VIRGINIA BEACH, Va. — Hampton Roads Realtors Association leaders say March home listings in our area went down about 21 percent compared to March 2019, and that's a big indicator for the industry.
Association officials say some homeowners aren’t listing because they’re afraid of losing their job. Also, HRRA officials said more sellers don’t want people to come into homes, because they’re afraid of the virus being spread.
Realtors like Bethany White said they are practicing the advice of the Center for Disease Control and using more virtual tours.
“The industry as a whole has totally shifted. But there are people that are able to make decisions virtually and to see things and we were seeing that over and over again,” said White.
In addition, military families aren’t relocating right now. That makes a big difference because those moves are a large part of the real estate business in our region.
Nevertheless, the HRRA and White said it’s a busy seller’s market for her team right now.
"Interest rates are still at an all-time low and so it's still a great time to buy and I know a lot of people are still looking to make a move," said White.
So, when Cathy Voeks needed to sell her mother's house, she turned to White for help.
"She had her finger on the pulse of the market and knew how to approach in today's unsettling climate,” said Voeks.
Even though it's too soon to tell if coronavirus will make the real estate industry crash, White said realtors are still working hard and ready to help.
"It is a little bit slower, but everybody is just moving forward if they can and still there is a need,” said White.
On the same note, HRRA reports that the amount of homes sold in Hampton Roads has gone up for this March by 15 percent compared to last year.