Vienna market

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Real Estate

It is interesting to look at the many effects of the virus on the real estate market.  Realtors have moved to virtual showings, and title companies host drive through settlements.  A specific addendum has been added to contracts to manage last minute changes that these times may cause.  I looked at a fairly narrow market - Vienna zip code 22180 with a price range of $700,000 to $800,000 detached homes.  It is interesting that 3 of the 12 Active listings have gone from an Under Contract status back to Active.  The would be buyers had decided not to go through with the contract. In the previous 60 days, 5 homes in that same category have sold.  None of them had a previous contract that voided.  It is a small sample but interesting.  Interest rates are so low, inventory is low.  Until recently, buyers have felt so fortunate to win a contract in that price point that they would be reluctant to void a contract.  Homes are still going under contract and homes are still closing.  Perhaps just a little less competition among buyers. A rare buyers' market this spring??