The social and economic impact of the coronavirus, not necessarily COVID-19 itself, has home buyers and sellers on edge and is changing the way Realtors do business.
"To quote my client making an offer on new construction and listing next week, 'Is this coronavirus craziness going to affect our home sale? Should we wait to see if we all live through it?'" said Denise Schroder, an agent with Keller Williams Realty Elite, 5629 N Classen Blvd.
That "craziness" was on Realtors' minds Thursday, the day after the World Health Organization first called the outbreak a pandemic and the global crisis hit as close to home as could be for Oklahoma City: a postponed-at-the-last-minute Thunder game before some 18,000 fans' eyes at Chesapeake Arena, followed almost immediately by the National Basketball Association's suspension of all games for the rest of the season.
"My concern isn't so much the virus itself, it's the overwhelming disruption it is and will continue to cause," said agent Erik Love with Ten Oaks Realty, 1020 NW 21. "We have seen some effects in Italy already, where they've temporarily suspended mortgage payments.
"As the virus spreads, more and more places will quarantine, which will lead to missed paychecks, and less overall spending, also potentially leading to DTI (debt-to-income ratio) being thrown off, causing buyers to become less qualified to purchase. I do expect to see a reduction in home sales and prices even after this has passed for some time."
Micah Mruwat, broker associate with eXp Realty, 101 Park Ave, Suite 1300, said the eXp Realty national shareholders conference, scheduled for late April in Orlando, Florida, has been moved online. It is not a huge leap for an agent-owned company founded in the cloud 11 years ago.
"Due to the virus and travel," Mruwat said, "our agents are training online as opposed to in an office, and we are finding other companies are reaching out because of the coronavirus to work remotely."
Realtors on Facebook Thursday were bracing for impact.
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March 13, 2020 at 05:00PM
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Housing market on edge; Oklahoma City Realtors brace for impact of virus - Oklahoman.com
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