Virus Outbreak Impacting How Buyers, Sellers, View Their Homes

The National Association of Realtors (NAR) found that 25% of home sellers are changing how their home is viewed on the market due to the outbreak of COVID-19. 

These changes include stopping open houses, requiring potential buyers to wash their hands and use hand sanitizers, and asking buyers to remove shoes or wear footies. 

The share of sellers adopting these changes, and more, rose to 44% and 34%, respectively, in Washington and California

NAR’s survey—conducted March 9-10—discussed the coronavirus and how it has impacted buyers and seller interest and behavior. 

According to the survey, 37% said lower mortgage rates bring more optimism to buyers than stock market correction. Also, 78% of buyers said there has been no change in buyer interest due to COVID-19. 

Sixteen percent of those surveyed said buyer interest has declined due to coronavirus, those in California and Washington reporting larger drops in interest—21% and 19%, respectively

Nine in 10 members surveyed said COVID-19 has not affected the number of homes on the market.

Also, in Washington and California, 5% and 4% of members reported homes were removed from the market. That number is 3% for members across the nation.  

President Donald Trump officially announced a national emergency on Friday due to the ongoing battle with COVID-19. 

Trump said the declaration will free up $50 billion in federal funding that can be used to help state and local governments. 

Additionally, Trump said that he recommends states enact emergency operation centers immediately and for hospitals to activate their emergency preparedness plans. 

He added that the U.S. has made “tremendous progress” as it combats the coronavirus. Trump imposed a 30-day travel ban on foreign nationals from Europe entering the U.S. on Wednesday. 

“We will overcome,” Trump said during his address in Rose Garden, adding that the nation’s fight against COVID-19 is entering a different phase. Trump said that a new partnership has been forged with the private sector to develop testing for COVID-19. The President, however, stressed that only those who show symptoms use the tests.