID-related income loss. Thirty-three percent of the respondents said that they moved to shelter in place with friends or family, and 24% that they didn’t feel safe where they were. A Pew Research Center survey in June looked more closely at Americans who said they did make pandemic-induced moves. It found that overall, young people between the ages of 18 and 29 were moving because of Covid-19 in higher numbers, whether permanently or temporarily (college closing for in-person education might be to blame, at least partially.) Only 3% of the respondents said they had moved because of Covid-19, and 6% said someone else had moved in with them because of it. Link to Article What the pandemic is exposing is the gap between the haves and have-nots. Those who are moving are seeking financial relief – either homeowners cashing in their home-equity lottery ticket and moving down or those who flee so they can afford to start their American dream in a cheaper area. The affluent don’t have to worry about that stuff. But they’ll move closer to the grandkids!
