Ohio REALTOR Survey: COVID-19 having significant impact on residential, commercial markets
Ohio REALTORS, in an effort to assess the impact the COVID-19 pandemic is having on the state’s real estate marketplace, has created two economic pulse polls to get a snapshot of the residential and commercial sectors.
The findings from the Ohio REALTORS Flash Survey: Economic Pulse, along with data provided by MLSs across the state, will be an integral component of our ongoing discussions with the DeWine Administration, the Economic Recovery Task Force of the Ohio House of Representatives and business leaders in trying to identify measures to keep Ohio’s real estate market stable during these challenging times.
Key findings of our initial survey:
- 85 percent of respondent indicated that COVID-19 has significantly decreased or decreased home buyer interest;
- 84 percent said the virus has affected the number of homes on the market;
- 48 percent of respondents said sellers have removed homes from the market;
- The top three changes in seller behavior: Stop holding open house (80 percent), Buyers using hand sanitizer (74 percent), and Sellers not allowing buyers into home (53 percent);
- Commercial/Industrial leases have shown a 90 percent significant decline or decline due to coronavirus;
- 93 percent of respondents said interest in C/I purchases have significantly decreased or decreased;
- 76 percent said the stock market correction has significant decreased or decreased interest in leasing;
- The top two impacts coronavirus is having on building practices: Tenants working remotely (73 percent) and More frequent cleaning (66 percent).
These polls will be launched for a 24-hour period with the release of our eConnections digest to get a sense for the ever-changing landscape that the market is facing. Links will also be available on all of our social media pages. We greatly appreciate everyone’s active participation in our initial survey.
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