The real estate market had been going strong in the Fredericksburg region until mid-March, when the coronavirus (COVID-19) pandemic began closing businesses across the Mid-Atlantic and Northeast. As stay-at-home orders were issued and many companies moved to teleworking status, the impact on the real estate market was seen toward the latter half of the month.  

These numbers, which are reflective of the entire month of March, tell part of the story, and Larry “Boomer” Foster president of Long & Foster Real Estate, share their expert insights on broader effect that COVID-19 is having on real estate. 

Long & Foster Real Estate’s Market Minute report for the Fredericksburg region includes Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties. 

“People who are serious about buying or selling a home today are still doing so, even if many consumers have pressed the pause button,” said Foster.

Credit remains available and qualified buyers have purchasing power, so home sellers today have buyers for their properties. That demand is evident in the increase in traffic seen on Long & Foster’s website. On longandfoster.com last month, the number of unique visitors and leads generated increased by 29% and 24%, respectively. This is a strong indication that people are still interested in housing and that the market will bounce back once the pandemic has passed.   

“Demand had far outpaced supply for the past four years, so what we’re seeing now is a balancing in the market, as many buyers move to the sidelines,” Foster said. Even with some pausing their real estate deals, Foster believes that consumers will jump back in once they feel more confident and have a better understanding of the long-term effects of the pandemic.   

For those consumers who need to buy and sell now, it’s become vitally important for real estate agents to do business virtually. Fortunately, Long & Foster’s agents have the tools, resources and technology to help consumers buy and sell homes from home. They have an answer for all the pieces of the home-buying and selling process to protect the safety and interest of their clients, so they can navigate a transaction completely virtually. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.