Results from Flash Survey #7: How are REALTORS® Feeling During COVID-19?

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Results from Flash Survey #7: How are REALTORS® Feeling During COVID-19?

The 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 1st and 2nd, 2020, we also asked how Virginia REALTORS® are coping personally with COVID-19 and the stay-at-home directive. We received responses from 1,167 Virginia REALTORS® across the Commonwealth.

Buyer and Seller Interest and Behavior

Results from this week’s survey provide indications that some REALTORS® are seeing improved market conditions as we head into May.

Highlights from the survey of Virginia REALTORS® members include:

  • Significantly fewer REALTORS® said they had buyers postponing their home search. Over the week ending May 2nd, 42.1% of REALTORS® said they had a buyer decide to delay home searching. By comparison, about a month earlier, over the week ending March 28th, nearly 60% of REALTORS® said they had a buyer postponing.
  • REALTORS® indicate that fewer sellers are hitting pause on listing their home. Over the week ending May 2nd, just 8.7% of REALTORS® in Virginia said they had a seller withdrawn his or her home completely from the market, and 36.4% said they were postponing bring new listings to the market. These shares are down notably from responses from the week ending March 28th.
  • While the vast majority of REALTORS® are still feeling the effects of COVID-19, nearly a quarter (22.9%) said this week that COVID-19 had had no impact on their business.

Prices

The survey results suggest that home prices may holder firmer in Virginia compared to other places around the country. According to Virginia REALTORS® members:

  • Just over one in ten sellers (12%) are reducing prices in order to attract buyers. Nationwide, according to the National Association of REALTORS® most recent survey, about 24% of REALTORS® report that sellers are dropping prices.
  • An estimated 30% of buyers in the market in Virginia are expecting to see lower prices; however, that share is more than double (64%) nationally.

COVID-19’s Impacts on REALTORS® Personally

It has been nearly two months since the first COVID-19 case was reported in Virginia and more than a month since the Governor issued the stay-at-home directive for Virginians. Many REALTORS® in Virginia have adopted new technologies and innovative business practices to keep real estate transactions going and remain upbeat about the housing market weathering this pandemic. However, there has undoubtedly been a personal impact of COVID-19 on our REALTOR® community.

  • Virginia REALTORS® are missing personal contact with friends and family. More than 70% of REALTORS® say they miss visiting with friends and family in person and 50% say they are disappointed that they have had to miss important events, including birthdays, graduations and weddings.
  • More than two out of five REALTORS® (42.4%) say they are struggling with financial challenges or uncertainties during COVID-19. An earlier survey found that many REALTORS® were having trouble accessing loans and grants from the Small Business Administration. Additional resources on financial assistance and unemployment benefits are available on the Virginia REALTORS® webpage.
  • With K-12 schools closed for the rest of the academic year, many REALTORS® are balancing working from home with caring for—and teaching—children. About one in five REALTORS® (21.1%) say that they face challenges working from home with children at home.
  • The uncertainties of the COVID-19 pandemic can put a stress on individual health and well-being. A small number of REALTOR® members have had to care for a family member that has contracted the virus. A larger share (7.5%) are dealing with personal health concerns during the COVID-19 pandemic.

A note about surveys: This is not a randomized sample survey of Virginia REALTORS® members. However, the number of responses and the geographic coverage of respondents make it possible 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 +/- 2.9%.

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 pm 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).

By | 2020-06-10T16:44:32-04:00 May 5th, 2020|COVID-19, Recent News|0 Comments

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