COVID-19 & Maryland Real Estate
We’re in challenging times and we really don’t know what to expect from one day to the next. The same holds true for people who have been planning to move. Homeowners are asking whether their homes will sell. Homebuyers are wondering whether they will be able to buy a house. Today I’m sharing the latest information regarding the status of real estate in Maryland.
Hi, I’m Melissa Spittel, the local real estate expert serving Carroll County and the surrounding areas in Maryland. Every day I research what’s going on in our state because just like you, I live here and I’m affected, too. We’re all in this together and any information I can share I’m happy to do so. Every day, clients reach out to me with questions. Just like you and me, they’re worried, scared, concerned and don’t know what to expect. With all of this uncertainty, how do you make powerful and confident decisions in regards to your real estate plans?
What’s Currently Expected to Happen
The coronavirus crisis is still unfolding here in the United States, but other parts of the world where the pandemic is further along offer a glimpse of what could be the future for American real estate. Total real estate transaction volumes in those countries have basically grinded to a halt according to Mike Del Prete, a real estate analyst and consultant.
From looking at foreign markets, he ultimately concluded that in the U.S. there’s going to be a very dramatic drop-off in real estate volume. He also said that real estate transactions in those countries mostly stopped happening over a 4 to 6 week period. However, some of those foreign markets are already starting to see a recovery and the recovery should take place over about 4 to 6 weeks. According to the data, he believes that in the U.S., real estate will “drop off a cliff”for between 1 and 3 months and then begin to get better. It will slowly recover.
How Home Prices will be Affected
Lawrence Yun, the chief economist for the National Association of Realtors, has predicted that with fewer listings in what’s already a housing shortage environment, home prices are lately to hold steady. The temporary softening of the real estate market will likely be followed by a strong rebound once this economic quarantine is lifted, and it’s critical that supply is sufficient to meet the pent-up demand.
What I’m Doing Differently
So what am I doing to help? Just like you, I’m taking all the necessary precautions. If you know me, you know I already work from home most days, so that hasn’t stopped. Another thing I’m doing is virtual home tours. I’m now using this 360 camera that allows me to share virtual tours to homebuyers so they can see the inside of my listings from within their own safe environment.
I’ve put creative and safe practices into place so I can continue working with both home owners and home buyers to help meet their needs and help them accomplish their goals.Is there more in store, more coming up on the horizon? Quite possibly. Know that just like you, I’m affected, too, and I’m doing all that I can do to help my community, my clients and stay healthy. As long as we all stay on board to rid our communities of this virus, it will eventually pass and our lives will return to normal. Feel free to reach out with any questions and any needs you might have. We’re all in this together.
If moving is in your plans, it’s a great time to talk about your options, your timeline, and your goals. And it’s a great time to put a plan into place. For additional help, here are 2 FREE resources:
Have questions? Ask them here: