With negative news regarding the COVID-19 pandemic flooding the lives of U.S. residents, it can be difficult to look for the silver lining. A flash survey published earlier this month from the National Association of REALTORS® (NAR), however, shows many members remain positive.
The survey, delivered to a random sample of 92,630 members, found that 26 percent of respondents said they’ve been able to complete nearly all aspects of their real estate transactions while practicing social distancing, and technology has been a big help. Many REALTORS® are currently leveraging e-signature, social media, messaging apps and virtual tours in order to close transactions with as little in-person interaction as possible.
While there are delays in payment requests in the rental markets, landlords and property managers are showing flexibility. Forty-six percent of property managers (nearly half of all surveyed), said they’ve been able to accommodate tenants who are unable to pay their rent—27 percent of surveyed landlords said the same.
Right now, the housing markets are experiencing delays. Fifty-nine percent of respondents said buyers are delaying purchasing a home for a couple of months, and 57 percent said homeowners are putting off selling their homes as well. Overall, buyer interest has declined due to the coronavirus outbreak, according to 90 percent of respondents, and 80 percent said they’ve seen a drop in the number of listings on the market as well. The majority of REALTORS®, however, are optimistic that buyers and sellers will return to the market at the end of the health crisis, according to the survey.
“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 NAR Chief Economist Lawrence Yun in a statement. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”
Of those surveyed, 89 percent are in a state that has declared a state of emergency, and 83 percent are working in a local market with presumed or confirmed cases of COVID-19.
For more information, visit www.nar.realtor.
Liz Dominguez is RISMedia’s senior editor. Email her your real estate news ideas at firstname.lastname@example.org.