REDDING, Calif. - Josh Barker, owner and broker of Remax Town and County, said in March 2020, almost 240 homes were sold, down from about 60 from this same time last year.
Barker told Action News Now there are several contributing factors, like mortgages changing and higher unemployment rates, but one big one is the coronavirus causing people to rethink their housing plans.
"About 60% of our pendings for the month happens in the first two weeks and that second two weeks was about 40% of the contract," said Barker. "Buyers out there still resilient, they're wanting to take advantage of the low-interest rates, there's some optimism that this will obviously come to pass like all things do overtime."
Barker said he has noticed a lot of people buying now because interest rates are low and there is less competition in the market for those hot properties.
Until recently, the California Association of Realtors had suspended open houses due to coronavirus concerns, with many agencies switching to virtual showings.