It seems that nothing can deter home buyers these days...not even a worldwide pandemic. At the beginning of June, we saw that the rising demand was up about 25%. There were predictions that stated that the COVID-19 pandemic would cause the market to dip, but no one has really seen that. (Especially in Hampton Roads). There has been a steady decline in listing inventory over the last three years, while there has been a steady rise in the average price per square feet. Sellers were hesitant to list their homes for fear of exposure, and families were waiting on orders to be able to search for houses or list them.
So with a strong homebuying demand, you can see that inventory must tick up. Sellers are always more careful than buyers. They are cautious of the ROI they’ll receive if they put their house on the market. With the pandemic, sellers have become even more cautious to list their homes because of potential health risks. If you’re a seller, we know how to market and protect you during this time. We’ve added 3D tours with downloadable floorplans standard for our listings. Our open houses are COVID compliant and we’re providing masks and hand sanitizer. If you’re a buyer, we’ve got you covered. Three of us divided and conquered last week's video showing houses to our out of town military family. With the Verity Group, you have a team working towards the best real estate solution for your family. We’ll help partner you with the right lender for quick closings, low rates, lender credits, whatever you need specifically to be competitive in this market.
But even though demand is strong now, no one can say for sure what the long-term outlook is. The whole real estate market needs to be looked at from week to week as opposed to month to month because the changes are ever-present. Unfortunately, many jobs that were lost in the past couple of months are not coming back. Those who were supposed to buy homes have entirely backed out, but the upswing is in full effect and others are going to jump right into the growing economy and invest in the market.
If you are a buyer or seller and you’re looking for your next step. Contact us on our website or give us a call at 757.452.8974 today!