More than 3 in 4 potential sellers–77%–are preparing to sell their homes following the end of stay-at-home orders, with half completing do-it-yourself home improvement projects, according to a new survey from the National Association of Realtors®.
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy,” said NAR Chief Economist Lawrence Yun. “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.”
NAR’s latest Economic Pulse Flash Survey, conducted May 3-4, asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets. Several highlights include:
Five percent of Realtors® said their clients are shifting neighborhood preferences from urban areas to suburban areas due to COVID-19.
About 1 in 8 Realtors®–13%–reported buyers have changed at least one home feature that’s important to them due to COVID-19. For these buyers, the most common home features they identified as important are home offices, yard space for exercising or growing food, and space to accommodate a family.
Nearly 3 in 4 Realtors® currently working with sellers this week–73%–reported their clients hadn’t reduced listing prices to attract buyers.