Will COVID-19 Make Suburbs, Yards More Appealing To Homebuyers?

Published: Monday, May 11, 2020 - 5:05am
Updated: Monday, May 11, 2020 - 6:59am
Christina Estes/KJZZ
Outdoor space has become more important to some house hunters as a result of COVID-19, according to a survey by the National Association of Realtors.

A new survey by the National Association of Realtors looks at how the coronavirus pandemic is impacting residential sales. 

More than 70% of realtors surveyed report a drop in buyer interest. They say 17% of house hunters stopped looking because they’ve either lost jobs or fear becoming unemployed. 

The survey found about half of sellers have delayed the process a couple months with just as many using stay-at-home orders to tackle DIY projects. 

Five percent of realtors surveyed said COVID-19 has led some buyers to shift their preferences from urban areas to suburban neighborhoods. Some buyers also are showing more interest in homes with offices and outdoor space. 

Nearly 60% of realtors surveyed said buyers are expecting a decline in home prices. Of those, 40% expect prices to drop less than 10%.

Realtors working with sellers reported 17% have reduced prices by 5% or less, while 73% have not lowered prices to attract buyers.

The survey was delivered to a random sample of National Association of Realtors members between May 3 and 4 and, according to the group, has a margin of error of plus or minus 2.05%.

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