{"id":15771,"date":"2020-05-12T10:10:23","date_gmt":"2020-05-12T15:10:23","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=15771"},"modified":"2020-05-12T10:10:23","modified_gmt":"2020-05-12T15:10:23","slug":"what-the-most-recent-nar-survey-says-about-home-buying-changes","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/what-the-most-recent-nar-survey-says-about-home-buying-changes\/","title":{"rendered":"What the most recent NAR survey says about home buying changes"},"content":{"rendered":"<p>COVID-19 may have halted real estate sales, but once America isn\u2019t sheltering in place any longer, home sales should go on. A May survey from the National Association of Realtors\u00ae provides insight into the effect of the coronavirus pandemic on the real estate market.<\/p>\n<p>The <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/nar-flash-survey-economic-pulse\" rel=\"noopener noreferrer\" target=\"_blank\">Economic Pulse Flash Survey<\/a> surveyed over 90,000 members with a response rate of almost 2,300. The highlights are encouraging. Over 77% of potential home sellers will list their home once COVID-19 restrictions are released. <\/p>\n<p><strong>Home Buying\/Home Selling Should Boom After COVID<\/strong> <\/p>\n<p>Not only are home sellers planning on listing their homes, home buyers are getting ready to buy. Record-low mortgage rates stand posed to get people into new homes that offer stable payments. NAR also found: <\/p>\n<ul>\n<li>Home buyers are looking at suburban communities rather than urban neighborhoods because of COVID-19.<\/li>\n<li>Home buyers are shifting priorities of home features. The COVID-19 pandemic has made buyers look for homes with space for family and home offices. They also want yard space to exercise and to grow a garden.<\/li>\n<li>Home sellers aren\u2019t reducing listing prices to attract buyers in the COVID-19 aftermath.<\/li>\n<\/ul>\n<p><strong>Home Buying Delayed<\/strong> <\/p>\n<p>NAR also found that most home buyers were simply delaying the process of home buying or relying on virtual communication to continue the process. Interestingly, 18% of Realtors reported that there was no change in the process.<\/p>\n<p>These Realtors continue to meet with clients and show properties in person. But 30%o of residential home sellers were not allowing in-person showings. Another 36% were relying on virtual showings, while most were asking home buyers, appraisers and agents to use sanitation procedures to reduce the spread of the virus. Open houses are on pause. <\/p>\n<p>We don\u2019t know what the new normal will look like in a few months. Real estate might be experiencing a slow period right now. But there does seem to be <a href=\"https:\/\/theamericangenius.com\/housing\/big-data\/survey-respondents-still-believe-the-market-will-keep-moving-forward\/\" rel=\"noopener noreferrer\" target=\"_blank\">hope that it will recover<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(REAL ESTATE BIG DATA) Recent NAR survey shows a change in desires in home features and attitude toward buying in the future, once COVID is over.<\/p>\n","protected":false},"author":337267,"featured_media":15772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[91],"tags":[1927,571,1890,1234],"class_list":["post-15771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","tag-covid-19","tag-home-buying","tag-real-estate-big-data","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2020\/05\/tierra-mallorca-rgJ1J8SDEAY-unsplash-1.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/15771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337267"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=15771"}],"version-history":[{"count":3,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/15771\/revisions"}],"predecessor-version":[{"id":15777,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/15771\/revisions\/15777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/15772"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=15771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=15771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=15771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}