The COVID-19 pandemic has changed “normal” as we know it, and the ups and downs of the real estate market this month reflect that. First, I wanted to let you know that I hope your family is healthy and safe. Next, I wanted to share that my business is adapting in accordance with all recommendations from the CDC and Governor Hogan. The Maryland real estate market is still active, as even in difficult times people must move for various reasons. I am now working completely virtual and offering virtual tours, online marketing for listings and more. This quick adaptation to current market conditions is helping each listing get exposed to as many buyers as possible and keep homes moving. If there is any way I can help you purchase or sell a home this month, don’t hesitate to reach out.
March 2020 Real Estate Market Statistics
March 2020 was when the real estate world began to first see the effects of the COVID-19 pandemic on the real estate market. March began strong, and both Baltimore and Washington, D.C. posted the highest March median sales prices in over a decade. However, new listings hit the market more slowly than they typically would in March. Typically, spring is one of the busiest selling seasons of the entire year. However, new listings are down. The stay-at-home order issued by Governor Hogan has limited traditional types of real estate transactions (open houses, etc.) and forced realtors to get creative. New listings are down, but buyers are still looking for properties.
What Lies Ahead?
Dan Cohen Homes is ahead of the adaptation curve, as I already have the technology in place to conduct virtual showings, organize social media campaigns to advertise your sale and get everything done digitally. I encourage anyone who has job stability to take advantage of the historically low financing rates right now and explore the housing market. Even in the midst of everything happening now, if you have your finances in order, you are in a prime position to save thousands of dollars in interest over the course of your mortgage.
The same is true for those looking to purchase an investment property. While property prices are not at historic lows, the financing options available and projected increase in housing inventory as some look to downsize make it an excellent time to explore investment property opportunities. If I can answer any questions for you about the home buying or selling process and the current real estate market conditions, I am here to help.
Partner with Dan Cohen Homes to Navigate the Real Estate Market Today
To learn more about our investment options if you’re looking to sell your home or interested in property investment, please contact Dan Cohen Homes today.