Arlington, VA real estate updates during coronavirus pandemic
Here we are – in a middle of a pandemic with lots uncertainty about the future of our economy and values of real estate. On this page you will find Arlington, VA real estate market updates during this crazy time – as I see them relevant.
- Governor Northom announced “Shelter in Place” for Virginia, but real estate services are still considered “essential” – so we are still working and selling homes.
- Homes are still selling – I just submitted an offer for my client on a townhome in South Arlington and we had to compete with 3 other offers and are under contract for a lot more than the sales price.
- Interest rates have gone up since a week ago and continue to be the wild card in the market.
- March 31st we had 79 listings on Temporary of the market or Withdraw status – that’s 28% of total inventory and is a high number. This decreases the supply which might keep prices high.
- Here are the activity for Arlington real estate in the last week – you can see an increase in withdrawn and temporarily withdrawn listings.
- Please read the George Mason Fuller Institute report on affects of coronavirus pandemic in Washington DC economy here.
- No significant changes in real estate numbers since yesterday.3. Drastic decrease in showing activity: the average number of showings per listing in Arlington have dropped each of the last four weeks from 10.44 showings four weeks ago to 2.91 showings this past week.
- Homes are still selling in Arlington! 55 homes went to “pending” status in the last 7 days. (Last school day in Arlington was 3/13/2020)
- Open houses are very unlikely – look for photos and ask for virtual tours from the listing agent.
- BE CAREFUL and assess your own risk when listings and seeing homes – the virus can stay in the air and on surfaces from hours to days. It is YOUR responsibility to protect yourself – not seller’s, buyer’s or their agents’. Good listings still get a ton of traffic, but shortages of masks, gloves and hand sanitizer makes it difficult to provide homes with protective equipment.
- My office – KW Metro Center is closed to the public, but it open for private appointments.
- Here are the statistics numbers for Arlington Co today – I will be keeping track of this daily:
5. Mortgage interest rates have been fluctuating like mad on a daily basis. Buyers usually have a limit to what they can qualify for and what mortgage payment they can afford. Locking your rate in a timely manner is important. This uncertainty will scare away a few buyers, but they would risk higher interest rates after the pandemic.So what does the future look like? We don’t know yet. Recession is coming, but Arlington is a lot more resilient than other parts of the country.