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Local Real Estate During Uncertain Times

At this time, it is more important than ever to put your health and safety, as well as the health and safety of your family, friends and neighbors, as a top priority.

This communication is to address concerns about potential changes to the real estate market due to the Covid-19 outbreak. Although these are unprecedented times and uncharted waters for us all, we have faced other economic challenges over the past 2 decades, including the attack on 9/11 and the 2008 banking crisis and recession.

These events caused major adjustments to the national real estate market and property values decreased drastically. In many states across the country, it took years for values to recover, and in a few cases, they still haven't. In Greater Boston, our recovery was much quicker. Values recovered in less than a year and the real estate market continued to prosper. Our market is very much protected from what occurs nationally, and I’ll tell you why and what this means for you.

Over my career I have said, and truly believe, that we are blessed to live in Greater Boston. We are surrounded by world-class universities and hospitals. In fact, the world looks to us for our academic, medical and healthcare leadership. We have access to Boston, Kendall Square, Harvard Square, Routes 93 & 95 and all the amazing bio-tech and hi-tech companies throughout our area.  We have widespread public transportation and many of our communities provide easy walking access to local shops and restaurants and terrific outdoor recreation opportunities. Thousands of people come here each year for their college education and a high percentage stay to work and start their families. People from all over appreciate the opportunities, diversity and vibrancy across the communities of Greater Boston. 

All of that said, if you are concerned about the value of your home drastically dropping, please don't panic. Let's talk about your concerns and I will be happy to give you detailed insights on the value of your home and comprehensive understanding of what is happening in the real estate market.

Again, stay healthy and safe.

- Steve McKenna & The Home Advantage Team

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