When the Coronavirus initially hit the United States back in early 2020, it had a negative impact on the stock market, and created a great deal of chaos for businesses and home sellers. But in the real estate market, things soon took an unexpected turn when home prices in many areas of the country skyrocketed. That, coupled with low mortgage rates, quickly led to a hot seller’s market – even resulting in multiple above-list-price offers on both condos and single family homes.
But things may again be about to change. With the recent surge in cases of the Coronavirus Delta variant, the financial and housing markets have become somewhat volatile – especially following the CDC (Centers for Disease Control and Prevention) announcing the return to wearing masks for both vaccinated and unvaccinated individuals.
This could force many people back into seclusion, and also scare off at least some home sellers who are concerned about hosting open houses for potential buyers, particularly as the Delta variant is thought to be more contagious than the initial COVID-19 virus.
On the other hand, given that interest rates are again starting to fall – coupled with the likelihood of business closures and working from home requirements again – it is possible that home prices could again be pushed higher, in turn, leading to another surge in bidding wars, and ultimately sales that could surpass their asking price, in some cases significantly.
So, if you’re thinking about putting your home on the market any time soon, now may be the perfect opportunity to do so. With that in mind, give us a call at 301-502-6190 if you would like to chat about the possibilities, as well as receive a no-cost, no-obligation value of your home that can help with determining the appropriate list price. We look forward to talking with you.