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Think Smarter with Nick: May 2020

Think Smarter with Nick: May 2020

Nick provides an update on the newest regulations and changes regarding COVID-19 and its impact on the Boston real estate market. He also looks at the trends over the past month to analyze the adjustments the market has made during this time.

What are the current regulations buyers and sellers need to know when it comes to Boston real estate as it relates to COVID-19?

For our buyers and renters looking at property, we are working with landlords and sellers to come up with a plan that prioritizes safety and health above all else. This includes virtual tours, one-on-one showings, digital floor plans, and more. We are working with our clients to understand their protections during this time and helping connect them with legal professionals that can answer questions about these unique transactions. We are also working to monitor what rules local luxury building homeowner organizations are implementing and making sure to follow any showing restrictions. By working together, we can minimize the impact COVID-19 has as individuals navigate the Boston real estate market and ensure efficient and timely transactions as much as possible.

What precautions and changes has BHHS Warren Residential made during this time?

As the situation develops and new aspects are learned, we continue to monitor and evolve with regulations to protect clients and better navigate the changing environment. These unprecedented circumstances impact all aspects of the real estate transaction from showings to closings and everything in between. At Berkshire Hathaway HomeServices Warren Residential, we continually read guidance from the National Association of REALTORS® (NAR), WHO, and CDC as well as local organizations to make sure we are operating in the best interest of our staff and clients' safety.

As an office, we are following Boston's guidelines for businesses and local orders. Our office remains mostly closed and all employees are working remotely to ensure transactions are still processed smoothly and efficiently. We have always been at the forefront in our use of technology and have continued to utilize new and existing systems to stay connected through digital meetings, video conferencing, etc. Now more than ever, we understand that communication is one of the most important aspects of a real estate transaction and make sure that we are in continual touch with our agents, clients, and those involved in transactions.

What have you seen in the market regarding prices, DOM, and an overall sense of the impact on Boston real estate?

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.

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