Twenty-five percent of Realtors® who put homes under contract this week did so without an in-person showing for at least one of their clients, according to a National Association of Realtors® survey. In general, Realtors® have been proceeding with real estate activities during the pandemic using virtual tours, e-signatures, and other online tools.
Of the clients who put an offer on a home, the median amount of homes “toured” before going under contract was three, a third of the nine homes that were found to be typical in the 2019 NAR Profile of Home Buyers and Sellers.
The survey also found that six out of 10 buyers and sellers are “stalling their transaction for a couple of months.” Virtually all sellers – 97 percent – are making adjustments to how their homes are sold, including stopping open houses and asking buyers to take safety measures such as washing their hands and wearing gloves when touring their home.
“Home prices remain stable as deals continue to happen with the growing use of new technology tools,” said NAR Chief Economist Lawrence Yun. “Remarkably, 10 percent of Realtors® report the same level or even more business activity now than before the economic lockdown.”
NAR’s Economic Pulse Flash Survey – conducted April 12-13, 2020 found that a third of Realtors® had no closing delays due to coronavirus, but those who experienced delays usually had them due to financing, appraisals, and home inspections.
Yun said to “expect second-quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months.”