Zoomed in on Real Estate Recap: April 27th
April 27, 2020 Research & Data, COVID-19, Zoomed In on Real estate
Since the start of the pandemic, buyers are looking at an average of 3 homes before submitting an offer - this is down from 9 in 2019 and 12 in previous years - according to Dr. Jessica Lautz, the Vice President of Demographics and Behavioral Insights for the National Association of REALTORS®, on today’s episode of CCIAOR’s Zoomed In on Real Estate.
This is due to buyers being more selective of how many homes they go to see to minimize their exposure and the virtual means many real estate brokers and agents across the country are rapidly implementing to provide a better digital experience to vet out buyers and sellers. We expect this trend to continue moving forward.
According to Lautz, nearly, 75% of sellers have not reduced prices, suggesting sellers are remaining calm (as can be!) and not panicking for a home sale right now.
Read this and more in NAR’s Weekly Research:
Here are the housing statistics Ryan shared during his presentation. Download the chart here.