With an expected slowdown in spring real estate business activity, many Realtors® remain hopeful for a post-pandemic market rebound, according to a new survey from the National Association of Realtors®. The majority of Realtors® believe buyers and sellers will return to the market as delayed transactions following the end of the health crisis. Nearly six out of 10 members – 59% – said buyers are delaying home purchases for a couple of months, while a similar share of members – 57% – said sellers are delaying home sales for a couple of months.
“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.”