Home Selling Process

Home Selling Process

Coronavirus is changing how real estate agents are selling homes.

According to a new survey from the National Association of Realtors, nearly 1 in 4 home sellers nationwide are changing how their home is viewed while the home remains on the market due to the coronavirus (COVID-19) outbreak.

The changes include stopping open houses, requiring potential buyers to wash their hands or use hand sanitizer, asking buyers to remove shoes or wear footies, or other changes.

The percentage of sellers adopting these and other changes climbs to 44 percent and 34 percent, respectively, in Washington State and California, two of the states hardest hit by coronavirus.

NAR’s Economic Pulse Flash Survey – conducted March 9-10, 2020 – asked members questions about how the coronavirus outbreak, including the significant declines in stock market values and mortgage interest rates, has impacted home buyer and seller interest and behavior. Several highlights of the member survey include:

• 37% said lower mortgage rates excited home buyers much more than the stock market correction.

• Almost 8 out of 10 (78%) said there has been no change in buyer interest due to the coronavirus.

• 16% said buyer interest has decreased due to coronavirus, with members in California and Washington State citing larger decreases in buyer interest – 21% and 19%, respectively.

• Nearly 9 in 10 members (87%) said coronavirus has not affected the number of homes on the market.

• In Washington State and California, 5% and 4% of members, respectively, reported homes were removed from the market. That figure is 3% for members nationwide.

View NAR’s Economic Pulse Flash Survey full report here: https://www.nar.realtor/research-and-statistics/research-reports/nar-flash-survey-economic-pulse.

The National Association of Realtors is a trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

(1) comment

alicegray

This can be hard time for all people. However, many people still find out opportunities in crisis. Stocks have fallen, entire industries are putting themselves on pause, and small businesses are taking hits. All that may make it seem like an odd moment to consider buying a house. The coronavirus crisis has disrupted the housing market. But with rates low and sellers anxious, first-time buyers could find a silver lining.

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