Virginia’s booming real estate industry has been a major contributor to the Commonwealth’s economic recovery from the recession triggered by COVID-19.
According to the Virginia Secretary of Finance, the Commonwealth of Virginia expects a budget surplus of half a billion by the end of June. The state’s economy has far exceeded expectations during the COVID-19 pandemic and recession, and one of the main reasons has been the strength of the residential real estate market. The boom in the housing market has contributed to a 40% increase in state revenue from taxes paid on deeds and other court documents.
“The strong home selling activity in Virginia has been fueled by a steady growth in higher paying professional jobs and historically low mortgage rates,” according to Lisa Sturtevant, PhD, Virginia REALTORS® Chief Economist. “The strength of the residential real estate market has been critical to the resilience of the state’s economy.
Virginie REAL ESTATE AGENTS® worked closely with lawmakers to ensure the industry would remain open in the Commonwealth. “Our association has worked with the governor’s office, lawmakers and regulators throughout the pandemic to ensure our members can stay in business. These efforts have been instrumental in ensuring that Virginia’s sales and rental markets do not stagnate or atrophy, but have been able to remain healthy and contribute significantly to Virginia’s economic recovery, ” said Virginia REALTORS® CEO Terrie Suit.
“Over the past 16 months, as other states shut down real estate due to severe restrictions, our 36,000 members have responded by pivoting our business practices, models and customer interactions, adhering to guidelines. strict regulations of the CDC. By adopting new technologies and procedures, REAL ESTATE AGENTS® of Virginia continue to help pave the way for economic recovery, ”says Virginia REALTORS® 2021 President Beth Dalton.