2020 has been an extraordinary year in real estate and a strange year for many of us. What happened during the past years is going to allow you to understand where we are today.
In January of 2018, Amazon announced that they would do their second headquarters in Crystal City, which was good news for the real estate market. From early 2018 up to March 2020, most people kept their properties off the market, significantly closer to Crystal City, anticipating the market to appreciate.
Since there wasn't a lot of inventory on the market, the market did appreciate. There were around 35% fewer homes from the previous year. In March 2020, we expected that homes would come onto the market that stayed off for the last two years.
March up until May, people didn't know what to make of it, so about 35 % fewer sellers were going into that, and then another 35 fewer sellers matched by 35% fewer buyers because everyone sat on the sidelines.
June 2020 was when the market against the buyers came out of the woodworks. However, the sellers still stayed off the market. From March to May proportionately, buyers and sellers came down; equally, June buyers went up, sellers stayed down.
June up until August, prices went up. Around Mid-August, the market started to stabilize its costs because the sellers realized that the prices are going up. The last thing to notate is the interest rates today. While we are at the top of the market, the interest rates are at the lowest.
If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.
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