With most of the country’s stay-at-home orders having been lifted and the country slowly continues to re-open, the real estate market is ready to take off like a SpaceX rocket.
According to a recent survey of its membership from the National Association of REALTORS® more than 3-in-4 potential sellers have been preparing to sell their homes as soon as the restrictions are lifted and half of them have been working on do-it-yourself home improvement projects to help speed up that sale.
“Whether it’s a home office, or a bigger yard, or more space to accommodate more people being at home more frequently, the switch in ideology for homebuying from smaller spaces to larger spaces has already begun.”
“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.”
According to the survey, which was conducted in May, 77 percent of the potential sellers are gearing up to list their property as soon as possible.
Other interesting results from the survey included 73 percent of those sellers who actually had their home listed at the time of the survey were not willing to reduce the price, despite the economic downturn.
Additionally, 13 percent of buyers have changed at least one home feature that is important to them as a result of COVID-19, with most buyers indicating the desire for more space as more important because of the pandemic.
Whether it’s a home office, or a bigger yard, or more space to accommodate more people being at home more frequently, the switch in ideology for homebuying from smaller spaces to larger spaces has already begun.
Related to that, 5 percent of the REALTORS® surveyed said their clients have shifted their focus for a new home from urban areas to suburban ones as social distancing is expected to become a regular part of the lexicon and not just a passing fad.