real estate news
for the Shenandoah Valley of Virginia
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