Seventy-six percent of Realtors working with sellers last week reported their clients haven’t reduced listing prices to attract buyers, according to the most recent survey from the National Association of Realtors (NAR).
“Nearly 70% of Americans have secure employment and those interested in purchasing homes are looking at the enticing mortgage rates,” said NAR Chief Economist Lawrence Yun. “One in five potential buyers have dropped out of the market due to job-loss concerns, hopes are the massive financial stimulus package can help replace a good portion of lost income until the economy steadily reopens. More home sellers are needed to relieve the acute inventory shortage.”
Conducted earlier this week (April 26-27), NAR’s latest Economic Pulse Flash Survey asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets. Highlights include:
- Three in 10 Realtors said they were able to complete nearly all aspects of real estate transactions while complying with social distance directives.
- Nearly two-thirds of Realtors (64%) reported buyers are looking for discounts in home prices.
- Thirty percent of survey respondents said they were able to complete nearly all aspects of transactions while respecting social distance. With minor modifications such as using masks and gloves, 41% felt person-to-person interactions were still required.
Rowland Technologies ‘tops off’ Wallingford plant addition
Last week, workers with Milestone Construction Services LLC completed a ceremonial steel-framing “topping off” of a 37,000-square-foot addition for Rowland Technologies, a manufacturer of plastic film and sheeting products, at 320 Barnes Road, Wallingford.
Since the onset of the coronavirus pandemic Rowland has retooled an assembly line to supply PPE materials such as face masks to manufacturers nationwide that can longer import those materials from overseas.
Headquartered in East Haven, Milestone is nearing the completion of interior renovations to Rowland’s converting area, maintenance, warehouse and shipping areas, the company said. Upgrades were recently completed as well for the HVAC system in the extrusion area of the building.
The project is scheduled for completion in January 2021.
