At Start of Phase Two the Pace of 2020 Contract Signing Is Still Slowing


At Start of Phase Two the Pace of 2020 Contract Signing Is Still Slowing
By Scott Rogers • June 5, 2020
Welcome to Phase 2 in Virginia, folks! :-) Here's a quick summary of what is changing... Social distancing of 6 feet continues Gatherings of up to 50 individuals (increased from 10 person limit in phase one) Restaurants can offer indoor seating, but are limited to 50% capacity Gyms and fitness centers can re-open indoor facilities, but are limited to 30% capacity or 50 individuals (whichever is less) Indoor and outdoor swimming pools can open for exercise and instruction Recreational sports can be held in both indoor and outdoor spaces, with a 10-foot distancing Retail businesses continue to operate at 50% capacity Religious establishments/places of worship continue to operate at 50% capacity Public beaches remain open Face-coverings still required for indoor spaces So, how about it, home sellers -- are you ready to put your homes on the market? I am confident we'll have very few 50+ person showings... ;-) As shown above, the pace of home buying (contract signing) has slowed over the past month. One month ago, YTD contracts were 3.97% behind 2019. Now, YTD contracts are 6.25% behind 2019. I have theorized for a few weeks now that this slow down in buyer activity is a result of fewer sellers being ready to sell as opposed to fewer buyers being willing or able to buy. If that is the case, will this new phase mean more sellers will sell and thus more buyers will buy and thus that we'll see the 2020 trajectory start to catch back up with 2019? Maybe. We'll wait and watch and see together. Happy Friday! Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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