Question: As a buyer, what should I know before diving into the current Virginia real estate market?
Answer: Real estate sales are governed by state contract law and property law. Depending on the circumstances, buyers in Virginia can expose themselves to significant risk if they are not fully aware of their rights and responsibilities.
A great deal has changed in the mortgage industry over the past two weeks as the industry responds to COVID-19 economic concerns. Real estate agents and consumers need to be aware of the changes as they navigate the current residential real estate market.
With restaurants and most activities closed, many businesses shuttered or the employees sent to work at home, and governors’ stay-at-home orders, you may have a lot of extra time on your hands. Many people are taking stock of their own personal situations during this crisis.
Now is a good time to consider whether you need a new home, or perhaps it’s time to downsize from the ol’ family homestead. The real estate market was very strong heading into the COVID-19 pandemic and there is good reason to believe it will regain its strength when the crisis passes. It isn’t dormant, however. Real estate transactions can, and do, still take place today.