Here is the April 2020 Market Outlook for Virginia Beach and the surrounding areas of Hampton Roads. This data is based on last month’s statistics. More information can be obtained from The Real Estate Information Network. Read more here….
Homes Are Selling Sight Unseen
The era of social distancing continues, but that’s not keeping buyers from putting homes under contract, even though they’ve never physically entered the residence in some cases. This is what a survey by the National Association of Realtors (NAR) finds.
They noted that 1 out of 4 Realtors said that a minimum of 1 among their clients put a home under contract without seeing it face to face. Clients toured an average of 3 homes, whether face to face or virtually, before making an offer, the survey noted. That’s compared to last year’s median of 9 homes toured before buying, consistent with NAR’s 2019 Profile of Home Buyers and Sellers report.
Also, 1 out of 10 Realtors said their business has stayed basically the same because it was before the economic lockdown and, in some cases, business has increased. “Expect second quarter home sales activity to decrease with more people adhering to stay-at-home orders, but sales are anticipated to increase when the economy reopens, as many potential home buyers and sellers indicate they’re going to be during a few months.
Also, home prices seem to remain stable as deals still happen with the growing use of latest technology tools like Zoom and virtual open house tours. Also, there hasn’t been closing delays. Also, 24% of millennials have received assistance from a friend or family member for a deposit towards buying a home. It also seems nearly two-thirds of Realtors have had a client within the last 5 years receive assistance from a parent or relative to help them buy a home.
This is not to say that this will be the “new real estate reality” but it is happening. Home inspectors, appraisers, and other professionals still enter the property with protective gear to perform their jobs.
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I hope that you enjoyed this April 2020 Real Estate Market Update post!