A new survey by the National Association of Realtors looks at how the coronavirus pandemic is impacting residential sales.
More than 70% of realtors surveyed report a drop in buyer interest. They say 17% of house hunters stopped looking because they’ve either lost jobs or fear becoming unemployed.
The survey found about half of sellers have delayed the process a couple months with just as many using stay-at-home orders to tackle DIY projects.
Five percent of realtors surveyed said COVID-19 has led some buyers to shift their preferences from urban areas to suburban neighborhoods. Some buyers also are showing more interest in homes with offices and outdoor space.
Nearly 60% of realtors surveyed said buyers are expecting a decline in home prices. Of those, 40% expect prices to drop less than 10%.
Realtors working with sellers reported 17% have reduced prices by 5% or less, while 73% have not lowered prices to attract buyers.
The survey was delivered to a random sample of National Association of Realtors members between May 3 and 4 and, according to the group, has a margin of error of plus or minus 2.05%.
