Elizabeth Lucchesi of The LizLuke Team at Long & Foster will discuss changes in the local real estate market this Wednesday, April 1 at 2 p.m. through Facebook Live. Mark your calendar and be sure to tune in here Wednesday afternoon.
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LizLuke Team of Long & Foster Real Estate — a realty team serving Alexandria home buyers and sellers for over 15 years — hosted three open house tours on Facebook Live Sunday afternoon. The virtual walk-throughs were popular, as residents looking for homes tried to do so from a safe physical distance.
Concerns about coronavirus and the illness it causes, COVID-19, has pushed through some changes to the Alexandria real estate market — and some of those are what Realtor Elizabeth Lucchesi will discuss this Wednesday at 2 p.m. in a Facebook Live webinar. (Don’t have a Facebook account? You can still watch! The event will be broadcast here.)
A Bright MLS notice to Realtors stated, in part, that because of health concerns, “home buyers and sellers may not feel comfortable, or may restrict each other from visiting properties. Home sellers may want to limit the number of people who physically enter their property during this time, while they would still like their property to be listed as for sale.” In response, Bright MLS has relaxed rules to allow for virtual showings, tours and open houses to help homes sell this spring.
At the end of February, the Alexandria real estate market was continuing its upward march — average sales prices were close to $577,400, an increase of 3.3 percent from February 2019. Inventory remained low, pushing competition among motivated buyers for the relatively few homes on the market, according to data from the Northern Virginia Association of Realtors. Data for March is not yet available.
In addition to home inventory, Lucchesi will discuss:
· How to handle your mortgage when you have been placed on furlough.
· What is forbearance?
· Inventory before the virus, homes for sale as of April 1 and real estate contract activity.
· The differences of the previous recessions and their effects on real estate compared to our present times.
· And, Lucchesi’s crystal ball based on HUD and NAR forecasts.
