We get this question a lot… What effect has the pandemic crisis had on the real estate market in our area? While there is so much more that goes into answering this question, in short, the market is more competitive than ever! Yes, we did see a drop in our usual spring market due to uncertainty when the pandemic first hit, but it seemed that we bounced right back. We adapted to the new “mobile” way of life by continuing to conduct business as usual with a virtual twist and TONS of hand sanitizer. We educated ourselves on safety and best practices recommended by the Center for Disease Control and Prevention, continued our education in technology and worked harder than ever to help our clients find their dream homes.
Our summer market was HOT. We were busier than ever which more than made up for that slight dip in the spring market with no signs of slowing down any time soon. According to the Washington Post article written by Jon Coile (sourced below), July and August 2020 surpassed sales in those same months in 2019 with increases in median sales price and days on market (DOM) being right around one week.
Despite the COVID-19 pandemic, homes in the DMV are still selling, people are still buying, home prices are still increasing and DOM are still low. We are continuing to see low inventory with increased competition in the market due to an influx of buyers wanting to capture and take advantage of the historical low cost of borrowing.
HISTORICAL, LOW COST OF BORROWING! We had to go ahead and repeat this because this is HUGE! Interest Rates have dropped to the lowest level in history! As mentioned by Jon Coile in the article below, “The regional and national market continues to be boosted by exceptionally low mortgage rates, which increase affordability and entice home buyers onto the market”. These low rates have also had a major impact on the refinance market. Whether buying a new home or considering refinancing; do not sleep on these low rates! Schedule a phone call with your trusted lender to learn more about how this can affect your buying power and cost.
Our daily lives and activities have been drastically changed and challenged by these unprecedented times. The pandemic has forced companies to learn how to mobilize their services to keep up with the virtual world we are currently living in and while we don’t have a magic crystal ball or experience in the art of fortune telling, we truly believe that this wave of technology and virtual adaptability is here to stay.
People are investing more in their homes than ever before, with many re-evaluating their living situations entirely. Not only are we eating, sleeping and living in our homes, they have now become our offices and place of business. Our real estate needs have changed, and the upward trend of home sales and prices is a direct reflection of that.
We want you to feel prepared and empowered in this fast-moving market. our team is working around the clock to negotiate the best deals for our clients. In this competitive market, we are dedicated to helping our clients realize and achieve all of their real estate goals and dreams.
Have a question about our current buying and selling processes? Call or email us today, we can help!