Real Estate market in the age of Covid

The 2020 summer is almost here and Tysons Corner Virginia would normally be filled with excited buyers, hopeful sellers and  busy real estate agents. Instead, we have home buyers and sellers worried about getting infected and lenders having to deny loans for furloughed or out-of-work applicants. All is not lost. Homes are still being listed, still getting offers, going under contract and selling. We last closed a home last week, have multiple homes currently pending as well as buyers in the pipeline. For rentals there is less turnover than normal for the homes we manage through Red Umbrella Management. People are moving less for job-transfers or military and government orders. The moves we do see have been long planned or younger tenants moving in with family or friends. Business has changed though and we are all adapting to the situation by doing virtual showings, unattended inspections and separate and/or virtual closings. 2020 started strong with an above average number of homes being listed for sale in January and February. However, in March the number of new listings dropped noticeably and in April they really took a dive. Some digging shows that of the 88 homes that were listed in April:

  • 46 are still Active
  • 25 are Active Under Contract or Pending
  • 6 are Temporarily Off Market
  • 3 were Withdrawn
  • 5 went to Closing
  • 3 were Cancelled or Expired

Those numbers do not look alarming me and indicates that in April as a whole the market was still doing well. The graph shows that there are far fewer homes coming on the market for sale overall. This may help support prices even if the number of homebuyers go down.

The number of closed sales have been very strong the first few month – but slowed down significantly in April.  The low interest rates, strong job market and economy as well as all the great things happening in Tysons Corner all contributed to the strong real estate demand until the COVID lockdown.
So, how is the market in Tysons Corner, Mclean and Vienna right now?  It looks to be doing well, all things considered. Housing is an essential need – sellers are still listing homes, buyers are still making offers and lenders still make loans at great rates that allow the transaction to close. Whether you choose to sell or buy now will likely we impacted by your employment prospect and how long you believe the current economic lock-down will continue. 

Not sure what to do in the current market? You are not alone – email or call us today at 703 861-0845 and we will help you figure it out!

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About The Author
Are Andresen

Are Andresen is the principal broker owner of Soldsense Realty LLC. He is also an experienced property investor and help clients find and manage properties in Northern Virginia.