Jason Channell
Boston Bears Brunt of Construction Break Jason Channell

Boston Construction Stoppage Has Ongoing Impacts

Photo by Tiffany Chan on Unsplash

A Boston construction stoppage has brought over 100 ongoing projects to a halt. For now. Simon Malls has even temporarily closed Copley Place. Cambridge has also ordered a construction stoppage.

This brings a screeching halt to a US housing and commercial market that was red hot, with US home sales up 6.5% in February. The “February rate is 14.3 percent higher than the February 2019 pace” and strongest since July 2007.

What does this mean, and what do we do about it?

For starters, if you’re a tenant, know your Tenant Rights. Also, evictions will be on hold for at least a few weeks. If you don’t have a cash reserve and do have a mortgage, it may be worth a call to the We Buy Ugly Houses people, who are cash home buyers.

If you do have a steady income and are still looking for a house, make like Indiana Jones and avoid common home buying pitfalls and traps. While mortgage lenders may suspend collecting payments for a bit during this crisis, don’t count on that continuing.

If you are currently selling a home, look into 3-D or virtual tours via Zoom or Slack. This may help you to stick out, and sell your property in this uncertain time. Once you can leave your house, that is. 🙂

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