A message 📣 from our team leader, Brandon Brittingham:
In this video 📹 we break down the March Real Estate Report for Wicomico County – March 2020 vs. March 2019 in listed homes, pending and homes 🏠 sold and what that means comparatively!
We also touch on 📲virtual tours in regards to buying, selling and consultations to covering your needs!
In these challenging times right now, we’re getting a lot of questions ❓as to what is the market going to do? Although we can’t predict the future, we can give you a snapshot of the last month, March, of being in the trenches of our local real estate market🏘. So what we want to talk about today specifically is the market snapshot from March for Wicomico county.
In March, we had over 129 houses get listed, 118 go pending and 93 homes sold 💲. So if you think about that from a number standpoint the amount of houses that got listed almost that many went pending and almost 100 houses 🏡 went to settlement. So comparatively to the last March, how does that stack up?
Last March you had 136 houses 🏘 get listed, you had 105 go pending and 83 sell, so comparatively year-over-year, you had less houses come on the market this year in March. You had more go pending and more sell than last year.
So, what does that mean?
What it means is right now we’re seeing what we have been seeing 👀, which is there’s a substantial amount of demand for housing and just not enough inventory out there and we’re seeing the demand outpace what the inventory in the market is. Now what we have also seen since this virus 🦠 has started to be widespread is some people have hit the pause button on listing their house because some people are afraid of having traffic in their house and rightfully so. However, one of the things we have shifted to obviously everything we’re doing is following the CDC guidelines for health and safety and obviously you have to make a decision based on the health and safety of your family, but what we’ve started to do is switch 🔄 to virtual showings.
We have sold several houses 🏘 in the last few weeks where the buyers have not even physically been in the house yet. They wrote an offer based on driving around the neighborhood, 🚗 driving around the house and looking at the virtual tours. Now eventually they will get in the house.
But we think this is a new way of doing business for the short-term and we’re doing virtual consultations ⁉️ . We’re doing everything we can digitally and if we actually do go on the showing we’re following the Government Guidelines as far as following health and safety.
What we think 💡 is going to happen, here in the future is people buy and sell based on the need. We’re still seeing that right now and here, first week of April, we’re still seeing a strong demand. Less houses naturally are going to come on the market because people have paused because of what’s going on, but we’re still seeing that demand.
People ask us, “Do you think it’s a good time to buy or sell?”. 💲 And our answer is really it’s based on your need. That’s number one, but we’re still seeing a strong demand from buyers in the market and we now have seen less homes come on the market from an inventory standpoint, which is making the demand even stronger 💪.
When it comes to closings also, this is kind of changed because we are not going to closings but we’re doing everything virtually 💻. And when it comes to closings typically you would be in a room with the buyer and seller, so that is changed, so we helped logistically coordinate that now which is completely different.
So a lot of our business can be done virtually and we’ve switched to accommodating you to your needs virtually. So just like any market, people buy and sell based on need and we are going to continue to update you to let you know what’s going on in the local real estate market 🏠so you can stay informed.
The Maryland and Delaware Group of Long & Foster Real Estate
☎️ D: 443-783-3928 O: 443-339-9200