Real Estate transactions typically jump towards the end of the year, and especially December as people try to finalize their sales to offset potential liabilities for the current tax year.
But…2020 has been anything but typical.
When Greater Boston came to a virtual standstill in mid-March, it took a couple months to get back up-and-running. Now, many are seizing the opportunity to purchase a home (some way ahead of their intended timeline for doing so).
Interest rates are historically low and we’re as close to a buyers market as we can hope to be in this part of the country, so many Bostonians are deciding to make social distancing a little easier for themselves…by flocking to the suburbs and beyond. This what-are-we-waiting-for? feeling has swept through Boston (and New York, and other major cities), so without further hesitation, people are going for it. Many are deciding that they would like a little more home, which makes sense considering the amount of time we’re spending there these days.
And with more people able (or forced) to work from home, they’re finding that their homes are less than adequate.
One of the positives that has come from the current circumstances and ensuing economic impact of COVID is a shift in priorities: those who have taken solace in baking or cooking during the pandemic now crave a chef’s kitchen to replace their current apartment galley; the quarantine gardeners want to sow their oats in a proper field; most families need substantial office space for remote work, or dedicated space for the virtual classroom. Times are changing and city dwellers are migrating out to the suburbs. According to a Bloomberg.com article last month, “Urban Exiles Are Fueling a Suburban Housing Boom Across the U.S.” [READ MORE]
Coincidentally, over the past few months Exela’s Blog Series has spotlighted some of Boston’s most desirable suburbs, so, for those considering a move, we’ve put together an easy access Table of Contents for your convenience:
In Case You Missed It…
Just Over The Border (in NH)