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Covid-19’s Impact On Real Estate … May Not Be What You Imagined!

Lotika Paintal

A year ago, in March, Covid-19 was emerging as a virus to be reckoned with. Who could have imagined how much our lives would change! The pandemic economy has unevenly lifted some, while others (often the most disenfranchised) have been left behind.

That said, real estate with its many satellite workers (realtors, mortgage brokers, appraisers, attorneys, home inspectors, handymen, construction workers, etc.)  is one of the industries that has seen a huge lift this past year. In greater Boston, it has often felt like everyone - and their dog - is on the move!

Working from home and navel gazing has left many of us looking for more space or a different type of place. “We want a … bigger home/greener home/more outdoor space/second home/place with thicker walls”, are just some of the reasons to move I have heard from clients. 

Meanwhile, the feds are rightfully worried about the impact of the pandemic on the economy, so interest rates continue to hover near the lowest they have been in decades. Yes, the cost of financing or borrowing money right now is very attractive.

Another unexpected consequence of so many people working from home - not traveling, eating out, or spending on entertainment - is fatter bank balances with the ability to buy more home. National savings are at an all-time high. 

For sellers this may be the best time ever to sell a home: Inventory of homes is at the lowest in history! Let that sink in for a minute. If you read my regular articles, you know that inventory in our area has always been in short supply. With the pandemic we are now in the ‘extremely low’ range. If you are thinking of listing your home now or within the next year – give me a call to discuss strategies and concerns. We have been selling homes ‘safely’ and at a fast clip and helping sellers navigate concerns throughout the pandemic. 

Buyers have advantages too: With the cost of financing so low and savings available to spend on homes, buyers are doing alright. They have more spending power. There are also strategies to win in this competitive market, as evidenced by the many happy recent homebuyers amongst my clients

Enjoy April, winter appears to be relaxing its grip on our region and hints of spring - and vaccines - are in the air!

Lotika Paintal

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