We’re asked this question almost daily: “How’s the real estate market?”
Most of those we talk to assume that the pandemic has brought the Southern Maryland real estate market to a screeching halt and caused prices to plummet.
Neither of these assumptions are true! In fact, people are still buying and selling Southern Maryland homes. We may not be seeing the volume of activity that we usually see here in the spring, but the market is not stagnant.
Prices have remained much the same as they were before the onset of COVID-19, much to the dismay of homebuyers. Sellers are digging in and few are willing to take rock-bottom offers.
It’s the low interest rates that keep homebuyers in the market.
So, how does Southern Maryland real estate work in a country under attack by a virus? Well, it’s different, that’s for sure. But the workarounds to maintain social distancing have actually turned out to be quite efficient.
Viewing Southern Maryland homes for sale
Nearly 60 percent of home sellers say they would be OK with holding an open house, according to a recent Realtor.com survey.
Other home sellers have put restrictions on showings. For that reason, many homes are now shown virtually by the agent or with 3-D tours.
This change is being embraced by homebuyers. One of the big real estate portals says that they are seeing an almost 500 percent increase in requests for agent-led video tours, while another portal is seeing a nearly 200 percent increase in requests for 3-D home tours.
That’s great news, but will they actually buy a home they’ve only toured virtually? According to that Realtor.com survey, 25 percent of homebuyers aren’t opposed to buying a home they have never toured in person.
Across the country, the number of home showings took a dip on April 12, but has been steadily rising since then (an increase of nearly 24 percent as of April 26).
The entire home buying and selling process has gone virtual, from home showings to inspections, appraisals, and closings.
Please reach out if you have any questions about the process here in Southern Maryland and how we can help you navigate it during the pandemic.
White Plains MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309