Local results from Virginia REALTORS Flash Survey – COVID-19 Impact

 

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