In an effort to gauge the temperature of their agents and current consumer behavior, and because of daily changes to state and federal mandates, the National Association of Realtors (NAR) has conducted a series of surveys amongst their members from March 9th to March 19th.
Here’s a quick summary of what they had to say:
- The surveys saw a significant shift in just a week’s time amongst both buyers and sellers.
- A majority of sellers are not removing their homes from the market, but are considering changes in behavior with regards to showing their homes. Changes include canceling open houses and requiring potential buyers to wash or sanitize their hands.
- Massive fluctuations in the stock market have caused a decline in buyer interest.
- The commercial real estate industry is feeling the most substantial impact.
- Agents feel that not even lower interest rates can manage to pique commercial buyers’ interest right now.
Overall, realtors are having to look at operational changes to continue to market properties on behalf of sellers, and are continuing to look for ways to engage buyers in an adverse market.
“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.”