The National Association of REALTORS® just released the Market Recovery Survey of random sampling to close to 100,000 members conducted June 24-26, 2020. The following statements are the members’ opinion on various aspects of the recovery to the Covid-19 pandemic as it relates to real estate.
In response to the safety of buyers, sellers, and agents, REALTORS® are expecting within the next year to have increased demand for the following technologies used to market properties:
- 67% – Zoom or other video technology to communicate with clients
- 66% – virtual tours
- 63% – live virtual tours conducted by the agent using video
- 60% – virtual open houses
Nine out of ten respondents indicated that some of the buyers have returned to the market or never left the market. Agents currently working with buyers report that slightly more than half of the buyer’s timeline has remained the same with about the same level of urgency. 27% believe the buyers have more urgency.
The most popular reason cited by buyers with an increased timeline is that the delay during the pandemic has amplified their demand for a new home. Others realize that new home features would make their home life more comfortable. Some buyers are wanting to buy before a potential second peak of Covid-19 occurs.
During the week the survey was taken, three out of four buyers saw the home in person physically while 26% did not.
Roughly 2/3 of the buyers are looking for the same features as they were prior to Covid-19 while new feature considerations include home office, space to accommodate family, larger home for more space, place to exercise, and a bigger kitchen.
Most buyers are looking for the same type home, however, respondents reported that 13% are moving away from multi-family properties to a single-family home and only 1% are going from SFH to multi-family.
89% of respondents stated that some of the sellers have returned to or never left the market. Only 23% reported more urgency to sell a home due to the pandemic.
On the commercial side, 2/3 of REALTOR® respondents felt like the demand for office space would decrease and 72% felt that retail space demand would decrease.