Despite COVID-19, real estate sales continue to do well. This may give credit unions an opportunity to bring in new members or work with existing lenders on home loans. Unfortunately, other members will need forbearance measures or other assistance.
More than three in four realtors currently working with sellers – 76% – reported last week 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 out of ten 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 released its 2020 Realtors® and Sustainability Report, which surveyed Realtors® about sustainability issues facing the real estate industry.