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The National Association of Realtors says its weekly flash survey of its members shows no sign homesellers still on the market are panicked and lowering prices in a hurry.
Nearly 3 in 4 of the 2,915 Realtors who answered the survey – conducted nation-wide on April 19 and 20 – said their clients haven’t reduced listing prices to attract buyers. Of the sellers who are dropping their home’s price, most are only doing so by less than 5 percent with a smaller number dropping their price between 5 percent and 10 percent.
“Consumers are mostly abiding by stay-in-shelter directives, and it appears the current decline in buyer and seller activity is only temporary, with a majority ready to hit the market in a couple of months,” NAR Chief Economist Lawrence Yun said in a statement. “The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
NAR asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets.
The survey found 87 percent of respondents reported some decline in buyer interest in their market, with 40 percent reporting buyer interest has halved. For the buyers that remain, 64 percent of Realtors who took the survey said buyers they work with are expecting a drop in prices in their market with the largest share – 24 percent – expecting a 5 percent to 10 percent drop.
