Despite the pandemic, more than a third of real estate professionals recently surveyed say closings are occurring on time, according to a newly released report from the National Association of REALTORS®. Thirty-five percent of REALTORS® reported no delays to closings, according to the survey conducted April 26 and 27.
“Nearly 70% of Americans have secure employment, and those interested in purchasing homes are looking at the enticing mortgage rates,” says Lawrence Yun, NAR’s chief economist. “One in five potential buyers have dropped out of the market due to job loss concerns; hopes are the massive financial stimulus package can help replace a good portion of lost income until the economy steadily reopens. More home sellers are needed to relieve the acute inventory shortage.”
Home shoppers are still looking. An NAR survey conducted April 12 and 13 showed a quarter of REALTORS® had clients put contracts on homes that week without even physically seeing the property. Virtual tours online are growing more common, whether through video or 3D models, and agents are conducting private video showings via conferencing platforms.
Real estate professionals quickly adapted their businesses to follow social distancing protocols while combating the virus outbreak. About 30% of REALTORS® surveyed this week by NAR say they have been able to complete nearly all aspects of real estate transactions while complying with social distancing protocols.
Home prices are standing firm, too. More than 75% of REALTORS® working with sellers say their clients aren’t reducing listing prices to attract buyers, NAR’s survey shows. But 64% of REALTORS® working with buyers acknowledge that their clients are in search of discounts.