The COVID-19 pandemic was an unexpected hurdle for the real estate market this past Spring. However, through a pivotal virtual business shift, many still saw success during this time, and this success is going to continue. Get ready for a hot summer and an even hotter real estate market ahead in June, July, and August of 2020.
As Summer begins, data is emerging proving that the market is taking a turn for the better. Realtor.com reported that, “Even with the pandemic raging, a battered economy, and the highest unemployment since the Great Depression, median home list prices still jumped up 3.1% year over year last week.”
Record low mortgages, combined with strong pent up demand from before the pandemic and a new desire to leave urban downtowns due to the pandemic are driving buyers back to the single family home market, said CNBC.
In the first two weeks of March 2020, before the peak of coronavirus, homes were selling 4x faster than they were in 2019. This represents the strong motivation buyers had at the beginning of Spring. While some still went ahead with their plans to buy, many pressed pause, and can be presumed to buy now that the pandemic has steadily decreased for a few weeks, according to Realtor.com.
What would have been an electric Spring market, has now turned into a potentially electric Summer market for the real estate industry.
Regardless of major setbacks, the 2020 Spring market wasn't a total loss. Many buyers took advantage of historically low interest rates. Check out these COVID-19 Spring Market success stories by Bob Lucido Team.
+ SOLD IN 9 DAYS FOR 5K OVER ASKING WITH 50+ SHOWINGS!
“I had a listing in Columbia. Seller was concerned about the impact of coronavirus on showings & selling for a great price. We had 50+ showings, I sold it in 9 days for $465K, multiple offers, $5K above list,” - Joe McDonnell, Realtor®
+ SOLD IN 1 DAY FOR OVER ASKING PRICE WITH MULTIPLE OFFERS!
13 E Wheeling Street | Baltimore
“This property was listed and sold for over asking price within 24 hours with multiple offers,” -Lauren Shapiro, Realtor®
+ SOLD IN 15 DAYS!
7830 Rockburn Drive | Ellicott City
“Seller was stressed about showings during COVID-19. We tempted the listing off on 3/23/2020. It went under contract the next day 3/24/2020 with a buyer who saw the house on 3/7,” -Bob + Tracy Lucido
+ SOLD IN 5 DAYS WITH 21 SHOWINGS!
7516 Indian Pipe Court | Columbia
“21 Showings in 5 days. Upgraded interiors, lots of built-ins, Brazilian cherry hardwoods, cul-de-sac location,” -Bob + Tracy Lucido
+ SOLD IN 5 DAYS WITH 24 SHOWINGS!
10600 Abigail Drive | Columbia
“24 showings in 5 days! Beautifully upgraded home with open floor plan and park-like lot,” -Bob + Tracy Lucido
+ SOLD IN 4 DAYS FOR ABOVE ASKING PRICE WITH MULTIPLE OFFERS!
“We had 5 showings, 5 offers, and sold in 4 days for over asking price, the client is ecstatic!” - Joe McDonnell, Realtor®
+ SOLD IN 1 DAY!
2756 Weatherstone Drive | Ellicott City
“We sold to the first buyer, had an offer in 24 hours and ratified in 48 hours,” -Jodi Altman, Realtor®
+ SOLD AFTER 3 SHOWINGS WITH 2 OFFERS DURING THE COVID-19 PANDEMIC!
9724 Harbin Court | Ellicott City
“Was on market pre covid- no showings for 3 weeks, then had 3 2nd showings and 2 offers,” -Jodi Altman, Realtor®
If you’re looking to buy or sell a home, contact us virtually or call 410.465.6900 today as the Summer market gets HOT!
