More than 3 in 4 REALTORS® currently working with sellers this week – 76% – reported their clients haven’t reduced listing prices to attract buyers, according to a new survey from the National Association of REALTORS® (NAR). That’s up from 74% who said the same a week ago.
“Nearly 70% of Americans have secure employment and those interested in purchasing homes are looking at the enticing mortgage rates,” said NAR Chief Economist Lawrence Yun. “One in five potential buyers have dropped out of the market due to job loss concerns, hopes are the massive financial stimulus package can help replace a good portion of lost income until the economy steadily reopens. More home sellers are needed to relieve the acute inventory shortage.”
NAR’s latest Economic Pulse Flash Survey – conducted April 26-27 – asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets. Several highlights include:
• Three in 10 REALTORS ® said they were able to complete nearly all aspects of real estate transactions while complying with social distance directives.
• A majority of REALTORS ® – 64% – reported buyers are looking for some discounts in home prices.
NAR also today released its 2020 REALTORS ® and Sustainability Report, which surveyed REALTORS ® about sustainability issues facing the real estate industry. Several highlights include:
• Seven in 10 REALTORS ® said energy efficiency promotion in listings was very or somewhat valuable.
• A majority of REALTORS ® – 61% – found clients were at least somewhat interested in sustainability.
• Forty-one percent of homes with green certifications spent neither more or less time on the market.
• The home features clients listed as very important to their agent or broker included a comfortable living space; proximity to frequently visited places; and windows, doors, and siding.
“As many families are currently spending more time at home, some are taking on improvement projects involving sustainable features,” said Jessica Lautz, NAR vice president of demographics and behavioral insights. “Some buyers are also deciding to purchase homes with environmentally-friendly components. In both instances, these households look to either reduce utility costs or increase personal comfort within their home.”
the next time you are in the market to buy or sell your home, contact a REALTOR® member of the Lorain County Association of REALTORS®. A REALTOR®'s knowledge about your local housing market is invaluable.
If you are thinking about buying or selling a home, contact a professional REALTOR® today. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support. Lorain County offers a wide variety of housing choices.
Do your research and take advantage of the many housing opportunities right here in Lorain County. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it is available in Lorain County! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.
The Lorain County Association of REALTORS® is an industry trade association representing licensed real estate sales agents in Lorain County who are members of the National Association of Realtors® (NAR) and Ohio REALTORS® (OR). As members of NAR these licensed real estate agents have earned the REALTOR® designation and they pledge to protect the rights of homeownership and conduct their real estate business abiding by the NAR Code of Ethics.
The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing nearly one million members involved in all aspects of the residential and commercial real estate industries.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.