The coronavirus crisis has disrupted the Boston condo market. But with rates low and sellers anxious, first-time buyers could find a silver lining during this crisis.
The coronavirus pandemic has sent the stock market tumbling and left Boston residents wondering how to handle basic needs, like finding toilet paper.
The Boston real estate market has been no exception. An example, Boston real estate brokers are making most open houses by appointment only. Many are trying (including me) to transition to virtual tours online. But there is a silver lining….
If you’re a first-time Boston condo buyer I think this is an excellent time to purchase a Boston condominiums, especially if you plan to live in the unit for substantial length of time. I’m not the only one that feels this way. According to today’s NY Times:
Depending on your appetite for risk, the coming months might actually prove to be a better market for first-time buyers than for other buyers, partly because you don’t have to worry about trying to sell a home in uncertain times. And list prices may fall if sellers worry that buyers are dropping out.
Also, the government is slashing interest rates, aiming to keep buyers in the market. Lenders are reporting a spike in mortgage applications — and as of last weekend, people were still making offers on homes. “If interest rates stay at these historic lows or even go lower, people will be pushed off the fence to buy a home,” said Zack Tolmie, a home-lending officer at Citibank.