Anyone Here Buying Real Estate During the Covid-19 Crisis? (Boston: apartment, rent)

[Bridge781]

Agree a job where you are completely remote isn’t ideal. There always will be people who will just be more connected by being onsite.

My daughter had a drs appt through zoom. It was interesting, had to do with an eye issue where her pressure needs to be checked every year. So obviously that couldn’t be done but the dr could at least see through the video that her eye looks ok visually, she also instructed her to cover her eye and look at me etc. again it was better than nothing but certainly didn’t take the place of an actual eye exam. We will have to wait a few more months for that.

[Shrewsburried]

To clarify my earlier post, the known-unknown right now is whether this health/financial crisis is a V-shaped or U-shaped recovery. I don't see home prices softening significantly unless it's the latter.

Our economy currently has a suppressed demand issue, not a diminished demand issue (i.e., a typical recession). If we can flatten the curve and quickly return to some normalcy, demand and equities should climb rapidly and home prices should remain stable. If this drags on, demand will diminish as layoffs happen en masse. In this scenario, home prices will certainly drop as will be in a proper sustained recession.

[charolastra00]

I had hoped to be a first-time buyer by the time I have to renew my lease next year. My job is more secure than most, but a lot will depend on what happens in the fall and if I'm able to expand my emergency savings from 7-8 months to a year.

[bizcuit]

Originally Posted by BostonMike7

This has really helped eliminate useless meetings.

Right now, we have one team meeting at 8AM from our home offices. After that, we work on assignments, or drive into the office/lab and work on our projects. The days of 4 or 5 useless meetings a day have dried up. Productivity is up. Even my VP was commenting on how well the team was working together under these circumstances.


I've also come to realize I need a better home office setup, and an additional room. Things to keep in mind if I do decide to purchase a new home in the near future. (i'm not right now)

Not for me. I have more meetings than ever, and that's saying something. I'm on meeting #10 today and Fridays are supposed to be "No Meeting Friday".

[charolastra00]

I can't tell what's worse - the meetings that could have been emails all along or the emails that could have been meetings all along.



At least when I'm stuck in Zoom meetings, I can answer all those emails.

[yesmaybe]

Originally Posted by Shrewsburried

To clarify my earlier post, the known-unknown right now is whether this health/financial crisis is a V-shaped or U-shaped recovery. I don't see home prices softening significantly unless it's the latter.

Our economy currently has a suppressed demand issue, not a diminished demand issue (i.e., a typical recession). If we can flatten the curve and quickly return to some normalcy, demand and equities should climb rapidly and home prices should remain stable. If this drags on, demand will diminish as layoffs happen en masse. In this scenario, home prices will certainly drop as will be in a proper sustained recession.

V shaped isn't happening. The economy was already headed for a recession even before this. There's already talk of the mortgage servicing industry collapsing, so it may not be too long before it is either really difficult or impossible to get a loan. What I am watching is to see if Baker extends the quarantine past May 4th.

[GeoffD]

Originally Posted by yesmaybe

V shaped isn't happening. The economy was already headed for a recession even before this. There's already talk of the mortgage servicing industry collapsing, so it may not be too long before it is either really difficult or impossible to get a loan. What I am watching is to see if Baker extends the quarantine past May 4th.

Thunderdome where everything is shut down is probably V shaped. It will probably take several years to get consumer confidence back to the point where things get to 2016 levels. Hopefully, leadership at that point won't juice the economy again once it's healthy. We saw that with Dubya and again with Trump. It makes one helluva big thud.

[Shrewsburried]

Originally Posted by yesmaybe

V shaped isn't happening. The economy was already headed for a recession even before this. There's already talk of the mortgage servicing industry collapsing, so it may not be too long before it is either really difficult or impossible to get a loan. What I am watching is to see if Baker extends the quarantine past May 4th.

Yes, I agree that this seems to be the more likely outcome. I was simply outlining the two possible thesis one could have as a buyer right now.

March housing numbers were already bleeding after a strong start. Mortgage applications down 25%, listings down 36% nationally. I expect April and June numbers to be dismal. IMO, some estate sales listed in the last week have been priced very fairly (compared to last month) so I believe sentiment is already causing some softening on the non-turn key properties. Doubtful the low pricing will draw out multiple bids right now.

[redplum33]

Originally Posted by chicagoliz

So I don't think that the need for a commute is going to disappear, even if there is a simultaneous acceptance that working from home is viable.

Originally Posted by MikePRU

I'm with you guys. I just don't think all of a sudden that all jobs will become work from home and no one will have to worry about commuting anymore.

I agree. But the where and how may change. If the need for social distancing remains (and that possibility does exist), the jobs won't be in cities and public transportation will be dead.

I think some segments of the real estate market present a huge risk right now. Specifically, anything that currently has a massive premium attached to it due to proximity to Boston. The downside potential is enormous, and the upside potential is virtually nonexistent.

[Bridge781]

All I know is my boss values face to face time and he was someone who always came into the office. He’s also a germaphobe.