How are the markets faring?
On April 12-13, the National Association of REALTORS® (NAR) asked members for feedback on the pandemic, including market observations and updates. The results:
1. 44% reported homebuyer interest is lower by more than 50 percent
2. 57% reported sellers are delaying selling their home for a couple of months
3. 31% reported listings on the market declined by 10-30 percent
4. 33% reported experiencing no delays in closings as a result of COVID-19
“Expect second quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential homebuyers and sellers indicate they’re still in the market or will be in a couple of months,” said NAR Chief Economist Lawrence Yun in the latest flash survey. “Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10 percent of REALTORS® report the same level or even more business activity now than before the economic lockdown.”
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