Survey: Real Estate Agents Hopeful for Rebound after Virus
WASHINGTON, D.C. – With an expected slowdown in real estate activity, members of the National Association of Realtors are hopeful for a market rebound after the coronavirus pandemic ends.
In a survey of members, 90% of members said they saw buyer interest decline due to the COVID-19 outbreak and 80% said the number of homes on the market had declined.
Meanwhile, 59% said buyers are delaying purchases for a couple months and 57% said sellers are putting off listing their home.
“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,” said Lawrence Yun, chief economist for the National Association of Realtors, in a statement. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”
Once the routines return to normal, respondents to the Economic Pulse Flash Survey said, 63% said buyers are expecting a decline in home prices as buyers “sense less competition in the current environment.” Conversely, 72% of real estate agents surveyed said sellers have not lowered prices.
Nearly half of property managers, 46%, and 27% of landlords said they are able to accommodate tenants that can not pay rent.
The full report on the Economic Pulse Flash Survey, conducted April 5 and 6, can be read here.
Source: National Association of Realtors
Published by The Business Journal, Youngstown, Ohio.