The National Association of Realtors is now reporting that a quarter of Realtors with clients putting contracts on homes this past week in the U.S. had at least one do so without physically seeing the property.
For those clients, the median amount of homes toured – either virtually or in person – before putting a contract on a home was just three. NAR’s 2019 Profile of Home Buyers and Sellers found buyers typically looked at nine homes before placing a contract on a home.
“Expect second quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months” said NAR Chief Economist Lawrence Yun. “Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10% of Realtors report the same level of or even more business activity now than before the economic lockdown.”
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