The real estate market had been going strong in the Northern Virginia 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. 

The Long & Foster Real Estate Market Minute report for Northern Virginia includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties.

“While there’s been much news about lending challenges, credit remains available and qualified buyers have purchasing power,” said Foster. Though there has been a slight pause in transactions, the transition will help balance the market. Foster pointed out that over the last four years, demand has far outpaced supply, so with some potential buyers moving to the sidelines, it gives more space for serious shoppers to get what they want. 

To support those consumers who are still buying and selling property, 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. 

As everything moves online, Long & Foster’s website has seen an increase in unique visitors and leads generated. This is another indicator of the strong demand for housing and how the apparent pause in the marketplace is not permanent; people are still shopping for a home and preparing themselves for when they’re able to step outside once more. 

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.