How Is COVID-19 Going To Impact The Real Estate Market?

One word that I believe describes the COVID-19 situation we’re experiencing is Unprecedented.  Many have asked what impact this virus is going to have on home sales, prices, and the local real estate market.  The short answer is we don’t fully know yet.  This situation has helped me remember how uncertain many things in life are, and how important it is to build your life on things that are for sure:  God’s character, God’s Word, and God’s salvation available to every person. Regarding the local real estate market, my prediction is that the economic conditions nationwide (and worldwide) will cause home sales to slow down temporarily, creating a shift in the market that will benefit buyers in the short term.  I do not believe home sales will stop.  I believe that homes that are in desirable areas, show well, and are priced correctly will continue to sell, possibly with longer days on market.  Buyer activity will continue to be fueled by very low interest rates.  Those who are not personally affected economically will be in a good position to buy with low rates and more options. Lynchburg enjoys slow, steady appreciation.  Unlike other markets that have sharp spikes in appreciation in good times and depreciation in bad times, our local market historically has been very stable.  I believe that while values may adjust during this challenging time, I do not believe the adjustments will be catastrophic and I believe the market will rebound!

If you have specific questions about Covid 19 and the local real estate market, give us a call.  We’d love to discuss it further with you!