Navigating The Arlington Virginia Real Estate Market During COVID-19
Are you navigating the Arlington Virginia real estate market during COVID-19? While much of the real estate market is adapting and changing to the COVID-19 Pandemic, the Arlington Virginia real estate market is still strong. Certainly the market is shifting and we are not experiencing the robust spring selling season that we are accustomed to. However, one market in particular is still strong: the single family starter home. While inevitably demand has dropped, the extremely competitive $600k-$900k single-family market is still getting strong offers—and sellers are still getting multiple offers, though not at the level they were. For example, a highly sought after single family home in Arlington Virginia would typically see upwards of 10 offers, with some seeing even more. Currently, buyers may see 6 to 7 offers, which is still healthy given the current climate.
The reality is that buyers are still looking and sellers are still planning to sell, however their expectations are shifting. For example, buyers are expecting virtual tours, stunning photos, and digitally based transactions that allow them to follow social distancing mandates, but still reasonably navigate a real estate transaction. Certainly, there are buyers are sellers who plan to wait and see what happens with the market, but, there are still a good many that see opportunity amid the COVID-19 Pandemic—namely a little less competition in a typically highly competitive Arlington, Alexandria, Falls Church, McLean, Fairfax Real Estate market.
To add to that, in terms of financial security, a recent poll of Arlington locals, conducted by Arlington Now, showed that “50% [of residents] feel that their personal finances will either not be negatively impacted or that the impact won’t last more than six months. Over 70% of respondents don’t expect the negative effects to last more than 12 months.” This is a positive sign that Arlington will remain strong through the COVID-19 Pandemic.
Deciding on the right time to buy or sell a home is a major consideration. As I mentioned, right now is not a bad time to buy or sell a home. The market certainly looks different and there are many considerations to account for before making a decision–based on your personal circumstances. Additionally, because the COVID-19 Pandemic has so drastically changed the market landscape, many experts are projecting a strong late summer/fall selling season. In other words, experts predict that the “2020 spring selling season” is simply delayed and will begin taking hold later this summer. With that in mind, if you are not quite ready to sell your home just yet, consider spending your COVID-19 time sprucing up your house. Seriously, now is a great time to do some painting for example. Painting is the most universal home improvement that can get you real bang for the buck! You may be tired of hearing it, but freshening the paint on your front door or repainting interior colors to better meet contemporary demand really does go a long way in enticing buyers. Consider this, it is the difference in buyers looking at your listing and saying to themselves, wow, “that is a great property,” versus, “well, it’s a pretty good property but we’ll have to make some changes.” There truly is a very distinct difference in a buyer looking at your listing online and instantly inquiring about the property versus being interested in the property and saving it as a maybe. When buyers feel that they will have to make too many concessions, they are much less likely to express quick interest in the property and instead are more likely to sit on their decision to see what happens with the listing. While this is a bit less true in the Arlington market, especially with regard to the single family home market, it is still important because certain things like fresh paint can be the difference in getting several offers very quickly as opposed to a couple of offers over the course of a 45-60 day period.
If you are looking to make the move to Arlington Virginia and are browsing for housing, I am great resource. I am also a great listener and skilled in matching clients up with the perfect neighborhood for their lifestyle. Give my site a look and feel free to contact me with any questions. I am an easy going guy and would love to welcome you to our neighborhood. Bonus, I’m pretty social too! Follow me on Facebook @Brad Winkelmann Real Estate Arlington VA, Orange Line Metro.