Ninety-two Percent of Realtors® Say Market Is in Recovery
published on July 21, 2020
Following setbacks from the coronavirus pandemic, more than nine out of 10 Realtors® reported that the market is recovering. Ninety-two percent of National Association of Realtors® respondents said their buyers have either returned or never left the market. Eighty-nine percent said their sellers have either returned or never left the market.
The report also found, “Small towns and rural areas were more likely to report that there had been no pause in buyer activity and were also more likely to report a stronger return of buyers to the market,” while suburban and urban markets were more likely to have fewer sellers returning to the market.
NAR’s Chief Economist Lawrence Yun said, “The residential market has seen a swift rebound of activity as numerous states have begun to ease mandatory stay-at-home orders. Many potential buyers and home sellers were kept at bay in the initial stages of the coronavirus outbreak, but Realtors® nationwide were able to quickly pivot, embracing technology and business practices to ensure the home buying process continued in a safe manner.”
Fifty-four percent of Realtors® said their buyers are still on their original timeline, while 27 percent are experiencing more urgency about buying a home. Two-thirds said their sellers are on the same timeline, while 23 percent felt more urgency to sell their home.
“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy,” said Yun. Additionally, “After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”
Some buyers have changed their preferences as a result of the pandemic. For example, 24 percent changed their preferred location – and of those, 47 percent now want a house in the suburbs, 39 percent want a home in a rural area, and 25 percent want to buy in a smaller town market. Thirty-five percent of buyers changed at least one important home feature, most commonly “home offices, spaces to accommodate family members new to the residence – older adult relatives, newborns, or new pets – larger homes with more personal space, and bigger yards that would allow for growing foods.”
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