Especially if you were poised to sell your home before the pandemic, one gnawing question likely has been what impact Covid-19 would have on the real estate market.
The National Association of REALTORS® took a look at this issue by polling members in late June.
Its 2020 Market Recovery Survey shows that markets are recovering, with 45% of respondents saying that their market is slowly entering recovery and 28% saying their marketing is hotter than normal.
And if you’re selling a home, the good news is that buyers are returning. In fact, 9% of respondents to the NAR survey said that all of their buyers have returned and 18% said that their buyers never left.
In rural areas and small towns, 33% said their market is hotter than normal, though 40% said the market is slowly entering recovery.
In urban areas, 49% said the market is slowly entering recovery, 17% reported that it’s back to normal and 23% reported that their market is hotter than normal.
Here’s a breakdown of what’s happening.
|Small town/Rural||Urban area||Suburban area|
|No buyers paused, continued to work with buyers||23%||17%||17%|
|No buyers have returned||5%||11%||9%|
|Less than 25%||19%||21%||20%|
|100% of buyers returned||9%||9%||10%|
The survey also includes information about buyers’ timelines, home features important in a new home, and the importance of technology.
For example, if you’re buying or selling in the next year, expect to see real estate practitioners rely on technology more. Sixty-seven percent of respondents expect the demand for Zoom and other video technologies for client communications to increase. Increased demand for other technologies also is expected to rise, and those include virtual tours (66%), live virtual tours (63% conducted by an aging using video), and virtual open houses (60%). See more results from the survey on the SRES blog, and read the complete survey at (https://bit.ly/32ICQGB).