We’re touching base about our current market and how the coronavirus is affecting it.
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We wanted to touch base with you about our local real estate market and how the coronavirus is impacting it. Obviously, everyone’s hearing a ton of national news about the health scare, but real estate is hyperlocal.
Here in our Northern Virginia market, we’ve had 245 homes go under contract in the last few days. So the great news is, real estate is still selling. Currently, we’re hovering around three weeks of inventory, which is considered a very strong seller’s market.
We’re keeping our eye on what’s happening with interest rates, and rates have decreased recently. However, in the last few days, rates have spiked a bit, mostly due to the demand for refinancing. There’s been a refinancing boom nationwide and most lenders got overwhelmed with the volume. Yet we expect those rates to settle back down again soon.
“The great news is, real estate is still selling.“
We recently placed a house on the market and had overwhelming activity that first weekend. We had 35 showings and received four offers. Buyers are definitely seeing that there’s opportunity out there.
This is going to be a fluid, day-to-day situation. We’ll be keeping you informed as things change within our market. Keep in mind that we’re here for whatever you need, whether it’s for real estate or personal needs. We’d love to help if we can.
Don’t hesitate to reach out to us via phone or email if you have any questions. Be safe and stay healthy!