As recommendations such as self-isolating and avoiding personal contact become more widespread in response to the coronavirus pandemic, the National Association of Realtors finds that home sellers are increasingly likely to take steps such as canceling open houses or putting out hand sanitizer in response. The survey also found that buyer activity had waned considerably as a result of the pandemic.

In an Economic Pulse Flash Survey conducted between March 9 and 10, the National Association of Realtors collected 3,059 responses from its members. The survey also followed up with respondents on March 16 and 17 to see whether their outlook had changed.

Eighty-eight percent of respondents said they had not seen any change in seller behavior due to a significant drop in mortgage interest rates on March 9. This share only fell 3 percentage points compared to March 16, but the share of respondents saying more sellers were removing their home from the market and refinancing jumped from 4 percent to 9 percent.

Eighty-seven percent of those polled on March 9 said the number of homes on the market had not changed significantly due to the pandemic, while 10 percent said there were fewer homes. On March 16, 28 percent of respondents said fewer homes were listed, with the share rising to 32 percent in areas with presumed or confirmed cases of the virus.

Just 3 percent of respondents said they had seen sellers remove their home from the market due to the coronavirus on March 9. This share rose to 16 percent on March 16, including 20 percent of those in areas with presumed or confirmed cases.

Seventy-seven percent said sellers had not made any changes to their listing behavior on March 9. A week later, 40 percent said they had seen sellers stop open houses, including 45 percent in areas with presumed or confirmed cases. Other seller responses that became more common as of March 16 included requiring buyers to wash their hands or use hand sanitizer before visiting the property (27 percent), having buyers wear foot coverings (14 percent), restricting listing presentations (10 percent), and requiring buyers to wear gloves (6 percent).

Half of all respondents on March 9 said there had been no noticeable change in buyer behavior, while 37 percent said the drop in interest rates was exciting their clients and 13 percent said their clients were concerned by the drop in the stock market. On March 16, 28 percent said their buyers were worried about the stock market reduction and the share saying their clients were excited by low rates fell to 28 percent.

Seventy-eight percent of respondents said on March 9 that there had been no change in homebuyer interest due to the coronavirus pandemic, while just 16 percent said it had decreased of significantly decreased. However, 48 percent of those polled on March 16 said buyer interest had waned.

The survey also looked at how the coronavirus pandemic has affected interest in commercial properties. Eighty-two percent of commercial members of the National Association of Realtors said there had been no change in commercial clients who wanted to lease properties on March 11, while 18 percent said interest had declined. On March 16, 54 percent said there was reduced interest in commercial leases.

Thirty percent of commercial respondents said on March 11 that there was less interest in leasing a commercial property due to the stock market decline. On March 16, this share had increased to 54 percent.

Just 17 percent of commercial respondents said on March 11 that fewer clients were interested in purchasing commercial property due to the impact of the coronavirus. The share increased to 46 percent on March 16.

The drop in interest rates had a fairly muted effect on commercial client interest in purchasing a property. On March 11, 58 percent said there was no change while 30 percent said their clients were more interested in a purchase. On March 16, 65 percent said lower rates weren't having an impact while 19 percent said they were increasing interest in purchasing a commercial property.

Eighty-three percent of commercial members said the coronavirus pandemic had affected their building practices on March 16, up from 63 percent on March 11. Fifty-six percent said their tenants were working remotely, while 39 percent said they were cleaning more frequently and 37 percent said they were offering more hand sanitizer.