Being cooped up at home has some rethinking their where they live. As people start spending more time inside, they are looking for new homes.
Taylor Carney with Compass Reality said this is a good time to consider what you want out of a home now that you're spending extra time indoors. There are certain questions that home owners should be asking themselves.
"Do I need outdoor space because of this? Do I want a driveway? Do I want single family? Do I want to be in a building and have a front desk?, said Carney.
The long-term effects of the coronavirus on the housing market are still uncertain, but even though the spring housing market is happening now, the housing market in our area has stayed steady and strong.
"What’s unique about D.C. is every industry essentially, in the world, is connected to the DMV area. So despite the current event, we’ve still got money being pumped into this city. People still have jobs. People still need homes," said Carney.
Chief Economist at the National Association of Realtors Lawrence Yun said it's expected for sales to be down in the metro area, but it's not permanent.
"Sales will be down due to fewer buyers and fewer sellers during the crisis, but many could be ready to bounce out and get into the market once the stay-at-home orders are rescinded."
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A new survey from the real estate association is showing that 90% of members said buyer interest has declined and 63% said buyers are expecting deep discounts and less competition. But about three quarters of sellers have not reduced prices.
Still, buyers are looking, just not the way they used to. They are now checking out listings online without physically seeing a space.
"A lot of people are having to do one-off looks at homes, virtual tours have picked up. A lot of other realtors have been doing FaceTime tours as well, and then some people have been making offers on houses site unseen," Carney said.
Although it may be risky, looking for a new place to live or even buying a new home is giving people something to do as they stay at home in isolation.
