We’ve been inside, but we haven’t been sitting still. Last week, the National Association of Realtors® (NAR) released their latest Economic Pulse Flash Survey, which revealed some interesting insight into consumer homebuying activity.
According to the survey, more than 3 in 4 potential sellers – 77% – are preparing to sell their homes following the end of stay-at-home orders, with half completing do-it-yourself home improvement projects. That’s big! Future sellers aren’t sitting idle at home – they are using this time to prepare their homes for the market.
NAR Chief Economist Lawrence Yun expects activity to increase. “After a pause, home sellers are gearing up to list their properties with the reopening of the economy,” said Yun. “Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
Conducted in early May, this survey asked Realtors how the coronavirus outbreak has impacted the residential and commercial real estate markets. Other survey highlights showed:
• Five percent of Realtors® said their clients are shifting neighborhood preferences from urban areas to suburban areas due to COVID-19.
• About 1 in 8 Realtors® – 13% – reported buyers have changed at least one home feature that’s important to them due to COVID-19. For these buyers, the most common home features they identified as important are home offices, yard space for exercising or growing food, and space to accommodate family.
• Nearly 3 in 4 Realtors® currently working with sellers this week – 73% – reported their clients haven’t reduced listing prices to attract buyers.
So what does this mean? The survey demonstrates there is a pent-up demand for real estate, and that home sellers are using this time to get their property ready to go on the market. While we must continue to follow the proper safety protocols and maintain vigilant because of COVID-19, the indicators seem to show that people are still looking to buy or sell their homes.
The full results of NAR’s Economic Pulse Flash Survey can be viewed at
www.nar.realtor/research-and-statistics/research-reports/nar-flash-survey-economic-pulse.
While our multiple listing service only tracks closed transactions, several Realtors in our market are seeing multiple offers on their listings. Competing offers for listed properties is a sign of the ongoing low inventory but also further confirms that the pandemic is not slowing buyers from entering the market.
Realtors continue to serve their clients even during uncertain times. That’s Who We R®.