A growing number of California Realtors this week expect the COVID-19 pandemic to negatively impact their business, primarily with open house traffic, where 85% expect a negative impact in that area of their business, according to a flash poll conducted by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
The survey was conducted 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 the Los Angeles mayor issued temporary restrictions to slow the spread of the coronavirus.
Among the poll findings:
- More than three-fourths (78%) of California Realtors expect there will be a negative impact on home sales, up from 53% last week.
- Nearly three in four (74%) said they expect time on market will be negatively impacted, up from 51% last week.
- 74% of California Realtors said home sales will be negatively affected, up from 53% last week.
- 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%).
- 75% said they have not been doing more virtual tours. (This question was not asked in Week 1.)
- More than a half of Realtors (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. (This question was not asked in Week 1.)
- The vast majority of Realtors have not had sellers who wanted to take their home off the market due to coronavirus concerns. (This question was not asked in Week 1.)
- Two-thirds of Realtors had clients asking them coronavirus market-related questions, up from 40% last week.
The survey was conducted via email. Nearly 1,100 responses were received.
