I'm a real estate agent in the DC area and last week I put a
house on the market and had 15 showings and 5 contracts on it
within 24 hrs. I had my hand sanitizer station out and the sellers
had to do a thorough cleaning when they got home but lots of
housing interest. Now Amazon has moved into our area and with
interest rates so low buyers are looking for houses and since some
sellers aren't putting on the market due to the scare, it's
creating a shortage and prices still going up.
However, some buyers have freaked out lately and just gotten out
of contracts for no reason other than watching the news and being
scared. I'm guessing maybe some of this is financial but that has
not been the reasons they have given.
I know it has been a seller's market for almost 10 years and my
guess is that this could turn the tides as the year unfolds. I
believe because foreclosures will happen later in the year and it
will start to put pressure on the entire market. Also as people go
without jobs, it will affect buyer numbers and eventually turn the
market to a buyer's market. This might ultimately lead to more
affordable housing but I'm just not seeing it yet in our
area.
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I'm a real estate agent
A friend who is a real estate agent in Toronto ...
Posted by cozz101 on 22nd of Mar 2020 at 05:32 pm
I'm a real estate agent in the DC area and last week I put a house on the market and had 15 showings and 5 contracts on it within 24 hrs. I had my hand sanitizer station out and the sellers had to do a thorough cleaning when they got home but lots of housing interest. Now Amazon has moved into our area and with interest rates so low buyers are looking for houses and since some sellers aren't putting on the market due to the scare, it's creating a shortage and prices still going up.
However, some buyers have freaked out lately and just gotten out of contracts for no reason other than watching the news and being scared. I'm guessing maybe some of this is financial but that has not been the reasons they have given.
I know it has been a seller's market for almost 10 years and my guess is that this could turn the tides as the year unfolds. I believe because foreclosures will happen later in the year and it will start to put pressure on the entire market. Also as people go without jobs, it will affect buyer numbers and eventually turn the market to a buyer's market. This might ultimately lead to more affordable housing but I'm just not seeing it yet in our area.