The results confirm the assumption that the market is slowing, however by no means is it coming to a complete halt - it’s simmering. Most sellers are still interested in selling, whether they are continuing now or delaying the process for a few months, as the chart below shows. Additionally, 75% of the surveyed realtors reported their sellers as maintaining their current listing price, demonstrating their willingness to wait it out rather than lower their prices. Many buyers are in fact reporting to delay their home purchases for a few months during the global pandemic. NAR Chief Economist Lawrence Yun expects sales to pick up once the economy reopens, stating “many potential homebuyers and sellers indicate they’re still in the market or will be in a couple of months.”
Sellers, buyers, and realtors are all staying active in the market by adapting to the current environment. Our saving grace? Technology. Through live streams, video chats, social media, virtual tours, and other forms of virtual communication, it’s easier than ever to communicate while staying at home. 25% of NAR members report being able to complete all necessary transactions during these times of social distancing and stay-at-home orders. In fact, 10% of Realtors surveyed actually have been experiencing the same level or more of business activity than before the lockdown.
Additionally, deals are still closing - 33% of realtors reporting that they haven’t experienced any closing delays, us included! On Wednesday, April 15, our beautiful Carlsbad ocean view unit closed - check it out here!
A link to the full results of the NAR survey can be found here.