As the COVID-19 pandemic continues to affect all industries across the globe from retail and restaurants to real estate, they are all trying to brave the rough waters during a challenging time.
In terms of the real estate market the National Association of Realtors said to date more than 3 in 4 Realtors are currently working with sellers in early May – 76% – reported their clients haven’t reduced listing prices to attract buyers, according to a new survey from the National Association of Realtors. That’s up from 74% who said the same a week ago.
“Nearly 70% of Americans have secure employment and those interested in purchasing homes are looking at the enticing mortgage rates,” said NAR Chief Economist Lawrence Yun in a NAR news release. “One in five potential 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. More home sellers are needed to relieve the acute inventory shortage.”
New Economic Pulse Flash Survey
NAR’s latest Economic Pulse Flash Survey – conducted April 26-27 – asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets. Several highlights according to the news release include:
- Three in 10 Realtors said they were able to complete nearly all aspects of real estate transactions while complying with social distance directives.
- A majority of Realtors – 64% – reported buyers are looking for some discounts on home prices.
NAR also recently released its 2020 Realtors® and Sustainability Report, which surveyed Realtors about sustainability issues facing the real estate industry. Several highlights as listed in the news release include:
- Seven in 10 Realtors said energy efficiency promotion in listings was very or somewhat valuable.
- A majority of Realtors – 61% – found clients were at least somewhat interested in sustainability.
- Forty-one percent of homes with green certifications spent neither more or less time on the market.
- The home features clients listed as very important to their agent or broker included a comfortable living space; proximity to frequently visited places; and windows, doors, and siding.
“As many families are currently spending more time at home, some are taking on improvement projects involving sustainable features,” said Jessica Lautz, NAR vice president of demographics and behavioral insights in the NAR news release. “Some buyers are also deciding to purchase homes with environmentally-friendly components. In both instances, these households look to either reduce utility costs or increase personal comfort within their home.”