NAR Survey; COVID-19 Effect on Real Estate

National-Association-REALTORS-headquarters

The National Association of Realtors recently conducted an Economic Pulse Flash Survey on April 5-6th. The survey showed that 59% of its members feel buyers are delaying home purchases for a few months, while 57%, said sellers are doing the same with listings.

NAR Chief Economist Lawrence Yun commented, “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. Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”

The survey also asked members questions about how the pandemic has impacted the residential and commercial real estate markets. A large majority of respondents, 90%, said buyer interest has diminished during the crisis, while 80% said there had been a decline in homes out on the market.

Finally, respondents also mentioned the importance that technology is playing in the current environment. The most common ‘tools’ mentioned in the survey were that of e-signatures, social media, messaging apps, and virtual tours.

Source: National Association of REALTORS

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To your health, Dani