The COVID-19 pandemic continues to impact the real estate market in Iowa. IAR created a survey asking members several questions regarding buyer behavior, seller behavior, business impact and government assistance programs. 316 Iowa REALTORS responded to the survey.
Buyer Behavior
Almost 48% respondents indicated their buyers are waiting at least a couple of months or several months due to the uncertainty caused by the pandemic.
Interestingly, 35% stated either no change or continuing on with plans to buy, but relying more on virtual communication.
Seller Behavior
Over 50% indicated that their sellers were delaying the process for a couple of months or deciding not to sell indefinitely.
The overwhelming majority responded that sellers are requiring buyers, inspectors, and appraisers to take many extra precautions to ensure the health of sellers and buyers including but not limited to: using hand sanitizer, washing hands, wearing gloves, wearing shoe covers and face masks, and leaving open windows, doors, cabinets on home tours.
As expected, many are relying on virtual tours, virtual open houses and virtual showings to narrow down their selections before touring homes.
Only 16% responded that in-person showings were not allowed.
Click on the graphic to download a PDF Infographic Summary.
Impact on Business
The majority of Realtors experienced a decline in business due to COVID-19.
11% responded with business has declined by 10% or less.
25% responded with a decline of 11%-30%
21% responded with decline of 31-50%
22% responded with a decline of more than 50%
7.6% indicated no change in their business, while 4.5% indicated an increase in business.
The majority of IAR members found several of the resources IAR has been producing and sharing as valuable to them during this unprecedented time.
Assistance
Unemployment
76% of the respondents answered no to the question asking if they had applied for unemployment. 18% responded that they have filed for unemployment.
Federal Assistance
The survey asked, "Did you apply or do you plan to apply for any Federal Assistance (SBA Loan, Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) )" ?
Almost 56% answered no they have not applied or do not plan to apply for federal assistance.
33% answered that they have applied or plan to apply to for federal assistance.
A special thanks to all Iowa Realtors® that answered the survey.