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We are hoping everyone is staying safe! I wanted to provide a market update and let you know what we are seeing in the Real Estate world.
1. We have a volatile market right now. We have seen big dips in the stock market, and some small relief as well. Overall though, the market is down. This has caused a little scare in our society, which is understandable.
2. In terms of our business, we have three closings this week and two more next week. Business is still continuing as all essential employees – attorneys, settlement agents, lenders etc – are still working hard. We continue to do showings and walk-throughs, although very carefully. A lot of things are happening virtually as well – including showings and open houses.
3. Due to the slowdown, I actually see this as a huge opportunity for people – if you are able – to buy stocks, housing, etc. The world is on sale!
4. For buyers, previously we were seeing them have to compete for houses in multiple contract situations. Now, with fewer people in the marketplace, those buyers are winning contracts and able to buy their home. For sellers, people still have to move for jobs, etc, so there are still buyers out there ready to submit contracts.
5. Experts are saying that this is a temporary situation, and that there will be a lot of pent up demand for housing, and that the Spring market will just be delayed.
6. I have been tracking our area closely: Fairfax county has seen 35 detached houses go on the market each day for the last few days, with many more expected on Thursday and Friday.
7. Large Real Estate sites like Zillow and Long & Foster are reporting very heavy traffic right now, as people are at home and have more time to search!
8. Finally, and most importantly, we are thinking about you and hope you are staying safe and healthy.
Please don’t hesitate to reach out with any questions or additional information! We are here for you.