HOW’S THE MARKET?
Here’s the latest market update for the Virginia Peninsula area brought to you by Bell Tower Real Estate Team. Now let’s dissect it!
Every one of us is affected by this virus, and real estate isn’t immune to it. You can see below that the market stopped it’s upward climb into the spring market about a week after the President declared a national emergency.
What’s interesting is what happens following the Virginia stay-at-home orders. New listings began to slow but homes under contract rebounded close to its upward trend after a short dip. So, home sellers seem to be more affected than home buyers. The buyers are out there. Homes Under Contract lead to more Home Sales, so you can expect Home Sales to rebound soon as well.
From our personal experience, we listed 2 homes last week and they both sold in a matter of days. We’re seeing multiple offer situations. And our buyers still want to go see homes.
We’re doing that today with our protocols in place for safety, smart marketing, virtual tours, and more.
The market is less than ideal but there is a silver lining. Buyer demand is strong and inventory is extremely low. It could be the perfect time to sell!