I’ve been receiving numerous inquiries on how the coronavirus will impact the Boston downtown condo market.
Let me start with, I like all others, have no idea how long this pandemic will last. So as you can imagine I feel uncomfortable to opine on a a virus that I know little about. However, there are some observations that I’ve noticed regarding the Boston condo buyers mindset.
It appears that Boston condo buyers are stuck in a quandary right now. On one hand, mortgage rates are at a 50 year low, which makes it very attractive to Boston condo buyers. However, at the same time condo buyers are watching the news and hearing about what’s happening to the overall economy and specially the stock market.
For Boston condo buyers “Perception is Reality”
From my experience Boston downtown condo buyers look at the economic fundamentals and how they perceive the future, especially when it comes to a large financial investment like purchasing a downtown Boston condo.
Here’s where “perception is reality.” When Boston condo buyers hunker down and watch what’s on the news with large gyrations in the stock market it causes uncertainty. What do we do when we’re uncertain? Answer nothing. Its just human nature to hold off on making any kind of major decision. This will logically impact the Boston real estate for sale market.
I want to make this very clear, I believe the fundamentals of the Boston real estate for sale market is very solid. But it will take sometime to have this virus run its course and bring back Boston condo buyers from off the sideline.
