Real Estate Market Update: March 20, 2020
It’s been a challenging few weeks across our country, as the coronavirus (COVID-19) pandemic has grown. Numerous employers, including our own team at Long & Foster, have moved to a telework capacity, helping ensure the safety of our teams and the broader community. Putting people first is our priority, as it has been since our founding in 1968.
We remain open for business, even if we’re not in our offices. Our agents and employees are accessible via email and phone – they can even video-chat or plan virtual tours, too. Additionally, our partners at Prosperity Home Mortgage, Long & Foster Settlement Services, Long & Foster Insurance and Tailored Move have all developed business continuity plans to help protect the well-being of our buyers and sellers, while making sure transactions are settled and moves occur.
Mortgage rates remain at all-time lows, which increases buying power significantly. In turn, demand continues to outweigh supply. While real estate showings have dropped in the top 100 markets nationwide since March 11, according to data from ShowingTime, houses are still being sold and buyers are still shopping—albeit in a more digital fashion. Our Long & Foster team, for example, has sold, month-to-date, 18% more in volume and 4% more in units. Similarly, we expect over 600,000 consumers to shop on our website, longandfoster.com, this month.
As a Berkshire Hathaway affiliate, we have unequalled financial strength and stability, plus an integrated network of services with decades of experience and a people-first approach. Now more than ever, that makes a difference.
Tiffany Frederick is licensed Virginia Real Estate Agent
Tiffany@LNF.com | Cell: 440.785.6880
Long & Foster Reston 2100 Reston Parkway #102 Reston, VA 20190
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