Many Realtors® Hopeful for Post-Pandemic Market Rebound
published on April 13, 2020
Many Realtors® are hopeful there will be a post-pandemic real estate rebound, according to a National Association of Realtors® survey. While a spring slowdown is expected across the board, the majority of agents believe buyers and sellers will return to the market as “delayed transactions” once the crisis point has passed.
The survey found 59 percent of Realtors® said buyers will delay home purchases for a couple of months, while 57 percent of sellers will delay home sales for the same period.
“Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year,” said NAR Chief Economist Lawrence Yun. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”
Other findings from the survey:
- Realtors® believe home prices will hold steady after early 2020 increases prior to the pandemic, and 72 percent said their sellers have not reduced prices to attract buyers. However, buyers may initially expect lower prices in areas where there has been less competition.
- Ninety percent of Realtors® have experienced less buyer interest and 80 percent cited fewer homes on the market in the short term.
- Realtors® are using e-signatures, social media, messaging apps, and virtual tours to complete active deals during the pandemic.
- Twenty-six percent of Realtors® in the survey said they could “complete nearly all aspects of transactions while respecting social distance.”
The Economic Pulse Flash Survey was conducted April 5-6, 2020.
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