April 24, 2020
By Boomer Foster, President, General Brokerage and Gary A. Scott, President, General Brokerage.
Supply and demand drive the real estate market, and we’re seeing more balance to these factors. Some consumers have paused, but people who are serious about buying or selling today are doing so (and leveraging low interest rates at the same time).
Across the Mid-Atlantic, we’ve seen homes selling quickly, with higher prices compared to a year ago. While new listings and showings are down, there’s an improvement from past weeks—showing more stabilization of the market. Pending transactions have dropped, too, but they are leveling out as well, as people become more comfortable with doing business in this environment.
Throughout it all, our team at Long & Foster has been helping our clients buy and sell homes, from the safety and comfort of their own homes. It’s truly credit to the confidence our clients have placed in us, as well as the tremendous support we receive from our partners in mortgage, settlement and insurance.
Now more than ever, Long & Foster’s integrated network of services makes a difference. While others have watched sales fall apart, we are working closely with our partners to get our clients to the (remote) closing table. As always, please feel to reach out to our team with any real estate related questions, and most importantly, stay healthy and stay safe!
Buying, Homeownership, Investing, Luxury, Market Trends, Marketing, Renting, Selling
Commercial Real Estate, Corporate Relocation, Insurance, Mortgage, Moving, Property Management, Residential Real Estate, Title & Settlement, Vacation Rentals
Boomer Foster, business continuity, coronavirus, covid-19, Gary Scott, real estate market update