This is an unprecedented time we are living in, that is for certain. Here is some information that we hope you will find helpful to navigate the real estate market. Hyper-locally, we can delve deeper into your unique situation, and let you know that we are in a compressed inventory scenario in Northern Virginia and the DC Metro.
We have news coming at us from all directions and the thing that we want to have the most is solid footing and a clear message in a time of what seems to be uncertainty. Here is what I know, based on sources from the National Association of Realtors, CoreLogic among our trusted real estate advisors and mentors.
- The COVID-19 pandemic is causing an economic slowdown.
- The good news is, home values actually increased in 3 of the last 5 U.S. recessions and decreased by less than 2% in the 4th.
- All things considered, an economic slowdown does not equal a housing crisis, and this will not be a repeat of 2008.
We will continue to monitor this situation, and keep our clients posted during this time, and know that we will support them in making the best decisions possible.