The extreme inventory shortage in many suburban areas continues to be a real issue for buyers looking to move into the area. There are currently only five homes on the market in the Wakefield area. In addition, six homes are under contact and there were just eight closings in the last 30 days. This is abnormally low: There are typically 15 to 18 sales per month in the Wakefield area.
It seems many would-be home sellers are opting to stay put through the winter amid rising concern about Covid-19 and perhaps some concern about being able to locate a replacement property.
Some prospective home buyers are opting to put their search on hold for the winter while others are forging ahead—and, in many cases, navigating multiple offer situations. Turnkey homes with ample outdoor space are most in demand currently as many people flee urban areas to the suburbs. In the meantime, condo and other more communal type living arrangements are sitting on the market for the most part. How long this will last is anyone's guess, and some experts have predicted the shift away from close-in living could be fairly permanent. More and more employers are announcing extended work-from-home arrangements, eliminating the need to live in commuter-friendly locations.
It’s quite remarkable to watch how dramatically the pandemic and resulting quarantine lifestyle are changing the landscape of real estate in our immediate area and in many markets across the country.
Jennifer Mack has more than 15 years of experience in the real estate industry. Her team services Virginia, Maryland, and D.C., with the bulk of her business in the Woodson High School area. You can contact her with real estate questions at firstname.lastname@example.org or by calling 703-672-0038. She’s happy to answer specific questions privately or more general questions publicly in this column.