Your Greater Boston Real Estate Connection

I hope this message finds everyone healthy and safe, and my gratitude goes out to those of you that are working to keep us that way. 

Many of our clients have reached out to me and other CSR agents with questions about the status of the Greater Boston real estate market, so here is a bit about what we’ve been discussing:

On its surface, there has been some initial shock to both supply and demand sides of the market. To begin with, at some higher price points, we are seeing longer days on the market and some price reductions. In the multifamily market, we are also seeing a slight softening likely due to financing restraints and new policies towards renters. That all being said, in the last two weeks we have seen an overall surge in buyer demand. The trend has been towards single-family homes, smaller condo associations, and anything with outdoor space.  Overall, prices have remained constant, and in some markets, we will see an increase when sales data is released. In summation, one could say it is a microcosm of our typical spring market, and though it varies from neighborhood to neighborhood, many properties are selling quickly and competitively over asking. Ultimately the duration and severity of this public health crisis as it unfolds will be the deciding factor to what further impacts there are on the housing market in the short-term, but that is where it stands today.

To that end, let me speak about long-term outlooks. And let me first remind all that whether it is a personal residence or investment property, you should always take a long term perspective inasmuch as your current financial state allows it. It is important to not make rash decisions whenever you are making a purchase or a sale. Though the next 3, 9, or 18 months maybe a bit up in the air, the fundamentals of Greater Boston real estate have not changed. The hospitals and universities, the biotech, tech, and finance industries, the residential and commercial infrastructure from block to block, and the tourism and hospitality industries, are all deeply embedded in the fabric of Greater Boston. Because of these deep presences in our local economy, in addition to federal stimulus, scientific advancements against COVID-19, and our state and local governments’ empirical approach to public health, our economy is well-positioned to weather the storm in the long term.

In regards to our own company’s practice, we have successfully implemented new protocols in order to increase safety both for us and the community, including virtual and private showings, new legal protocols for sight-unseen sales and rentals, and CDC-recommended hygiene protocols. We are constantly monitoring both federal and state regulations, as well as GBREB and MAR best practices, as we navigate the epidemic, and cannot stress enough that safety is always our first priority.

On a personal note, I will add that I’ve never felt luckier to be a Bostonian and a citizen of Massachusetts as I am watching our communities, our government, and most importantly, our healthcare workers and other critical workers, respond to this crisis. So many are making significant sacrifices to get us through this difficult time. Many of you are friends, clients, and family, and I look forward to thanking you in person someday! 

If you have any questions about the Greater Boston real estate market, want to pick our brains, or just want to say “hi”, please reach out to me or a team member. Most importantly, from the entire team, stay safe out there!

Ben Resnicow
Owner/Broker