y name is Susan Jacobs and I am a Realtor with Samson Properties, Gainesville, Virginia. This is my real estate market update May 8, 2020. In a release dated May 7, 2020 from the NAR (National Associate of Realtors) 3 in 4 potential sellers are preparing to sell their homes following the end of the stay at home orders. About half of those potential sellers are now completing do it yourself projects in preparation to listing their home for sale. Based on information from local lenders, plenty of buyers appear ready to take advantage of record low mortgage rates by getting pre- approvals now.
In a survey conducted by NAR, they asked members how the coronavirus has impacted the residential real estate market.
5% of Realtors said clients where shifting neighborhood preference for urban to suburban 13% reported that buyers have changed at least one feature that’s important. Common features identified as important, home offices, yard space for exercise and gardening and space to accommodate family.73% of Realtors working with sellers reported that sellers are not lowing prices to attract buyers.
CoreLogic reports that the Home Price Index shows 1.3% month over month increase in the home prices and an annual gain of 4.5%
So let’s take a look at the real estate market in Prince William County, Manassas City and Manassas Park.
As of May 8, 2020
1- 80 properties are listed as Coming Soon
2- 700 active listings (down about 14%)
3- 1040 Under Contract
4- 1314 properties close in the last 60 days
5- 629 closed in the last 30 day that number is up compared to 6 month average of 567
6- Median Days On Market was 10
While it may not seem like a good time to sell your home , inventory is low and as soon as the stay at home order is lifted there will be a flood of inventory. When that happens days on market go up and prices go down. Give me a call so we can talk about your situation and getting your home sold while others are on the side lines. My name is Susan Jacobs with Samson Properties, Gainesville, Virginia. I can be reached at 703-347-4418 or Susan@SusanOJacobs.com. I’m here to help you with all your real estate needs.
Find out the 10 Steps to Virtually Buying and Selling a Home.