Seventy-two percent of respondents found sellers were not reducing prices in the hopes of attracting buyers.
The majority of homebuyers and sellers are bypassing the spring housing season as a result of the coronavirus pandemic, according to the latest Economic Pulse Flash Survey published by the National Association of Realtors (NAR).
In a poll conducted April 5-6 that generated responses from 5,855 NAR members, 59% of respondents said buyers were delaying home purchases for the next few months and 57% reported sellers were delaying the listing of their homes over the same period. As a result of the pandemic, 90% of respondents reported a drop in interest among potential buyers while 80% found a lower number of homes now on the market.
However, while 63% of respondents stated buyers expected a drop in home prices as a result of the current environment, 72% of respondents found sellers were not reducing prices in the hopes of attracting buyers.
Lawrence Yun, NAR’s chief economist, predicted a rough spring for housing market but did not foresee long-term problems.
“Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures,” said Yun.
As for transactions that are currently underway, 34% percent of NAR’s residential members reported no closing delays. As for those encountering delays, the difficulties were mostly associated with financing (31% of respondents), appraisals (25%), home inspections (21%), title searches (17%) and final walk-throughs (17%).
No one knows what the next few weeks and months will look like, but please know that we are, as always, here to help. Please reach out with questions or to talk through your personal situation.
Related Links:
Listing + Selling Your Property During a COVID Stay-at-Home Order
Buying a Property During a COVID Stay-at-Home Order
