Key Highlights
- Some real estate agents saying it’s “business as usual”
- Lawrence Yun, Chief Economist and Senior VP of Research at NAR says the coronavirus is “not going unnoticed”
- Some agents saying they seeing an “uptick in several private showings” of their top-tier properties
Everyone has an opinion about whether or not the coronavirus spread is effecting real estate buying, selling, deal making and even shaking hands at open houses.
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According to some real estate agents who responded to questions from MansionGlobal, it’s “business as usual” at open houses in New York and Florida. Joel Moss, an agent with Warburg Realty in New York said, “Most of our open houses are as busy as they were before the virus hysteria. Everyone talks at (the coronavirus spread) but the only noticeable difference is the lack of shaking hands.”
Steven Gottlieb, also with Warburg Realty in New York, said that a slow first hour at last Sunday’s open house was “attributable more to Daylight Savings Time as people probably slept in a little bit more than usual” particularly because the open house’s second hour was “pretty busy.”
Compass agent Liz Hogan said, “We really haven’t seen a disruption.” The only difference between now and pre-coronavirus? People are not shaking hands and their hands are in their pockets.
High-end homes in San Francisco are seeing an increase in showings, according to Joel Goodrich, the director of the estates division at Coldwell Banker Global Living. “We’re seeing an uptick in private showings of our properties listed over $10M, $20M and $30M this week. Because of the stock market turbulence related to coronavirus fears, high-net worth investors are looking at hard assets such as gold and real estate.”
Goodrich added, “In times of volatility, clients are drawn to safe havens and US luxury real estate is certainly near the top of the list for that.”
Is the coronavirus spread affecting any downsides in the housing markets across the country? The latest flash survey (March 11) conducted by the National Association of REALTORS® (NAR) indicated that 11% of real estate agents are seeing a reduction in buyer traffic and 7% are seeing a reduction in seller traffic.
Lawrence Yun, NAR’s chief economist and senior vice president of research with NAR, said, “…It’s too early to assess the likely impact as to whether lower interest rates can overcome the economic an health anxieties. But the survey is implying in the short-term at least that home sales will be chopped by around 10%, compared to what would have been the case, due to the spread of coronavirus.”
Thanks to MansionGlobal and the National Association of REALTORS® (NAR) for source data.
Also read: Podcast: 5 Reasons To FIRE Your Broker | How To Hire The Right Broker, Podcast: Coronavirus Declared Pandemic. What Happens Next?, Instagram, Twitter & Facebook – Secret Weapons for Savvy House Hunters
