Mortgage rates, the election, and the strength of the economy are the major factors that could alter the course of the Boston condo market in the next few months
Although mortgage rates have ticked up recently, mortgage rates for Boston real estate purchases are likely to remain low for the foreseeable future since the Fed has committed to stimulating the economy by any means necessary.
The uncertainty around the election could give some downtown Boston condo buyers pause in the weeks before and after the election date. With mail-in voting and potential delays to knowing the outcomes of the election, buyers may feel like waiting to make any major financial decisions until the future of the country is clearer. And of course the outlook for COVID_19 could affect the housing market.
Massachusetts unemployment is still one of the highest in country. In addition, there are recent news reports of more layoffs, so we may see more homeowners decide to list, and some potential homebuyers getting skittish in buying.