Real Estate Market Update: May 8, 2020

May 11, 2020

This spring has been unlike any other, as the coronavirus pandemic spread around the world. Like many of you, Long & Foster’s agents have learned to do business in new ways—virtually supporting buyers and sellers through their real estate transactions.

The real estate market has been slower than normal, but it’s performing better than many economists predicted. Mortgage rates remain at all-time lows, and that enables qualified buyers to stay in the market. Likewise, the Dow made gains last week, which helps drive consumer confidence—another factor to housing.

We’ve seen a few other positive trends with the supply of homes for sale, too. Inventory levels, including active and temporarily off-market listings, were slightly above the same period last year, according to Bright MLS data. Homes also continue to sell at a rapid rate, showing that serious buyers continue to shop for homes.

Now, more than ever, Long & Foster’s integrated network of services—real estate, mortgage, title, insurance and moving—makes a difference. As a team, we’ve outperformed the market the past weeks, a reflection of our commitment to achieving our clients’ goals, no matter the conditions.

If you’re thinking about buying or selling this spring, a Long & Foster agent will be happy to walk you through how we’d approach the process, safely, securely and virtually.