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.
“Consumers 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.
More than 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.