Home Sellers Nationwide Respond to Coronavirus
The National Association of Realtors reports that 1 out of every 4 home sellers are changing the way their homes are shown. Due to the coronavirus outbreak, some home sellers are putting a halt to Open Houses all together. Others are just changing their showing requirements. These changes include requiring prospective buyers to wash theirs hands. They are also asking that those entering their homes either remove their shoes or wear booties over their shoes. Although the nationwide numbers show approximately 25%, the number jumps to 44% in Washington State and 34% in California. These are the two states that have been hardest hit by the coronavirus, also known as COVID-19.
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Survey Finds Nearly 1 in 4 Home Sellers Changed How Their Home is Viewed on the Market Due to Coronavirus Outbreak
Read NAR’s related artcile below:
NAR’s Economic Pulse Flash Survey – conducted March 9-10, 2020 – asked members questions about how the coronavirus outbreak, including the significant declines in stock market values and mortgage interest rates, has impacted home buyer and seller interest and behavior. Several highlights of the member survey include:National Association of Realtors, March 12, 2020, News Release
37% said lower mortgage rates excited home buyers much more than the stock market correction.
Almost 8 out of 10 (78%) said there has been no change in buyer interest due to the coronavirus.
16% said buyer interest has decreased due to coronavirus, with members in California and Washington State citing larger decreases in buyer interest – 21% and 19%, respectively.
Nearly 9 in 10 members (87%) said coronavirus has not affected the number of homes on the market.
In Washington State and California, 5% and 4% of members, respectively, reported homes were removed from the market. That figure is 3% for members nationwide.