By Jann Swanson | Mortgage Daily News
A new survey by the National Association of Realtors® (NAR) has found that the vast majority of its members feel as though their businesses are back on track. NAR says, “After enduring months of setbacks brought on by the coronavirus pandemic…more than nine in 10 members believe they are in the process of recovering as many states start to reopen their economies.“
Ninety-two percent of the residential and commercial Realtors who responded to the 2020 Market Recovery Survey said that at least a portion of their buyers are back and of those, 18 percent said they never left. Nine percent said all of their buyers had returned with agents in small towns and rural areas more likely to report either no interruption in activity or a more robust return of buyers to the market.
“The residential market has seen a swift rebound of activity as numerous states have begun to ease mandatory stay-at-home orders,” said Lawrence Yun, NAR’s chief economist. “Many potential buyers and home sellers were kept at bay in the initial stages of the coronavirus outbreak, but Realtors® nationwide were able to quickly pivot, embracing technology and business practices to ensure the home buying process continued in a safe manner.”