Despite being a relatively new challenge for the US real estate sector, the COVID-19 crisis is already making buyers jittery.
Attorneys polled in a new national survey say that the negative effects of the coronavirus outbreak are being seen already at their law firms (47%) with most (95%) expecting extended impact over the coming 6 months.
The survey from TrackWithEase, provider of transaction management software for law firms and real estate professionals, also found that 87% expected to see a reduced number of clients buying or selling real estate.
Another issue is the ability of real estate attorneys to provide services due to disruption to their business. Everything from finalizing contracts to coordinating closing are in danger of disruption from social distancing and self-isolation.
The poll shows that 70% of firms reported being unprepared to shift to remote working arrangements, with 42% planning no changes to work habits and relying on "working in the office as usual" despite 67% thinking it likely their staff might catch the coronavirus.
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