Talking about buying anything except food and supplies is a hard question to ask when there’s an outbreak like this Coronavirus Pandemic. However, in the Northern Virginia real estate market, the quarantine for Virginians (and even Maryland and DC residents), has created an, albeit awkward, opportunity.
The first thing is the interest rate levels for buyers right now. As of this writing in April 2020, the rates are as low as 3% – sometimes lower, depending on the program and the buyer’s credit rating.
Secondly – the number of buyers on the market has dropped in a huge way – down 39% at this point, compared to the same time last year. Partly because buyers have been sidelined with the quarantine, for others it’s their instability of their job.
Thirdly – the listings are starting to stay on the market longer – but sellers still need to sell, move, get to the next city or state. So – it’s a buyers market right now. Albeit – temporary. For the buyer who has the line up of a secure job, cash on hand for downpayment and closing and the chutzpah to move forward, this is a window of time frozen for them to NOT have to compete, actually NEGOTIATE with the seller on price and closing costs – AND pick up a mortgage with HISTORIC LOW RATES.
Be safe – and also, be willing to look at the window of time that might be available to you to stop renting and get into a home in Northern Virginia.