There is never a perfect crystal ball but contemplating the near-term future is time well spent.
The two biggest variables going into 2021 are probably the future of the coronavirus and the significant change in the presidential administration. Both will drive economic changes for the next six months or longer.
What we do know right now if the time line for the vaccine goes as planned, it’s likely to be at least late spring before any meaningful economic recovery begins. At a minimum, that means interest rates will remain low for at least six months. More likely, interest rates will remain very low throughout the summer and into the fall of 2021.
The biggest variable will probably be employment levels that will determine the number of Boston condo buyers and sellers entering the Boston real estate market.
There will be another important snag for people that are on-the-edge of being able to qualify for a mortgage. Lenders will be approving a limited number of mortgages, lenders will be able to cherry-pick the ones they approve. For barely qualified buyers, this means the qualifying standards will be strictly enforced and borrowers on the edge are at risk of slipping backward.
In a nutshell, low-interest rates and slowing of the pandemic will bring more Boston condo buyers to the marketplace in 2021.
Another good thing because of the pandemic many lenders now have processes in place to electronically sign loan applications and closing paperwork, including notarizing paperwork electronically. You want to take advantage of this to speed up your final loan approval and closing.
It will be a good time to buy a house but challenging to find a mortgage
What does your crystal ball say about buying a Boston condo for sale in 2021?