How has the coronavirus impacted your business in the past 7 days? (Week ending May 2, 2020)

Attached is the write up of this week’s flash survey for local associations across the Commonwealth.  While it is too early to say definitively, this week’s survey offered some data to suggest that we might-might– have seen the bottom of the slowdown in buyer and seller activity. As REALTORS® are getting better at using virtual tools and social distancing, and as many buyers and sellers are seeing their personal financial situations holding steady, more may be ready to return to the market.  Spending a lot of time at home can make you want to shop for a new one.

Local associations May 1-2

Some highlights:

  • Nearly a quarter of REALTORS® say COVID-19 had no impact on their business last week, an increase over prior weeks.
  • Significantly fewer REALTORS® say they have buyers delaying their home search and/or sellers withdrawing listings or postponing listing.
  • Prices still look like they are holding pretty firm, particularly compared to the results from NAR’s national survey.

This week, we also asked how REALTORS® are doing personally. Not surprisingly, the majority miss personal contact with friends and family. Many are also stressed with financial uncertainties. FortuLocal associations May 1-2nately, relatively few seem to have family members that have contracted the virus.

Details on the statewide results are available here: https://www.virginiarealtors.org/2020/05/04/results-from-flash-survey-7-how-are-realtors-feeling-during-covid-19/

If you have any questions or need more information, please don’t hesitate to reach out.

Best,

Lisa Sturtevant

Lisa Sturtevant, PhD

Chief Economist

Virginia REALTORS® • Shaping the future of real estate.

Tel: (703) 598-1220

10231 Telegraph Road • Glen Allen, VA 23059