Many sellers are placing restrictions on how would-be buyers view their homes during the outbreak, NAR reports
Nearly one in four homesellers are changing how their home is viewed due to the COVID-19 outbreak, according to a new report from the National Association of Realtors. That percentage jumps to 44% and 34%, respectively, in Washington State and California, two of the states most severely affected by the outbreak.
The changes introduced by sellers include halting open houses, requiring potential buyers to wash their hands or use hand sanitizer, and asking buyers to remove shoes or wear footies, NAR reported.
NAR’s Economic Pulse Flash Survey asked members about how the outbreak – along with associated drops in stock market values and mortgage rates – has affected homebuyer and seller interest and behavior. Other key findings of the survey include:
- 37% said lower mortgage rates excited homebuyers much more than the stock market drop
- 78% said there had been no change in buyer interest due to the COVID-19 outbreak
- 16% said buyer interest was down due to the outbreak.
- Members in California and Washington State reported sharper decreases in buyer interest – 21% and 19%, respectively
- 87% said that COVID-19 has not affected the number of homes on the market
- In Washington State and California, 5% and 4% of members, respectively, reported that homes had been removed from the market. The figure is 3% nationally
On Friday, President Donald Trump declared a national emergency over the outbreak. The World Health Organization has declared the virus a pandemic.
