By: J. Elaine VonCannon, Associate Broker, SRES, ABR,
Property Manager

The real estate market in a large area of Virginia, not the large cities, has
been on the past 10 years in a roller coaster ride for the buyers and sellers.
The ups and downs cycling in a 4 weeks to 3 months stretches at a time
with a small gain occasionally.

Reports show homes are selling very quickly, indicating that there are still
many homebuyers competing for listings.

In May 2020, in most markets across Virginia, homes sold in an average of
38 days, which is more than a week (9 days) faster than last year at this
time.

The release adds that the number of pending sales in Virginia was down 28
percent for April compared to a year ago, but across the country, pending
sales were down 34 percent.

Virginia REALTORS says several factors are behind this including the stay-
at-home order not shutting down the real estate industry in Virginia like
similar orders did in other places.

Virginia’s economy and housing market are also strong going into the
pandemic and there was a high demand for housing.

The release says the home prices have risen by more than five percent since
last year despite the economic uncertainty caused by the pandemic.

It adds that several economic sectors were relatively insulated from the
downturn, including federal government position and technical services,
allowing buyers to continue with the home purchase process.

Virginia’s economy and housing market were very strong going into the
pandemic, and there as high demand for housing. Even in midst of
economic uncertainty, home prices have risen more than 5 percent in
Virginia since last year, illustrating the high demand.

While hundreds of thousands of Virginians have been impacted by job loss,
the Commonwealth’s key economic sectors—including the federal
government and professional and technical services sectors—have been
relatively insulated from the downturn, which has allowed buyers to
continue with home purchases.

The ability of Realtors to adapt to new business practices to protect the
health of themselves and their clients has also made a tremendous impact.

“Virginia Realtors have practiced responsible social distancing and pivoted
to make extensive use of virtual tools to continue to transact business. This
adaptability has been key to keeping Virginia’s housing market going,”
Virginia Realtors Chief Economist Lisa Sturtevant said in a news release.

Another factor that has helped the Virginia market is a large area in
Virginia is consider rural, small towns, cities and county life. Virginia does
not have a high amount of big cities except around the DC area and a few
midsize towns and cities.

Buyers are now going out to the areas away from the large cities and
metropolitan areas. The reasons range from personal, to quality of life for
themselves and their family, slower pace life style and the hectic pace of
urban life.

Sellers are staring to sell as they are no longer under water in their homes
from the housing crisis that hit, personal reasons or downsizing due to
several factors they may be facing.