NAR’s news Flash Survey Economic Pulse highlights that Nearly 3 in 4 Realtors® currently working with sellers this week – 74% – reported their clients haven’t reduced listing prices to attract buyers, according to a new survey from the National Association of Realtors®. This suggests interested home sellers are remaining calm and avoiding panic selling during the uncertain economic environment brought about by the coronavirus pandemic. Twenty-seven percent of members were able to complete nearly all aspects of transactions while respecting social distance. With minor modifications such as using masks and gloves, 40 percent felt person-to-person interactions were still required.
“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,” said 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, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
Latest survey was conducted April 19-20th