"There's been a lot of talk lately about how a government shutdown impacts the Boston condo for sale market. You might be wondering: Is it causing everything to grind to a halt? The Boston condo market doesn't stop. It keeps moving. Homes are still being bought and sold, contracts are still being signed, and closings are still happening. The difference is that a few parts of the process may slow down a little, but overall, the market continues to function."
"Whenever the government shuts down, some federal agencies temporarily close or scale back their operations. That can cause a few hiccups in real estate, especially when it comes to processing certain types of government loans and insurance requirements: "Applicants for FHA, VA, or USDA loans-which account for about one-quarter of all mortgage applications-may encounter significant processing delays due to agency furloughs." - Selma Hepp, Chief Economist at Cotality"
"If you look back at the most recent government shutdown that began at the end of 2018 and lasted for 35 days, sales activity dipped very slightly during the closure but picked right back up once the government reopened. Data from the National Association of Realtors (NAR) shows existing home sales slowed for about two months, and then rebounded quickly as delayed closings worked their way through the system when the government reopened ( see graph below):"
The Boston condo market keeps operating despite government shutdowns; homes continue to be bought and sold, contracts signed, and closings completed. Some federal agencies may furlough staff or scale back operations, which can slow processing for FHA, VA, or USDA loans and pause flood insurance approvals in flood zones. These delays can affect a portion of transactions but generally do not stop most deals. Historical data from the 2018 shutdown shows only a slight dip in activity during the closure, followed by a quick rebound as delayed closings worked through the system once agencies reopened.
Read at Boston Condos For Sale Ford Realty
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