Buyer vs. Seller Behavior Amid COVID-19 Concerns

Dated: April 15 2020

Views: 135


Buyer vs. Seller Behavior Amid COVID-19 Concerns


As of mid-February, all signs pointed to a strong seller’s market dominating the first quarter of the year. In fact, HomeLight sent out a survey its typical first-quarter survey to top agents across the country Feb. 17-23. Results showed that agents seemed to be very confident that 2020’s housing market was going to be strong, stronger than last year.


However, by March, it became clear that COVID-19 was going to wreak havoc on the economy,  the housing market, and the buyer and seller movement this year.   


Coronavirus casts a shadow of uncertainty


HomeLight sent out a second survey, a Flash Poll, March 13-17, to which 601 top agents responded and with decidedly less optimism than in the previous survey. In the first survey, 76 percent of agents reported feeling some optimism about the coming year in Q4 of 2019, and by March, that number had fallen to 55 percent. And agents who felt pessimistic grew from 6 percent to 16 percent. 


Agents also reported some major changes in buyer and seller behavior. Here are findings based on the top agent insights for Q1 2020.




  • 52 percent of respondents have seen buyers put their house-hunting activities on hold

  • 45 percent of surveyed agents say they’ve seen buyer activity slow in their market

  • Nearly 20 percent of top agents have seen an increase in demand for virtual showings 

What’s a buyer to do


The good news, according to top agent insights, is that buyers who wanted to buy this year were facing an extremely competitive real estate season at the beginning of the year, but coronavirus changed all of that. Now buyers face a low-pressure buying season. Those who move forward with their home search will find much less competition. However, there will be some logistical challenges that go along with practicing social distancing, but agents all over the country are finding creative workarounds that keep everyone safe and allow buyers to search and find homes.


And if buyers do find the one, agents advise keeping quiet until in a private place. More than one-third of agents agree that speaking about a home within range of cameras and recording devices is the biggest mistake buyers can make. 



Buyer vs. Seller Behavior


  • 22 percent of surveyed agents report having seen sellers take their homes off the market due to coronavirus concerns

  • 41 percent of respondents say they’ve seen seller activity decline in their market

  • Among sellers staying on the market, 66 percent are taking extra precautions such as halting open houses in favor of showings (32 percent) or asking buyers to wash hands or use hand sanitizer (21 percent)


What’s a seller to do


Sellers who are moving forward with selling should partner with a top local agent to learn their options. Agents can help navigate virtual tour options, let sellers know whether their state permits Remote Online Notarizations and help orchestrate a digital closing where applicable. 

If sellers are in a shelter in place area where real estate has been deemed non-essential, sellers will have to wait to sell, however, an agent can help determine which DIY projects are best for prepping a home for sale. Now is the perfect time to do a little home improvement as most people are spending their time at home. 

Blog author image

Jeremy Cupp

As a John Maxwell Certified Coach, Teacher, Trainer, and Speaker, I can offer you workshops, seminars, keynote speaking, and coaching, aiding your personal and professional growth through study and pr....

Latest Blog Posts

Where do I start in the home-buying process?

It's August already and my favorite time of the year is right around the corner... football season!!! Whether it's that first Friday night under the lights, or the first Saturday afternoon at Donald

Read More

The Crazy Sellers Market in Northwest Arkansas!

What makes our market so crazy right now and is something that is discussed frequently in the industry’s circles is the lack of available homes for sale. And the fact that there are far more

Read More

Selling Your House? Make Sure You Price It Right!!!

There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the

Read More

The Truths Young Homebuyers Need To Hear!!!

For many young or first-time homebuyers, purchasing a home can feel intimidating. A recent survey shows some homebuyers ages 25 to 40 may be unsure about the homebuying process and what

Read More