Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Friday, April 10, 2020
It's spring! Flowers are blooming! The smell of new mulch is in the air! Many of us are battling with the onset of seasonal allergies! And we're seeing new listing after new listing hit the real estate market. Wait, what? Maybe not that last one.
You see, it has officially been spring for a few weeks now, but we've also been dealing with the ongoing spread of a pandemic for a few weeks. What does that all mean for how many homes we'll see coming on the market this spring?
I think we'll see fewer homes listed for sale given the current circumstances - though it will be hard to really measure that. We'll see fewer homes for sale than we would have if COVID-19 wasn't happening -- but we don't really know how many homes would have been listed for sale that now won't be listed for sale.
So, in as much as we do experience a slightly-less-than-normal spring market...
- BUYERS should expect to see fewer options on the market that they might have been expecting to see - but once we are starting to see public health concerns subside, many of those listings are likely to then come on the market at a later date.
- SELLERS that do list their homes now-ish should expect to see fewer competing listings if my hypothesis is correct.
- SELLERS who choose to wait to list their home should expect to still see spring-like buyer demand since many buyers still won't have found what they're looking for.
It seems the local housing will make its way through all of this - but the timing of listings and the timing of sales will likely be a bit unusual this year!
