Updated For Post COVID
Remember when finding a home close to your office, in a trendy downtown Boston neighborhood, or a specific school district was a top priority? These days, things are different. In this post-pandemic world, the classic real estate motto of “location, location, location” is no longer what’s driving buyers. Now, it’s all about “deal, deal, deal” instead.
The New Motto: “Deal, Deal, Deal”
The New Motto: “Deal, Deal, Deal” What is most cost-effective is what always matters most to a home-buyer. And in the midst of an economic recession, with mortgage rates hitting rock-bottom, getting a good deal is easier than ever. If you’re not returning to work anytime soon, and your kids aren’t returning to school anytime soon, the ideal location is now any location where you can get the most for your money. And that’s opened up a world of opportunity for people looking to make a move.
In downtown Boston, the “trendy” Boston high rise condos that have been on buyers’ wish lists forever are no longer the most requested. With nightlife closed and work and college classes not applicable for the near future, people are choosing the apartment with the best deal, the highest square footage, regardless of which neighborhood it’s in.
Across the nation, there’s a similar shift; People are relocating to towns they never would have looked at before, and placing a higher premium on the home itself than the zip code. Instead of looking to live in a specific location, they’re looking for the best living situation—regardless of location.
Will this bubble of location-irrelevant buying eventually burst? Yes. The energy and excitement of living in TriBeCa or Newport Beach or Boston will never go away, and as more businesses, offices, and schools re-open, people will crave proximity once again. But a good deal is a good deal, and right now, those willing to make a move—whether to a new neighborhood, a new city, or a new state—are getting some very good deals.