At this point, we do not know whether Corona virus is going to change things for a month or for a longer time period. As of today, we still see a lot of activity on the market. Homes are still coming on the market, and buyers are still out there trying to find homes. What has changed, is how we show homes. Some agents still meet one on one with clients to show homes. When showing a home, we are required not to touch anything in the home unless its absolutely necessary and if you do touch a door handle, or a surface you have to wipe it down afterwards. Some sellers are not comfortable with people coming through their home even with controlled showings.
Last week my office in Reston VA compiled some stats for Fairfax and Loudoun counties for the week of March 19, 2020 and found a rise in inventory. Fairfax (25% up in inventory) Loudoun (50% up in inventory) Prior to COVID 19 our market was fiercely competitive on the buying side. This uptick in inventory could signal a return to a healthier real estate market for our local area. This is an opportunity if you are a buyer and have been loosing out on competitive bids. So even in today’s gloomy situation, there is a silver lining that you can look for.