April 27th, 2020 9:15 AM by Jackie A. Graves, President
Nearly 75% of
REALTORS® report that their sellers have not lowered listing prices to attract
buyers during this time, according to a new survey conducted April 19-20 by the
National Association of REALTORS®. This suggests home sellers are avoiding
“panic selling” during the COVID-19 pandemic, the survey notes.
are mostly abiding by stay-in-shelter directives, and it appears the current
decline in buyer and seller activity is only temporary, with a majority ready
to hit the market in a couple of months,” says NAR Chief Economist Lawrence
Yun. “The housing market faced an inventory shortage before the pandemic. Given
that there are even fewer new listings during the pandemic, the home sellers
are taking a calm approach and appear unwilling to lower prices to attract
buyers during the temporary disruptions to the economy.”
Sales are still
happening. A survey released last week from NAR showed a quarter of REALTORS®
reporting that their clients had put contracts on homes without physically
seeing the property.
a quarter of REALTORS®—or 27%—report that they are able to complete nearly all
aspects of transactions while respecting social distancing. The most common
technology tools that REALTORS® report using to connect with clients during
this time are e-signatures, social media, messaging apps, and virtual tours.
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