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. During the survey conducted May 15^th and 16^th, 2020 we asked REALTORS^® to compare conditions in the housing market now to what they were seeing a month ago, in the early weeks of COVID-19. We also asked about delays in closings and requests from past clients about mortgage forbearance. We received responses from 1,000 Virginia REALTORS^® across the Commonwealth.

Buyer Activity in the Market

More REALTORS^® are seeing an uptick in buyer interest and activity in the market in mid-May.

• Nearly half (49%) of Virginia REALTORS^® say that, compared to a month ago, buyer activity in their market has increased modestly or substantially.
• About a fifth of REALTORS^® (19.2%) say that they were seeing somewhat less buyer activity and 17.4% say that they were seeing substantially less buyer activity compared to a month ago. About 14% of REALTORS^® say there has been no change.
• Buyer interest and activity has improved more in Virginia than in many other places around the U.S. According to a May 10-11 survey conducted by the National Association of REALTORS^®, only 13% of REALTORS^® reported that there has been an increase in buyer activity compared to a month ago.

Closing Delays

As buyers return to the market, REALTORS^® are finding that closings are being delayed in some cases. However, the majority of REALTORS^® in Virginia are not experiencing closing delays:

• More than half (57%) of Virginia REALTORS^® report that they have not had any closing delays as a result of COVID-19. By contrast, only 33% of REALTORS^® nationally are reporting no delays in residential closings.
• The most common reasons for delays included financing (21%), buyer no longer qualifying for the mortgage due to job loss (17%), and problems with appraisals (11%).
• Compared to other places around the country, Virginia REALTORS^® report experiencing fewer delays associated with home inspections or final walkthroughs. Job loss also appears to be somewhat less of a challenge in Virginia compared to other places.

Mortgage Forbearance

• About 20% of Virginia REALTORS^® report that they have had a past client ask about mortgage forbearance, compared to 25% of REALTORS^® nationally.
• Most Virginia REALTORS^® who have been asked about mortgage forbearance know where to refer these clients. Less than 2 percent were not sure where to refer them.

A note about surveys: This is not a randomized sample survey of Virginia REALTORS^® members. Larger sample sizes generally make it easier to make inferences about the population of Virginia REALTORS^®, with a certain level of confidence. The statistics from this survey have a margin of error of +/- 3.0%.

Virginia REALTORS^® will continue to monitor the economic and housing market impacts of COVID-19 in Virginia. Please check the COVID-19 page on the Virginia REALTORS^® website for updates. In addition, 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 (lsturtevant@virginiarealtors.org).