An early April survey by the National Association of REALTORS® (NAR) showed that the majority of its members believe buyers and sellers are delaying home purchases for a couple months as a result of the COVID-19 coronavirus pandemic.

About 59 percent of REALTORS® believed buyers are delaying home purchases for a few months, while 57 percent believe sellers are delaying home sales, according to the NAR Economic Pulse Flash Survey.

“Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year,” said NAR Chief Economist Lawrence Yun. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”

The survey asked REALTORS® questions on April 5 and 6 about how residential and commercial real estate markets have been affected by the COVID-19 outbreak. Survey highlights include:

  • 90 percent of members say the outbreak has caused a decline in buyer interest,
  • 80 percent of members saw a decline in the number of homes on the market,
  • 72 percent said sellers haven’t reduced prices,
  • 63 percent said buyers are expecting reduced prices,
  • social distancing is increasing the importance of technology tools — such as e-signatures, social media, messaging apps and virtual tours,
  • 46 percent of property managers are accommodating tenants who can’t pay rent,
  • 27 percent of landlords are accommodating tenants who can’t pay rent.

View the survey report now.