Listing activity and eager buyers drive positive market outlook, Homes.com survey finds
NORFOLK, VA – (July 29, 2020) — Despite the uncertainty surrounding the coronavirus pandemic, 75% of real estate agents feel confident about the future of the market, according to a Homes.com survey of nearly 700 agents and brokers. The survey highlights the ongoing strength of the real estate sector, even as other industries continue to suffer losses from coronavirus-related shutdowns.
Though real estate professionals were initially uncertain of how the market would respond to pandemic restrictions, the survey found that over 41% of agents have since experienced the same or greater listing activity compared to a typical year. In fact, 66% said they had no listing cancellations since the outbreak began, and of those who have, 88% have had less than five.
The 2020 real estate market has been a strong seller’s market for most locales, but the Homes.com study still found signs of seller apprehension; 81% of agents indicated they have gained less than five new listings since the pandemic began.
“This survey shows how well agents and brokers were able to pivot during the pandemic,” said Homes.com president, David Mele. “Their expertise in the real estate process is invaluable which makes them indispensable to buyers and sellers now more than ever.”
Among the additional findings:
- 59% of agents have utilized at least one method of online home viewing when working with clients. With 44% of the votes, video tours have been the most popular method, followed closely by virtual tours at 43% and virtual open houses at 19%.
- 31% of agents indicated that virtual home viewings helped to close a sale, while 23% said that they were able to close on a home sale without a traditional, in-person viewing. The confluence of a pandemic and strong seller’s market seems to have, at least for the time being, tampered consumers’ needs for in-person viewings and highlighted the growing importance of virtual content for buyers.
- 77% of agents indicated positive news regarding their clients’ homebuying budgets, with 63% saying budgets remained the same and 14% saying their clients’ budgets actually increased. Twenty-three percent said budgets have decreased. In line with buyer budgets, 59% of agents said that low mortgage rates have helped them gain business.
“Overall, 60% of agents said that, despite the pandemic, business is the same or stronger than before its onset,” Mele said. “While the remainder of this year remains uncertain, these findings show how adaptable the industry is, and that agents will do whatever it takes to help consumers in their buying and selling endeavors.”
Homes.com offers today’s demanding homebuyers, renters, and those somewhere in between a simply smarter home search with a more personalized and conversational way to find their next home. Since its launch over 25 years ago, Homes.com offers real estate professionals brand and property advertising, search engine marketing, and instant response lead generation to help them succeed online. For more information, visit Homes.com.