Virginia Peninsula REALTORS®

 

Good morning everyone,

I hope you are staying healthy and well during this time. We continue to survey members to better understand what is happening on the ground. This week’s survey was conducted over April 3-4. We received responses from 2,257 REALTORS® that had been actively conducting business during the past week.

Highlights from the survey of Virginia REALTORS® members include:

Far fewer Virginia REALTORS® say their business has been unaffected by COVID-19. Just 11.8% said that they conducted business over the prior week with no coronavirus impact. The shares had been 17.9% and 19.6% in the two earlier surveys.
The most common issue remains buyers decided to delay a home purchase. Nearly two-thirds (64.0%) of Virginia REALTORS® said they had a buyer delaying a home search.
This week we asked about financing, given all of the volatility in the mortgage market. More than one quarter (25.7%) of Virginia REALTORS® members indicated that they were working with a buyer who was having trouble getting financing.
Compared to last week’s survey, Virginia REALTORS® members indicate that they are more likely to have postponed bringing a new listing to market (50.3%). They have also seen more sellers canceling open houses (24.1%) and removing listings from the market completely (16.0%) in the week ending April 3-4.

Details on the survey results are available on the Virginia REALTORS® website – https://www.virginiarealtors.org/2020/04/06/results-from-flash-survey-3-covid-19s-impact-on-buyers-sellers/

As a reminder, we also are continually updating information and resources about COVID-19. Please check the resource page often and direct your members to check it out as well. https://www.virginiarealtors.org/coronavirus/

The table below shows survey results for individual jurisdictions. Please feel free to share, though it is important to be cautious in making claims from survey data when there are relatively few responses. If you have any questions at all, please don’t hesitate to be in touch.

Best,

Lisa Sturtevant

 

The Virginia REALTORS® has conducted surveys of members on March 27-28 and March 20-21 asking members if and how the coronavirus outbreak has impacted home buyer and seller interest and behavior over the prior week. This week’s survey was conducted over March 27-28. We received responses from 1,753 REALTORS® that had been actively conducting business during the past week.

Highlights from the survey of Virginia REALTORS® members include:

This past week, just 17.9% of Virginia REALTORS® said they had conducted business with no impact related to the coronavirus. This percentage is down from 19.6% in the week ending March 21.
The most common issue has been buyers decided to delay a home purchase. Nearly 3 out of 5 (58.6%) of Virginia REALTORS® reported this issue in the past week, up from 56.3% in the week prior.
On the seller side, 21.8% said they had at least one seller cancel an open house, which was down from 25.8% a week prior. This decline could be, in part, because fewer sellers decided to hold open houses at all, given the Governor’s direction about limiting group gatherings of 10 or more.
More than 11% of Virginia REALTORS® said that they have had a seller remove his or her home completely from the market over the week ending March 28.
In the week ending March 28, nearly half of Virginia REALTORS® (45.5%) said they had postponed bringing a new listing to market.
Details on the survey results are available on the Virginia REALTORS® website – https://www.virginiarealtors.org/2020/03/30/results-from-flash-survey-2-covid-19s-impact-on-buyers-sellers/

As a reminder, we also are continually updating information and resources about COVID-19. Please check the resource page often and direct your members to check it out as well. https://www.virginiarealtors.org/coronavirus/

Lisa Sturtevant, PhD

Chief Economist

Virginia REALTORS® • Shaping the future of real estate.

Tel: (703) 598-1220

10231 Telegraph Road • Glen Allen, VA 23059

Today is Census Day, a key date for the 2020 Census. So what’s so special about April 1?

When you respond to the census, you include everyone living in your home on April 1, 2020. That means today’s the big day!

If you haven’t already responded, please take the 2020 Census today. The online survey is available at www.my2020census.gov or by calling 844-330-2020. It only takes about 10 minutes to complete.

You should have received an invitation to respond in the mail with detailed information and a Census ID for completing the census online. If you don’t have your ID, you’ll be able to enter your address to access the census.

The 2020 Census will affect our city for the next 10 years, so it’s important you respond. Once you’ve completed the 2020 Census, please help us spread the word and encourage others to fill it out. This count of everyone living in the country is used to determine local funding for important services, including schools and educational programs, roads and highways, Medicaid and Medicare, supplemental programs, drawing legislative districts and more.

For more information on the 2020 Census, visit www.2020census.gov. Please respond today – you matter, be counted!

 

The Virginia REALTORS® conducted a flash survey on March 20-21, 2020, asking members if and how the coronavirus outbreak has impacted home buyer and seller interest and behavior over the prior week. We received responses from 2,428 REALTORS® that had been actively conducting business during the past week, including members from all 28 local associations.  Results from the survey are available at https://www.virginiarealtors.org/2020/03/23/results-from-flash-survey-1-covid-19s-impact-on-buyers-sellers/. For more information, please reach out to me (lsturtevant@virginiarealtors.org or 703-598-1220). We will be conducting this survey each Friday for the next three weeks. Please encourage your members to participate.

Virginia REALTORS® will continue to monitor the economic and housing market impacts of the coronavirus in Virginia. Check the COVID-19 Resources and Updates page often, as information is updated frequently (https://www.virginiarealtors.org/coronavirus/).

How has the coronavirus impacted your business in the past 7 days