The coronavirus pandemic has created unprecedented uncertainty and risk. We encourage all to observe the CDC guidelines and those of our local, state and federal government to remain as safe as possible from contracting and or spreading the virus.
We do not know the extent or duration of the health and economic impact of the coronavirus, but we know that it has been dramatic and immediate. The process of buying and selling homes remains operative, although minimizes and even eliminates the need to physically interact, as in normal times. There has been a relative shortage of homes available for sale and a relatively high appetite of potential buyers in Massachusetts until at least mid-March of 2020. It is too soon to evaluate the near-term impact of buyer and seller preferences, but some have deferred any real estate decision during the social distancing and business closures that we have all witnessed.
Because home price discovery depends upon buyer and seller preferences that are clearly now in transition, we will not speculate on the direction of the residential real estate market. We will focus on value and the long-term, which have been the guiding principles of our founder’s success for decades. Regarding the stock market, to paraphrase Warren Buffet: Be fearful when others are greedy and greedy when others are fearful. He also has counselled against trying to time entry to and exit from the stock market and has instead emphasized the benefit of remaining invested in fundamentally sound companies. We suggest that the same principles hold true for what is usually the largest financial decision that one makes, which is the purchase or sale of a home. My goal is to provide updates on the state of the residential real estate market of interest to those who wish to inquire. However, the most important decision that any of us can make now is to remain safe and to preserve the safety of others.