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Realtors doubtful of short sales despite recession

A recent national survey of over 5,000 active real estate agents showed over half of respondents believe the number of short sales will be lower despite the brief 2020 recession. Unlike the influx in short sales seen in 2008, realtors now show greater confidence.

A brief recession seen in the U.S. economy for Q1 and Q2 nonetheless kept confidence up among realtors when it comes to potential short sales.

In a national survey of over 5,000 active real estate agents by Real Estate Bees, results found that 56.6% of realtors surveyed don’t believe a potential economic recession will result in as high numbers of short sales like during the Great Recession of 2008.

a recession is coming. 28.8% said they would consider incorporating a streamlined short sale closing process to protect their business from a potential recession.

As The National Bureau of Economic Research announced in June 2020 regarding the U.S. economic downturn lasting since February, “…unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession….”

The main cause of this recession is the COVID-19 pandemic. However, even before its start, the National Association for Business Economics had announced the results of a survey according to which the U.S economy was about to enter a recession for other reasons.