• Boomer Foster, President

Real Estate Market Update: May 1, 2020

By Boomer Foster, President, General Brokerage and Gary A. Scott, President, General Brokerage.

April is normally the height of the spring real estate market. Buyers are out shopping for new homes in preparation for summertime moves. Numerous properties are coming on the market daily, and well-priced and well-maintained homes are quickly getting sold.

This past April brought a much different market, as the coronavirus pandemic continued through the month. We saw a much slower start than usual, as a result of stay-at-home orders, social distancing and economic fluctuations. A number of consumers started to pause on their real estate transactions toward the end of March and that continued into April.

As we moved through the month—and more recently in this past week—real estate activity has been trending in more positive direction. Active, coming soon and temporarily off-market listings are slightly above where we were last year. New listings are down from last year, but those properties on the market have been selling quicker and for higher prices.

While the percentage of properties sold in April was down by double-digits, the impact has not proved to be as great as several industry experts predicted. Many people still need to move and are able to do so while minimizing risk when working with Long & Foster real estate professionals and their partners at Prosperity Home Mortgage, Long & Foster Settlement Services, Long & Foster Insurance and Tailored Move.

Now, more than ever, Long & Foster’s integrated network of services makes a difference. We’re available to meet (virtually) and answer any questions about buying or selling in today’s market, or to provide a complimentary competitive market analysis for your home.  In the meantime, please stay safe and healthy.

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

Original content was posted on Long & Foster's Blog the Newsroom, click here to view.

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