Lately, I’ve been asked by clients: What should I keep in mind in the Boston condo-buying process as it relates to COVID-19?
With interest rates for qualified Boston condo buyers hovering below 3%, you certainly want to be considering buying Boston real estate.
Boston real estate points to remember:
Almost certainly, we’re in a recession and we have no idea how severe it could become. One of your primary considerations needs to be how secure your job will be going forward. Are you able to make the mortgage payments if the pandemic should continue for a while?
One Positive Note for real estate buyers:
National Realtors Association found that 48% of real estate agents have noticed a decrease in buyer interest attributable to the coronavirus. Of course, that means competition from other buyers is less.
The real estate dilemma:
The real estate dilemma is that no one knows what will happen a month from now or six months from now. Prices might go up or down, there might be a resurgence in active buyers. However, we can say with some certainty it is likely that interest rates will remain extremely low for many months to come. That being said, now is a good time to shop around for a good rate for your future Boston condo for sale.
Here are some tips for buyers based on what is known:
- The stock markets are going to remain volatile. You should keep your down payment and closing costs in an insured savings account or money market fund.
- The Midtown high rise condo-buying process is taking longer than usual.
- Be prepared to embrace digital technology in every step of the process.
- To stay as safe as possible, use virtual tours to initial screen Boston real estate.
- You should also take precautions to keep yourself visiting a Beacon Hill condo or Seaport condo.
- When you do make an offer, consider adding a new addendum that allows the offer to be terminated if something happens related to the COVID-19 virus.
- The final walkthrough is a time that you probably want to physically walk through the home. You should use plastic gloves and hand sanitizer.
- The final closing is the last step in the transaction always comply with social distancing requirements.
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