How COVID-19 is affecting the hyperlocal real estate market
As predicted, the coronavirus has begun to have an impact on our economy, which in turn, is affecting the DMV local housing markets. With rapidly changing conditions, it’s still unclear what they will be, but The Nellis Group has some tips to ensure that you make it through these times whether you’re a buyer, seller, or want to refinance for a better rate and more buying power.
COVID-19 testing in D.C., Maryland, and Virginia are turning up more and more cases daily, prompting precautionary public health mandates such as office closures, the D.C. Government State of Emergency, school closures, and social distancing initiatives. Last week the stock market experienced its biggest crash since 1987 before rallying Friday as a result of fear stemming from the coronavirus. Also, mortgage rates rose last week after dropping to record lows. As it relates to real estate, there are four things that you need to know to be ahead of what’s next: Supply & Demand, Interest Rates, Seasonality, and Consumer Confidence.
At The Nellis Group, we want all of our Ambassadors, VIPs, and new additions to our family to remain safe and vigilant. Please limit your exposure to large groups of people, wash your hands multiple times per day, and practice good physical hygiene daily. We are uncertain how long COVID-19 will be around, but your safety is important to us, and we will all get through this together.
Please contact The Nellis Group today, and one of our expert agents will walk you through everything you need to know.
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