While online activity may be buzzing thanks to virtual showings and other digital tools, real estate agents have found that many potential homebuyers are still putting their purchases on hold. Point2 Homes surveyed 259 real estate agents about the impact of coronavirus on their current business and the forecasted effects for the future. Sentiment is low as 77 percent of agents have seen a major hit to their business and most believe it will play a significant role in a drop in yearly earnings. On a brighter note, however, many real estate agents feel that the overall effects of COVID-19 will be short- or medium-lasting, and recent signs of life in the market may prove that true. Though not nearly enough to consider it a recovery, new home sales have been rising slowly in the past couple of weeks.
The COVID-19 outbreak sent people into lockdown and, almost overnight, home buying and selling changed drastically. As uncertainty and concerns mounted, the home seekers who were still interested in buying transferred most of the process online. But, can virtual tours, phone calls and video conferences replace the real thing?
Real estate is a domain where first-hand experience and first impressions are the norm. But now, agents and homebuyers alike need to completely rethink their approach to one of the most important financial and life decisions: buying a home.
With that in mind, we recently conducted a homebuyer sentiment survey to gauge the outlook of homebuyers. Then, to get a full view of the market and see how the outbreak is influencing and changing the future of real estate, Point2 Homes created another survey. The latter was aimed at real estate agents and professionals nationwide, and asked for their opinions about the changes and transformations that they believed this crisis would bring about.