National real estate brokerage Redfin RDFN, -0.36% is cancelling future open houses and limiting in-person tours of homes listed on its site as precautionary measures amid the coronavirus outbreak.
Home buyers and sellers have grown wary of open houses out of fear of catching or spreading the novel coronavirus, and several cities are under orders from authorities to avoid all but essential trips out of the house and keep six feet away from other people. Last weekend, average attendance at open houses in Manhattan dropped to the lowest level so far this year, according to a weekly report put out by Halstead Real Estate. Open houses only had 4.1 visitors on average, down from 5.
The company is emphasizing its virtual touring options as it cancels open houses. “The coronavirus has just made the future we’ve been preparing for come sooner,” Redfin CEO Glenn Kelman said in a blog post announcing the coronavirus policy.
Did this already
If I intend to sell it within a millisecond I really don’t need to know what I am buying, do I?
The housing market won’t collapse during this crisis because, whilst there won’t be the same level of buyers, there also won’t be the same level of sellers. It’s likely the market will just grind to a halt.