Effects of COVID-19 On The Real Estate Market

In this unprecedented time of the COVID-19 (coronavirus) pandemic, the U.S. real estate market and the traditional practices of real estate agents are being affected. Although the future feels very uncertain right now, it is our job to keep fighting. 

Those who are able to be resourceful and resilient during this time will be able to create new ways of developing their business, giving them a lead up in the real estate industry once things begin to return to a new normal. 

What To Know:

  • A recent NAR survey found that 11% of realtors are seeing a reduction in buyer traffic and 7% are reporting lower seller traffic; this could decrease home sales by around 10%. (Forbes, Brenda Richardson)
  • Agents are being encouraged to not hold open houses, and instead, hold online or virtual tours to showcase listings to their clients. (Companies like Kleard offer on-demand open houses, Immoviewer offers video tours, and BombBomb offers video check-ins.) (NAR pg. 5)
  • In one of Realtor.com’s most recent data analysis, in the weeks ending March 21 and March 28, newly listed properties decreased by 13.1% and 34.0%, compared with the year before. This is in alignment with the declining interest for potential buyers and sellers as fears are high. (Forbes, Ellen Paris)
  • Though weaker economic conditions and slowing growth in employment and income may affect the number of sellers currently in the market, this is a great opportunity for buyers to source a better deal. (CAR)

This time is a chance to come up with innovative marketing ideas, nurture relationships with clients, and look ahead to future opportunities. While this upcoming spring season may not have the same vitality as previous years, experts believe the summer season will have a strong push of new properties and buyers hitting the market.

The U.S. will continue to experience varying effects on agents and the real estate market throughout the next year. Stay informed and use your best judgment to be safe and avoid business disruption as current events evolve. 

Some Helpful Articles to Help Maintain Your Business During COVID-19:

Coronavirus: A Guide for Realtors

MLS Covid-19 Guidance

C.A.R. Releases Two New Coronavirus Forms

Housing Matters Podcast: Stay Informed