Virginia REALTORS® has conducted surveys of members on March 27-28 and March 20-21, 2020, 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 March 27-28, 2020. 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 COVID-19. This percentage is down from 19.6% in the week ending March 21.
- The most common issue has been buyers deciding 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.
Virginia REALTORS® will continue to monitor the economic and housing market impacts of COVID-19 in Virginia. Each Thursday afternoon at 4:00 p.m., we will host a Facebook Live on the impact of COVID-19 on the economy and the housing market. For more information, please contact Lisa Sturtevant at email@example.com.