California REALTORS expect coronavirus to impact housing market

106

As the coronavirus continues to evolve, California REALTORS expect the outbreak to negatively impact their business, primarily in the areas of home sales and time on market, according to a flash poll conducted by the California Association of Realtors (CAR).

Highlights of the poll:

  • Half of California REALTORS expect there will be a negative impact on home sales and 49 percent said time on market will be impacted.
  • Conversely, 36 percent said they expect there will be no impact on home sales or time on market (38 percent).
  • Other areas that REALTORS said would be negatively impacted were home prices (40 percent), closing (38 percent), supply (37 percent) and market competition (28 percent).
  • More than one-half (55 percent) said there would be no impact on market competition, closing (53 percent) or price (45 percent).
  • More than 1 in 4 REALTORS (26 percent) said they had clients who put their home purchase or home sale on hold, and more than one-third of REALTORS had clients asking them coronavirus market-related questions.

The survey was conducted March 6-9 via email and asked members how the coronavirus outbreak was affecting their business.

 

In response to coronavirus concerns, CAR will not hold its spring Board of Directors meetings scheduled for April 28-May 1 in Sacramento, Calif. Additionally, CAR previously suspended non-essential volunteer and staff travel for Association business purposes until further notice.