How has the coronavirus impacted your business in the past 7 days? (Week ending April 11, 2020)

Virginia REALTORS® has conducted surveys of members for the past four weeks, asking members if and how the COVID-19 outbreak has impacted home buyer and seller interest and behavior over the prior week. This week’s survey was conducted over April 10-11, 2020.

 

Highlights from the survey of Virginia REALTORS® members include the following:

  • COVID-19 appears to be having a smaller effect on prices in Virginia than in other parts of the country. In our survey, 12% of Virginia REALTORS® members said they have had a seller reduce the price of his or her home in order to attract buyers. By comparison, nationally, 28% of REALTORS® said sellers are reducing prices.
  • While relatively few sellers are reducing list prices, more buyers are expecting lower prices. About 29% of Virginia REALTORS® said they have a potential buyer or buyers expecting lower prices. The share is much higher nationally, where nearly two-thirds (63%) of REALTORS® say buyers are expecting lower prices.

Below are results for local associations. As also, take care in drawing conclusions for local associations where there are relatively few responses. If you need additional information, please don’t hesitate to reach out!  Stay well, stay optimistic!

 Lisa