Both the COVID-19 and affordable Boston condos for sale are two big issues facing the Boston real estate market in 2020. I’ve spoken with both Beacon Hill apartment renters along with out of state individuals looking to move to Boston, both groups agree that affordability is a major issue for them. Some buyers optimistically think that the coronavirus or COVID 19 situation will crash the Boston real estate market, thus making it more affordability, I tend to disagree. The bottom line is, demand right now might be on hold, but once the virus exits our city, the high demand for Boston condos will come back and our low inventory is about to get even lower. While downtown Boston will be impacted in the short-term with a drop in overall real estate transactions, our real estate market will continue to move forward.
Taking a look at the bigger picture, the supply of Beacon Hill, Seaport condos and Midtown high-rise condominiums on the market this spring is very tight, with no signs of improving in the short-term. Boston condo sellers are putting their homes on hold while the COVID-19 has a firm grip on our city.
According to a Boston Herald new report, the state needs 135,000 more housing units to quell the regions housing shortage, experts say. Yet Legislators are not passing bills by Gov. Baker that would make it easier for real estate developers to move forward and save on costs on their developments.
I understand that both the COVID-19 and the Boston affordability issue are major concerns for future Boston condo buyers. But within this sea of chaos, there is an opportunity to find a good deal for Boston condo buyers.
Ready to make the leap to purchase a Midtown condo or a newly built Seaport condominium? Let our top downtown Boston condo buyers’ agents at Ford Realty be your guide to affordable living in – Beacon Hill or anywhere in the metro area.