Nearly three in four Realtors currently working with sellers reported their clients haven’t reduced listing prices to attract buyers, a new survey from the National Association of Realtors finds.
This suggests interested home sellers are remaining calm and avoiding panic selling during the uncertain economic environment brought about by the coronavirus pandemic, the NAR says in a news release.
“Consumers are mostly abiding by stay-in-shelter directives, and it appears the current decline in buyer and seller activity is only temporary, with a majority ready to hit the market in a couple of months,” says NAR Chief Economist Lawrence Yun.
“The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
Coronavirus impact
NAR’s latest Economic Pulse Flash Survey (conducted April 19-20) asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets. Highlights include:
More than a quarter of Realtors (27%) said they were able to complete nearly all aspects of transactions while respecting social distancing. The most common technology tools used to communicate with clients are e-signatures, social media, messaging apps and virtual tours.
Residential tenants are facing rent payment issues, but many delayed payment requests are being accommodated. Forty-seven percent of property managers reported being able to accommodate tenants who cannot pay rent, a 6% increase from a week earlier. Nearly a quarter of individual landlords (24%) said the same.
Source: NAR