Most Realtors® Report No Lowering of List Prices during Pandemic
published on May 5, 2020
In the latest weekly report from the National Association of Realtors®, 76 percent of Realtors® working with sellers reported they have not lowered list prices in order to attract buyers during the pandemic. This is up two percent from the previous week.
On the flip side, 64 percent of Realtors® reported their buyers are looking for discounts in home prices.
Only nine percent of buyers postponed home searching, but 43 percent plan to delay their purchase for a couple of months. Likewise, 51 percent of sellers are reported to be delaying their home sale for a couple of months.
Twelve percent of Realtors® said there was no change in client buyer behavior and they are continuing to meet with clients and show properties in person. Fifteen percent said the same of in-person meetings with sellers. Thirty percent of Realtors® said they were able to complete “nearly all aspects of real estate transactions while complying with social distance directives.”
NAR Chief Economist Lawrence Yun said, “Nearly 70% of Americans have secure employment and those interested in purchasing homes are looking at the enticing mortgage rates.” He said while one in five buyers “have dropped out of the market due to job loss concerns, hopes are the massive financial stimulus package can help replace a good portion of lost income until the economy steadily reopens.” He said the real estate market has an “acute inventory shortage” and that more home sellers are needed to relieve the shortage.
The survey, conducted April 26-27, asked members how coronavirus has impacted their businesses.
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