Real Estate Market Update: April 10, 2020
The beginning of April is typically real estate’s busy season, with sellers hosting open houses and buyers out touring properties. This year’s been much different, as the Covid-19 pandemic has prompted stay-at-home orders across our state, and companies nationwide, including Long & Foster, have taken to conducting business virtually.
The way our Long & Foster Real Estate agents are serving clients is different, but our commitment to safety and satisfaction is unchanged. Many consumers have hit the pause button—taking this time instead to focus on their families, but demand has not fundamentally shifted. Likewise, some need to make a move and are leveraging low interest rates to do so. As of April 9, the 30-year fixed rate was an attractive 3.33%, according to Freddie Mac, prompting refinances for current owners and increasing buying power for shoppers.
For those consumers who are currently buying or selling, our team is leveraging technology to support you while following CDC guidelines for social distancing. From virtual tours to online closings, we’re helping consumers find their way home, from home. This past week alone, Long & Foster added over 650 new listings with almost $500 million in real estate going under contract.
Taking the long view gives us a better look at where we’re headed, and we’re confident that working together, we’ll come out even stronger. As always, our Long & Foster team is here for you and just a phone call, email or video chat away.
Tiffany Frederick is a licensed Virginia Real Estate Agent Tiffany@LNF.com · Cell: 440.785.6880 Long & Foster Reston 2100 Reston Pkwy Suite 102 · Reston, VA 20190
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