Can Northern VA Homebuyers Expect a Deal?

There is still uncertainty today due to COVID-19 even as parts of the country begin to ease or cancel stay-at-home orders. The stay-at-home order in Virginia expires on June 10th but we are on the second half of that order. Real estate is considered an essential business but the way we interact, the way we show homes, even the way we buy and sell is changing. This perceived distress is causing home buyers to search or expect a better deal on a home. However, Northern VA home sellers aren’t offering discounts and holding steady on price.

A recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:

1. “Have any of your sellers recently reduced their price to attract buyers?”

Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis. 

2. “Are home buyers expecting lower prices now?”

Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.

Deal or No Deal

In today’s Northern VA market, with things changing quickly and new questions around when the economy will bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Homes are selling but with fewer new spring listings and fewer potential buyers, sales are steady. There is pint up demand that will make the summer market strong should COVID-19 subside soon and normalcy return. This will depend how long the lock down lasts and if unemployment begins to fall.

Bottom Line

If you’re a buyer in the Northern VA market you might not see many sellers lowering their prices because demand is still strong and inventory low. If you’re a seller and don’t want to lower your price, you’re not alone. Should you have questions on how to price your home, let’s connect today to discuss your real estate needs and next steps. If you are a buyer, there are many aspects when it comes to negotiating a specific property, let’s discuss how I can help.