After COVID: The Coming Housing Market

Posted by Kathryn Vallee on Sunday, May 17th, 2020 at 7:11am.

What The Experts Have To Say About "The Coming Housing Market"

May 14, 2020

Lawrence Yun, NAR’s chief economist, said. “Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”

The National Association of Realtor conducted a survey between May 3 - 4, 2020, asking members in the latest Economic Pulse Flash Survey; how the coronavirus outbreak has impacted the residential and commercial real estate markets. Here are the highlights of the survey:

  • Five percent of Realtors said their clients are shifting neighborhood preferences from urban areas to suburban areas due to COVID-19.
  • About one in eight Realtors – 13% – said buyers have changed at least one home feature that’s important to them due to COVID-19. For these buyers, the most common home features they identified as important are home offices, yard space for exercising or growing food and space to accommodate family.
  • Nearly three in four Realtors currently working with sellers this week – 73% – reported their clients haven’t reduced listing prices to attract buyers.
  • Experts are optimistic that the housing market will rebound as the country emerges from stay-at-home orders. Let's connect to discuss how these key insights may fuel your plans to buy or sell a home this year.

Sources for Data in Video

https://www.nar.realtor/newsroom/realtors-report-that-77-of-potential-home-sellers-are-preparing-to-sell-following-end-of-stay-at

https://www.corelogic.com/insights-download/home-price-index.aspx

View NAR’s Economic Pulse Flash Survey report at:

https://www.nar.realtor/research-and-statistics/research-reports/nar-flash-survey-economic-pulse.

 

View NAR’s Weekly Housing Market Monitor at https://www.nar.realtor/research-and-statistics/weekly-housing-market-monitor.

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