I am a Realtor in the Richmond, VA area. I have sold 12 homes in the past 30 days. From low $220,000 range to mid $500,000 range. Almost every one of my buyer sales have been been multiple offer situations. Low rates and less fear among my clients at least is driving our market. As much as I do not like our Governor he left Real Estate along so we could do our jobs.
I am guess that about 25% of Realtors sheltered in place and tried to promote virtual tours as a way to purchase a home. But the truth is not matter what your political identity is you have do go into a home and smell, see, feel and listen to a home before you make a purchase. You want to see the neighboring homes and see how large the rooms actually are as modern wide angle lenses make rooms look much larger than they are.
I am an economist by education and I do not see a major slowdown in the future at least in the Richmond area. Now, if the contagion of the Blue States and their economic damage to their states spread across the country we may have a future recession after the current 2 quarter recession.
The damage to economy will be more apparent in 3rd and 4th quarter. People who are buying now are not affected by the shutdown. But those 20 million newly unemployed will effect sales in later quarters.
I bought house near a lake in central Minnesota 45k I live in Vegas figured it would be nice for summer. I paid asking price but figured it was priced at least 30k veliw value. If I don’t like it it will rent for 700 a month I think no lose.
Twelve homes in 30 days. That is amazing. Just don’t get the idea that you now have to top that!
are your sales from folks moving in from northern states??
We are seeing above asking price offers from out of staters