According to a recent MReport, a new study found that the impact of COVID-19 has caused changes in buying behavior. The National Association of Realtors reported that 77% of potential sellers are preparing to sell following the end of the stay-at-home order. NAR Chief Economist Lawrence Yun stated, “After a pause, home sellers are gearing up to list their properties with the reopening of the economy. Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years”.
WHAT ELSE DID THE SURVEY FIND?
An NAR survey found that 5% of realtors said clients are shifting living preferences from urban areas to suburban areas due to the COVID-19 outbreak. In addition, 73% of realtors said their clients have not reduced their listing prices to attract buyers. The data revealed that 21% of buyers are expecting prices to drop by 5-10%. 42% of buyers are delaying purchasing a home by several months and 17% have stopped looking all together due to COVID-19. 16% of buyers claimed there was no change to their buying strategies. Zillow is predicting that there will be a 60% drop in home sales this spring. Zillow believes home prices will recover about 10% each month through 2021. Zillow Chief Economist Svenja Gudell said that technology is helping move transactions forward, and its 3D home tours have increased by 600%.
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