REALTORS TOLD TO STOP HOME SHOWING REALTORS TOLD TO STOP HOME SHOWING
AND OPEN HOUSES AMID CORONA VIRUS SCARE AND OPEN HOUSES AMID CORONA VIRUS SCARE
LEWIS SANDERS other business in person.”
T
his spring will be an unusual spring for the realtors, buyers and sellers all over the country. Buyers and sellers are changing their plans as the traditional home-buying season gets underway. The California Association of Realtors has come out to warn its members to stop all the face-to-face activities including showings, listing appointments, open-houses and property inspections amid the coronavirus fears. Last month, the governor issued a “stay at home” order, and it did not exempt home selling. The ordinance aims to keep more people away from each other-social distancing- and also help limit the spread of the coronavirus. Right now, only the essential industries can continue their operations, and according to CAR, that includes the home construction. In recent weeks, the industry had been trying to sell existing homes taking necessary measures like selling with a lot of hand sanitizers and encouraging social distancing, before the restrictions from the governor. “This supersedes all existing local city and county orders that are less restrictive,” the association states in its advisory. “Clients and other consumers are also subject to these orders and should not be visiting properties or conducting
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According to a flash survey from the National Association of Realtors, almost 1 in 6 real estate agents nationwide said that their buyer interest had declined because of the fears brought about by the corona scare. 1 in 10 said that the numbers of the sellers putting their homes on the market decreased significantly. NAR estimates that the decline in real estate activity all over the country will cut home sales by 10%. Specifying the details to Yahoo Money, reductions will come in March and April when the housing activity heats typically up. “Given that a home transaction is a major commitment, the uncertainties on how the economy will play out and the spread of the virus itself are barriers to home-buying and selling,” Yun said in a statement. “The stock market crash is no doubt raising economic anxieties, while the coronavirus brings fear of contact with strangers.” Nonetheless, the sales reduction won’t be enough to counterbalance the price hikes as there was already an inventory shortage.
Localized Corona Effect According to the most recent data from Redfin, the ripple effect from the coronavirus is affecting more markets than others. For
THE POWER IS NOW MAGAZINE | APRIL 2020
