The results of a new survey by the National Association of Realtors (NAR) illustrates how the home purchase process has changed in recent weeks.
Surveyed realtors reported that one in four purchase contracts initiated over the last week happened without the buyer visiting the property in person. Those clients toured a median of three properties either in person or virtually before putting in a contract.
NAR Chief Economist Lawrence Yun has noted that despite a slowdown in the market, integration of technology has helped keep prices stable.
“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,” Yun said in a statement. “Remarkably, 10% of Realtors report the same level or even more business activity now than before the economic lockdown.”