Home Front: Northern Virginia Market Report July 2020
What's going to happen in the summer market?
Based on what we are seeing in the Northern Virginia real estate market, this year's summer is looking a lot more like springs of the past. The market has been very busy and there is a lot of pent-up demand as buyers who had put their plans on hold are getting back into the market. The biggest challenge we are still facing is low inventory, meaning there are not enough homes being offered for sale to meet the needs of buyers looking to make a purchase. This has led to some competitive situations which while great for sellers, can be really frustrating for buyers.
Will the market stay busy through the fall? We are not currently seeing any signs of slowing down, but there are a lot of unknowns as we look towards fall. Factors such as a return of stay at home directives, the unemployment rate, and the end of the moratorium on foreclosures could play a roll in hampering the market. As always, we will continue to monitor and keep you updated on any market changes!