The real estate rebound is coming as buyers continue making their way back onto the market, according to the recently released 2020 Market Recovery Survey from the National Association of REALTORS® (NAR).
The survey, which received over 2,000 responses from REALTORS®, shows that market recovery is happening at this very moment. Of those surveyed, 92 percent said their buyers have either already returned to the market or they never left.
Seller activity has increased as well. Eighty-nine percent of REALTORS® said their clients have either returned to the market or they never took their home off the market. However, the seller comeback has been slower in small and rural markets.
“The residential market has seen a swift rebound of activity as numerous states have begun to ease mandatory stay-at-home orders,” said Lawrence Yun, NAR’s chief economist. “Many potential buyers and home sellers were kept at bay in the initial stages of the coronavirus outbreak, but REALTORS® nationwide were able to quickly pivot, embracing technology and business practices to ensure the home-buying process continued in a safe manner.”
“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy,” added Yun. “After being home for months on end—in a home they already wanted to leave—buyers are reminded how much their current home may lack certain desired features or amenities.”
What are these changes in buying trends? Thirteen percent said their buyers shifted from wanting a multi-family to seeking a single-family property. And perhaps due to a surge in work-from-home situations amid the stay-at-home orders, 33 percent said their buyers adjusted their commuting needs, with 22 percent less concerned about their commute and 7 percent wanting a property near a bike trail that connects them to work. Only 5 percent said their buyers are now more concerned about parking or commuting distance.
Things could change as some states begin to roll back or pause reopenings due to increases in coronavirus cases. However, 39 percent of those surveyed said they are “at least somewhat prepared” for a second wave, while 19 percent said they are “very prepared.” And for 27 percent, business practices have shifted in some way in order to prepare should a next wave come.
For more information, please visit www.nar.realtor.
