Sellers are making DIY home improvements to prepare for the end of the coronavirus lockdown
More than three out of four potential home sellers are preparing to list their properties once stay-at-home orders are lifted, according to a new survey.
The National Association of Realtors reported that over 77% of homeowners are getting their homes ready for sale, with half completing do-it-yourself home improvement projects during the COVID-19 quarantine.
Roughly three in four realtors currently working with sellers said their clients tend to avoid panic-selling, refusing to lower listing prices to attract buyers.
“After a pause, home sellers are gearing up to list their properties with the reopening of the economy,” said NAR Chief Economist Lawrence Yun. “Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”
As more companies allowed their employees to work from home during the lockdown, 13% of realtors said that the coronavirus has made their buyers rethink what home features are essential to them. More prospective buyers are looking for properties with home offices, yard space for exercising or growing food, and space to accommodate the family.
Around 5% of realtors also reported that their clients' neighborhood preferences are shifting from urban areas to suburban areas.
