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