As the coronavirus crisis continues to worsen, 74% of California real estate professionals expect the pandemic to negatively impact home sales, up from 53% last week, according to a flash poll released Thursday by the Los Angeles-based California Association of Realtors.
Nearly three in four (74%) said they expect time on market will be negatively impacted, up from 51% last week, and 85% expect a negative impact on open house traffic.
The survey was conducted via email March 14-16, prior to the “shelter in place” and closing of non-essential businesses announcement in six Bay Area counties and Sonoma County and before Los Angeles’ mayor issued temporary restrictions to slow the spread of the coronavirus.
Other areas that Realtors said would be negatively impacted were housing inventory (62%), price (58%), closing (52%), time in escrow (45%) and market competition (41%).
More than half of the 1,100 respondents (54%) had clients who backed out from a home purchase because of the coronavirus and less than one-half (45%) had clients who backed out from a home sale.
The vast majority of Realtors said they have not had sellers who wanted to take their home off the market due to coronavirus concerns, but two-thirds had clients asking them coronavirus market-related questions, up from 40% last week, according to CAR.
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