At the time of this post the virus has killed 27 people in America and over 4,000 in the world. The effects on NYC Real Estate will never match the overall effects the virus will have on people's lives.
But for Real Estate what we are seeing now. Showings are down about 50%. Either buyers want to wait to see what happens or they just do not want to risk any additional exposure and risk of contracting the virus.
We have two of our active eighteen sellers have asked us not to show their homes during this disaster. Both of these owners fear the risk of the virus being brought into their homes.
We believe this may get worse before it gets better. We are in the heart of the bonus selling season and the extreme drop in buyer demand will derail the selling season. We will hope that the market will return with strength in May and the demand will continue throughout the normally slow summer. The buyers who didn't spend in March and April will be buying in the summer instead of getting on a plane or ship to take a vacation.