Skip to main content

NAR Survey: Coronavirus Changing the Way Homes Are Sold

Mar 12, 2020
Photo credit: Getty Images/gguy44

According to a new survey from the National Association of Realtors (NAR), nearly one in four home sellers nationwide are changing how their home is viewed while the home remains on the market due to the Coronavirus (COVID-19) outbreak. The changes include stopping open houses, requiring potential buyers to wash their hands or use hand sanitizer, asking buyers to remove shoes or wear footies, or other changes.
 
The percentage of sellers adopting these and other changes climbs to 44 percent in Washington State and 34 percent in California, two of the states hardest hit by the Coronavirus.
 
NAR’s Economic Pulse Flash Survey, conducted March 9-10, asked members questions about how the Coronavirus outbreak, including the significant declines in stock market values and mortgage interest rates, has impacted homebuyer and seller interest and behavior. Several highlights of the member survey include:
 
►Thirty-seven percent said lower mortgage rates excited homebuyers much more than the stock market correction.
►Almost eight out of 10 (78 percent) said there has been no change in buyer interest due to the Coronavirus.
►Sixteen percent said buyer interest has decreased due to Coronavirus, with members in California and Washington State citing larger decreases in buyer interest–21 percent and 19 percent, respectively.
►Nearly nine in 10 members (87 percent) said Coronavirus has not affected the number of homes on the market.
 
In Washington State and California, five percent and four percent of members, respectively, reported homes were removed from the market. That figure stood at three percent for NAR members nationwide.
 
Meanwhile, Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 3.36 percent with an average 0.7 point for the week ending March 12, up from last week when it averaged 3.29 percent. A year ago at this time, the 30-year FRM averaged 4.31 percent.
 
“As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates remain at extraordinary levels, and many homeowners are smartly weighing their options to refinance, potentially saving themselves money.”
 
Also this week, the 15-year fixed-rate mortgage averaged 2.77 percent with an average 0.7 point, down slightly from last week when it averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 3.76 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent with an average 0.2 point, down from last week when it averaged 3.18 percent. A year ago at this time, the five-year ARM averaged 3.84 percent.
Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 3.36 percent with an average 0.7 point

 
 
 
About the author
Published
Mar 12, 2020
More Questions Than Answers At Housing Finance Climate Summit

Government officials, housing leaders, and climate scientists meet to address climate change's escalating impact on housing.

Apr 22, 2024
Maximum Acceleration, Originator Connect Network Sign Exclusive CE Agreement

Pact gives OCN guaranteed live CE at shows, creates nationwide opportunity for Maximum Acceleration

Apr 17, 2024
CMG Acquires Norcom Mortgage's Retail Side

The 25-branch addition will enhance CMG’s northeastern presence from Maryland to Maine.

Apr 12, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

NEXA Begins Search For New CFO

NEXA CEO retires the president position after Mat Grella's termination.

Apr 01, 2024
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024