Potential home buyers are starting to come out from all corners of the former dominion in search of homes, but sellers remain reticent.
This is based on a market activity survey conducted monthly by the Virginia Realtors industry association.
A total of 892 real estate professionals participated in the latest online survey, which was conducted from January 24th to 31st. This includes his 562 people in which he participated in at least one trade in the previous month.
The Buyer Activity Score for January was 38 on a scale of 0 to 100, up from 31 in December as the market begins to pivot toward early spring.
Of those surveyed, 21% said buyer activity in their area was “high” or “very high,” and 45% said it was “low” or “very low.”
But sellers appear unfazed, hoping to keep the low-cost mortgages they obtained during the coronavirus era.
The Seller Activity Index for January was 15, up slightly from 13. While 4 percent of respondents said seller activity in their area was high or very high, a whopping 75 percent said it was low or very low.
When asked a little beyond three months, the Buyer Activity Index was 61, up from the forecast of 58 a month ago. However, sellers still expect supply to remain tight, with a score of 36 for the next three months, virtually unchanged from the previous month.
Where are prices headed? When asked about their future outlook, an even half of respondents said they expected the future outlook to be higher, 17% expected it to be lower, and 30% expected it to remain the same.
For more information, please visit the virginiarealtors.org website under Research, Reports.
