Mom squeezing hand sanitizer onto littler daughter’s hands
Getty
In an effort to get a sense of how the coronavirus pandemic is effecting the real estate market, the National Association of Realtors (NAR) has been conducting a series of flash surveys aimed at gauging consumer behavior.
In just the time between the two initial surveys – the first of which was released on March 9 and the second which was released on March 19 – there has been a significant shift in attitudes regarding the virus among both buyers and sellers.
Here’s what the surveys have had to say:
While the majority of sellers aren’t yet removing their homes from the market, they are changing their behavior around showings.
When the survey was first launched on March 9, 81% of the agents surveyed said their sellers had no interest in removing their homes from the market. By March 19, that number dropped to 61%, with 16% of sellers actually taking steps to stop marketing their homes.
While that majority of sellers still have their homes listed for sale, the agents reported that about 60% of home sellers nationwide have made changes to their behavior around showings, including canceling open houses and requiring buyers to wash their hands or use hand sanitizer.
Meanwhile, there has been a marked decline in buyer interest, citing the stock market as a major influence.
On the buyer end of the spectrum, the agents reported a significant decline in buyer interest that occurred in the time between the two surveys. On March 9, only 16% of agents had noticed decreased interest among their buyers. By March 19, that number jumped to 48%.
Additionally, when asked for reasons behind that decline, the number of agents who pointed to the stock market correction doubled, going from 13% to 28% in the following ten days.
Though, notably, 50% of agents still note that they see no change in buyer behavior.