New NAR survey shows relative calm among sellers

In its latest flash survey covering reactions to the COVID-19 pandemic conducted this past Sunday and Monday, the National Association of Realtors asked members how consumer behavior is shifting in light of lockdowns and fears over the disease.

Respondents who work with sellers noted 30% of the time that clients are carrying on with their plan to sell, albeit with behavioral changes in some cases.

While 55% will be delaying the process a few months, only 8% are dropping out of the market indefinitely. Buyers were another story, though. Only 19% have decided to carry on in their search.

Forty-four percent of residential real estate professionals who answered NAR’s survey said their buyer clients would be putting off home searches for a few months, with an additional 22% having stopped entirely looking due to job loss. In terms of activity, only 13% of respondents said they have not seen a decrease in interested buyers; 40% reported this business being cut by more than half.

Still, NAR Chief Economist Lawrence Yun expects this dip in interest to correct itself soon. “It appears the current decline in buyer and seller activity is only temporary, with a majority ready to hit the market in a couple …. Read More

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