Inventory Remains Biggest Challenge for Agents
With most people spending significantly more time in their homes in 2020, it shouldn’t be a surprise that the top reason people are looking to buy right now is because they need more space.
A survey of real estate agents by HomeLight showed that despite the pandemic, people are eager to buy. Forty-four percent of agents said their buyers are looking for more space in their new home, while 41% have renters looking to buy and 37% said their buyers are hoping to get out of a city and move to the suburbs. However, two-thirds of agents attribute the frenzy of buyers to pent-up demand from the impact of the pandemic in the spring.
Forty-three percent of agents said they think inventory will increase over the rest of 2020, while 33% believe it will remain steady. With low inventory, bidding wars may see an increase, and 60% of agents said they are seeing an increase already. More than half of agents (59%) said the biggest challenge for the real estate market this year is the lack of inventory compared to the demand, and 69% of agents said the biggest concern among their buyers is the lack of inventory. Among sellers’ agents, 40% said their clients are most concerned about getting the maximum value for their home, while 29% are worried about the risk of infection during home showings.
But agents are prepared to best serve their clients despite the unusual circumstances. Seventy-three percent said they ride in separate cars to showings, 71% have hand sanitizing stations, 70% are limiting the number of people per showing, 69% are providing masks and gloves and 58% are wiping down high-touch surfaces with disinfection. With a second wave forecasted, most agents believe the industry is better prepared. Forty-one percent expect business to slow, but not as much as the first, while 22% believe business will remain the same.
Topics
Share this post
Member Discussion
Recent Articles
-
Half of Americans Have One Room Too Cluttered to Save
- October 17, 2024
- 2 min. read
For many, clutter is a result of lacking space. Overall, 30% of respondents said they felt they’d outgrown their home.
-
Register to Vote by Oct. 21
- October 16, 2024
- 1 min. read
As Realtors® and real estate professionals, it’s important for us to commit to making our voices heard.
-
Lancaster Named 8th Best Small City
- October 15, 2024
- 3 min. read
“Lancaster stands out as one of the best small cities in America for a number of reasons that blend rich history, vibrant culture and modern convenience,” says LCAR President Jeff Peters.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.