Pros and Cons of buying Boston real estate for sale during Covid-19.
Yes, covid-19 is still at large, and yes, there are still people dying, but does that really mean that you should put your Boston condo for sale -hunting plans on hold?
Believe it or not, there is a way around this; that’s what we have prepared for you here in this Boston real estate blog post
While implementing social distancing measures and practicing other methods of keeping yourself from getting infected, it is, in fact, possible to both buy or even if you’re trying to buy or sell Boston real estate for sale
In this blog post, I’ll talk about the pros and cons of buying a Boston condo in the covid-19 era.
Social distancing involves creating a space between yourself and others to prevent the spread of the covid-19 illness. According to general guidelines from the CDC and WHO, individuals are required to keep at least a 6ft distance from the other person.
Since much of the buying and selling of downtown Boston condos is done through face-to-face interactions and having several people visit high rise condos, social distancing has made it almost impossible to do so. When it comes to the real estate community, social distancing may lead to the canceling of open houses and walkthroughs and rely instead on virtual meetings like through zoom.
So without further ado, let’s look into the pros and cons of buying Boston real estate for sale during the covid-19 pandemic:
Pros of Buying Boston Real Estate During Covid-19 Pros
Interest rates are experiencing all-time record lows. This means lower payments, and because of the fact we aren’t sure how long the pandemic will last, these rates could remain as they are for quite a while until then.
Another advantage of hunting for a Beacon Hill or Boston Back Bay condo for sale during covid-19 is the fact that there’s not much competition from other buyers. This means that you have more chances of buying a home than your rivals, provided you undertake the proper preventive measures.
If you start your search now, you can get a good deal out before the crisis passes, and there will be more downtown Boston condo-hunters back on the market with escalated price rates. Lord only knows if you’ll ever get another golden opportunity like this.
Knowledge of the Market Through a Boston Realtor
Look for a reputable, knowledgeable, and ethical real estate agent who knows the housing market’s ins and outs and has all the relevant data about which condominiums are being put up for sale.
Since demand is typically more than supply, the upcoming quarters could see an incline in property prices. This means that if we invest now, we can take advantage of the appreciation benefits later on if we invest now.
Now we move on to the darker matters, which are the cons of buying a house for yourself during the global pandemic.
Some home buyers who are either laid off or furloughed due to budget cuts might end up losing their loan qualifications. Some of the deals that are still pending might end up amounting to nothing. And because there are businesses still closing and people still working from the comfort of their homes, banks and title companies may not be as efficient.
Given the extension of the lockdown and construction activities being ceased, you can expect many delays in delivering new Boston Seaport condos. Besides that, given the current liquidity crisis and migrant laborer exodus, the Boston real estate sector’s ongoing state has become challenging. That’s why buyers need to look for Boston real estate makers with a proven track record in project delivery times.
Apart from some Boston real estate for sale deals not going through, another problem that could present itself during these dire times – the inability to make a deal. But besides that, there is an even worse situation than we could deal with, and that is purchasing a property before seeing it or investigating it in person.