We’re in a changing Boston real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with other Boston agents, lenders, and all of the players involved in a Boston condo for sale transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home.

Boston real estate and the cornavirus

We’re all being impacted in different ways by the effects of the coronavirus. If you’re in a position to buy a Boston high rise condo today, know that you’re a major economic force in your neighborhood. And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your Beacon Hill home search on track.

Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:

When you buy a Seaport condo, you’re making an impact. You’re fulfilling your need for shelter and a place to live, and you’re also generating jobs and income for the appraiser, the loan officer, the title company, the Boston real estate agent, and many more contributors to the process. For every person or business that you work with throughout the transaction, there’s also likely a team behind the scenes making it all happen, so the effort multiplies substantially. As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the extra labor it requires to build the home.

Boston real estate

Boston real estate

The report also breaks down the average economic impact by state:As a Seaport condo buyer, you have an essential need for a home – and you can make an essential impact with homeownership, too. That need for shelter, comfort, and a safe place to live will always be alive and well. And whenever you’re able to act on that need, whether now or later, you’ll truly be creating gains for you, your family, local business professionals, and the overall economy.

Boston Real Estate & The Bottom Line

Whenever you purchase a Seaport condo, you’re an economic driver. Even if you’re not ready or able to make a move now, there are things you can do to keep your own process moving forward so you’re set when the time is right for you. Let’s connect to keep your Beacon Hill home search – and your local contributions – on track.

Boston real estate for search

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