Virginia REALTORS® has conducted a weekly survey of members since the beginning of the COVID-19 pandemic, asking members if and how the COVID-19 outbreak has impacted home buyer and seller interest and behavior. This week’s survey, conducted April 24th and 25th, gathered additional information about how COVID-19 is affecting how REALTORS® conduct business. We received responses from 1,421 Virginia REALTORS® across the Commonwealth.
A couple of highlights from the April 24-25 survey:
More REALTORS® are reporting price impacts this week. Fifteen percent of REALTORS® say they had a seller reducing the list price in order to attract buyers, up from 12.1% two weeks ago. In addition, 34.6% of REALTORS® say that buyers are expecting lower prices, which is up from 28.7% two weeks ago. However, our numbers are still much lower than the NAR survey, suggesting prices are remaining firmer in Virginia than in other places.
In general, the findings from these surveys suggest that Virginia REALTORS® are taking the required precautions to conduct business and are having a somewhat easier time completing transactions under state-mandated social distancing requirements than are REALTORS® in some other parts of the country. For example, 7% of Virginia REALTORS® said the stay-at-home order was making transactions virtually impossible, compared to 18% of REALTORS® nationally.
Statewide results from the survey are available on the Virginia REALTORS® website: https://www.virginiarealtors.org/2020/04/27/results-from-flash-survey-6-how-covid-19-is-impacting-the-way-realtors-do-business/
Attached are results from the survey for each local association. As always, take care in drawing conclusions from small sample sizes. And if you have any questions or need additional information, please don’t hesitate to reach out.
Lisa Sturtevant, PhD
Virginia REALTORS® • Shaping the future of real estate.
Tel: (703) 598-1220
10231 Telegraph Road • Glen Allen, VA 23059