real estate news
for the Shenandoah Valley of Virginia
Funkhouser Real Estate Group will be tracking the Shenandoah Valley real estate market each week during the COVID-19 situation. Be the first to know about weekly trends. Check back each Wednesday as we release the market activity report for the previous Monday through Sunday.
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Have questions about how these trends may affect your purchase or sale decision? Call one of our real estate professionals for expert advice.
The Virginia REALTORS and National Association of REALTORS has conducted a survey of REALTORS to gauge the impact of COVID-19 on home buyers and sellers. Here are the survey results: Click Here for a pdf version.
While some buyers are hoping that prices will come down during this crises, the data shows that sellers are not reducing prices at this time. While nearly 28% of sellers in the United States are reducing prices, only 12% are across Virginia.
The expectations of buyers across Virginia and the Shenandoah Valley are more congruent with those of sellers. While 63% of buyers expect lower prices nationally, less than 30% of buyers in Virginia expect lower prices.
The entry into homes has been a concern for both buyers and sellers during the COVID-19 crises. REALTORS report that 59% of buyers nationally have decided to delay their search and 51% across Virginia. There are still many buyers active in the market.
Source: National Association of REALTORS®, survey of members, April 5-6;
Virginia REALTORS®, survey of REALTOR® members, April 10-11, 2020