More sellers use shortage in housing supply to their advantage
Despite the ongoing COVID-19 pandemic, home sellers are keeping their cool and avoiding panic selling.
Nearly 74% of real estate agents reported that their clients appeared unwilling to lower listing prices to attract buyers during the coronavirus shutdown, according to a recent survey from the National Association of Realtors.
“Consumers are mostly abiding by stay-in-shelter directives, and it appears the current decline in buyer and seller activity is only temporary, with a majority ready to hit the market in a couple of months,” said NAR Chief Economist Lawrence Yun. “The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
The survey also showed that more than 27% of realtors were able to complete nearly all aspects of transactions while practicing social distancing thanks to digital resources such as eSignature and virtual tours.
However, some renters impacted by the COVID-19 crisis faced rent payment issues. Despite the rise in delayed payment requests, 47% of property managers said they were able to accommodate tenants who cannot pay rent.
