Real estate companies feel impact of COVID-19 on the housing market

PHOENIX - On a normal Sunday, it's prime time for realtors to show houses, but because of COVID-19 those business routines are changing.

It's uncharted territory for the U.S. housing market as the pandemic changed how business is done. Usually, Airbnb rentals are being used in the valley but with reservations being canceled, realtor Julie Tate says these properties could just go up for sale.

“Were gonna see more and more of these and these vacation rentals coming up on the market ...," said Tate, realtor at Homesmart. Some listings have been canceled, some contracts have fallen out and some are still being written.

The way realtors do business is also impacted by COVID-19 concerns.

“It’s an unusual situation that where it seemed to change not just by the day but even by the hour. We’re obviously not doing open houses, we’re doing more virtual tourism of homes,” she explained.

Overall, Tate believes the average buyer can start to compete and not worry about being blocked by investors if there is more inventory. But how home values are impacted is yet to be seen.

“We were a seller's market, I’m not sure it’s gonna stay that way. This is unknown territory for us, we haven’t been down this road and we really don’t know what to expect,” Tate said.

Realtors are encouraged to do business from home and work on their continuing safe home tour practices. No showings are planned for her team in the near future.

For more coverage on the coronavirus pandemic, visit https://www.fox10phoenix.com/tag/health/coronavirus