Blog Archives

3/30/2020

Real Estate in the Time of Coronavirus: Refinements to PAUSE & Updates on The Local Real Estate Market

Below you will find a handful of new items related to the NY PAUSE mandate and real estate since my last report on March 27th.

Over the next few days I hope to collect and send out my thoughts about what may happen in the metro Rochester real estate marketplace once the PAUSE executive order is lifted.

As always, I am available to talk privately with you about your particular real estate situation.

Here are two upcoming Zoom meetings scheduled for me to answer clients‘ questions and discuss ideas with clients:

What is the state of the housing market in our area?

Since NY PAUSE took affect on Monday, March 23rd 87 single family homes, condominiums and townhouses have been newly listed for sale. 24% of those properties have gone under contract to buyers. This compares to 251 properties listed over the same period in 2019 with 71 of those properties having taken contracts during the period. By comparison to last year over the same time period new home listings have dropped over 65% and transactions by about 73% by my informal count. Wow.
Over the past few days the Greater Rochester Association of REALTORS (GRAR) began a campaign of aggressive messaging, warning and, to a lesser degree, “policing” of the local real estate community out of concern some agents were not complying with PAUSE.
Most if not all home inspection companies based in Monroe County have either applied for or been granted waivers from NY PAUSE. Each company has developed a variety of policies to keep their employees and home sellers safe. Buyers are not allowed to be present at professional home inspections during PAUSE. If a home inspector has been approved for work during PAUSE and that individual normally checks/tests for defects in categories related to a general home inspection (radon, lead paint hazard, mold, HVAC, pests, septic, well, etc.) those tests may be completed. However, as far as I am aware there are no independent radon, lead paint hazard, septic, well, mold, HVAC, pest inspectors currently allowed to undertake inspections under PAUSE.
30 year fixed mortgage interest rates in our area have been hovering in the mid 3% range recently. It’s not uncommon for mortgage interest rates to fluctuate all the time. However, mortgage interest rates have been somewhat volatile since the pandemic began in the US.

The real estate related news from across New York.

The New York PAUSE executive order remains in effect with some modifications related to real estate as described below.
Late last week all non-essential construction activities (including new home building and home remodeling) across NYS were put on PAUSE with all the other non-essential businesses.
Prior to last week tenants who had not paid rent could not be evicted. Last week the no-eviction order was extended by 90 days.
The Albany Times Union reported on March 27th (updated today) the New York State Association had applied for what appears to be a conditional waiver for real estate agents to practice during PAUSE. The waiver has not been granted. Consensus opinion is the waiver will be denied. See article here.
New York State’s growing budget crisis may open the door to controversial changes to the NY STAR property tax reduction program. See article here.
Reminder: Attorneys, banks and bank appraisers are all - operating albeit at a somewhat reduced capacity. If you can find a property you like and if you can get an offer to purchase a property accepted by the seller, you should be fine getting to the closing. There doesn't seem to be any significant delays in the process at this time.

Personal Status & The Status Of My Business:

I continue to work out of my home office all day every day per usual.
At the moment all of my home seller clients have all decided to delay offering their properties for sale. None are interested in listing their properties under the current conditions.
On the other hand, a number of my home buying clients are actively engaged in looking for homes to purchase. Some have submitted offers and been successful in consummating deals. Most are hunting for the right combination of property, price and contract terms.
No change in the health status my family, Carol’s family or Sasha’s family. All good so far.
If you have time, please feel free to send me an update on how you’re doing.

Every few days during the coronavirus pandemic I will post An update related to the metro Rochester real estate market here on this blog page. The situation is changing rapidly. You deserve the most recent information about our real estate market from a source you trust.

I wish you and your loved ones good health and good spirits during this unfortunate crisis!

Yours,

Rome Celli
585-732-1767
romecelli@realtor.com

Real Estate in the Time of Coronavirus: Professional Home Inspections Possible

RSS Feed

This report is meaty and important. Please read the entire message to learn all the information and see all the options for interacting with me about your situation. As always, I am available to talk privately with you about your particular real estate situation.

If you are comfortable with a group conversation, I have scheduled two Zoom meetings to discuss the information described below with my clients. I am inviting both buyers and sellers to participate in these general conversations. We will not discuss anyone’s particular situation.

TODAY, March 27th at 3:30pm - Click to attend: https://us04web.zoom.us/j/7401873035
TONIGHT, March 27th at 6:30pm - Click to attend: https://us04web.zoom.us/j/7401873035

More Zoom meetings will be scheduled. If you would like some coaching about Zoom before the meeting, please contact me.

BREAKING NEWS: Local Home Inspection Company Granted Exemption From NY PAUSE

This morning I learned a local home inspection company has been granted a special waiver to conduct home inspections for buyers already under contract to purchase homes during the PAUSE. I have yet to confirm. If true, I expect many other inspection companies to follow suit. It’s not clear under what terms inspectors may operate. I have a LOT of questions. For example, Can the buyers be present? I sent an email to the company to learn more. I will report what I learn.

Hiring a professional inspector to evaluate a home may not tell you if a room feels right for you or if you like the way the light fills a space or even if the yard is big enough. Instead, a professional home inspection will focus on the physical condition. Obviously, buying a home without looking at it in person is still quite risky!

Still for some home buyers AND home sellers this important service could be a real estate game-changer while under PAUSE.

If buyers cannot see homes in person during PAUSE, is there any other way for buyers to “take a peek” at properties?

Yes. According to what I have learned about PAUSE my seller clients who are residing in their homes may:

List their property for sale with me as usual so long as no agents or buyers visit the property in person;
Work with me to create their own electronic video of the property and send it to me. I may then create a “virtual tour” and share with prospective buyers; and
With my support and guidance broadcast real time tours of their property using such technologies as FaceTime and Zoom to prospective buyers. In short, sellers would hold the camera while I lead the tour and answer questions.

Naturally, in addition to what’s above, I can promote the property by phone, email, social media, etc.

Buyers can’t buy a home if it’s not on the market.

Some sellers may be willing to list their property for sale given this new information. As a result, I expect real estate agents to experiment with listing properties using this approach. In fact, it would not surprise me if there is a notable uptick in NEW listings over the next week or so since there is now a backlog.

Some buyers may be willing to pursue purchasing a home after these activities IF they can also make their offer conditioned upon a home inspection.

What is the state of the housing market in our area?

Since the first day of PAUSE 44 properties in Monroe County (single homes, townhouses or condominiums) have been listed “for sale” according to the Greater Rochester Association of REALTORS (GRAR) database. Properties to-be-built or just now under construction accounted for about 15% of the total. Over the same period last year approximately 147 such properties were listed with new construction accounting for just 2% or so according to GRAR.
Speaking strictly from the point of view of my own real estate practice I have had more than one property go under contract with buyers who have not seen the property AND have waived their right to a home inspection under the circumstances. I expect this is true for many agents in our community and across NYS.
Attorneys, banks and bank appraisers are all considered “essential” under PAUSE. Properties under contract are expected to be able to close more or less per usual.

The real estate business across New York.

The New York PAUSE executive order remains in full affect. Apart from the information above I am not aware of any additional significant changes to NYS PAUSE since my last report.
I understand the New York State Association of REALTORS is working towards exempting real estate agents from PAUSE.

Personal Status & The Status Of My Business:

I continue to work out of my home office all day every day per usual.
No change in the health status my family, Carol’s family or Sasha’s family. All good so far.
If you have time, please feel free to send me an update on how you’re doing.

Every few days during the coronavirus pandemic I will post a BRIEF BUT IMPORTANT update related to the metro Rochester real estate market here on this blog page. The situation is changing rapidly. You deserve the most recent information about our real estate market from a source you trust.

If you want to refresh your memory on my prior BRIEF BUT IMPORTANT reports, you will find a copy of all my conronavirus related reports on a private blog page here: RomeReports. Scroll down the page to review older reports. This is a free service offered exclusively to my clients.

I wish you and your loved ones good health, safety and an abundance of happiness during this unfortunate crisis!

Yours,

Rome Celli
585-732-1767
romecelli@realtor.com

Real Estate In The Time Of Coronavirus: The PAUSE

RSS Feed

Every few days during the coronavirus pandemic I will post a BRIEF BUT IMPORTANT update related to the metro Rochester real estate market here on this blog page. The situation is changing rapidly. You deserve the most recent information about our real estate market from a source you trust.

I am available to talk with you about your particular situation by phone, text, email, social media direct messaging, FaceTime, or Zoom. Contact me to arrange a time to engage in a deeper conversation about your situation and your needs.

Personally.

My family and I are healthy, safe and in good spirits. Ethan is home from college. Ezra is staying with friends in the New York City area near where he lives in Brooklyn. Carol, Sasha and their families are also in good health and good spirits
How are you and the ones you love?

The real estate business across New York.

As of Sunday, March 22nd at 8:00 pm the NYS Governor shut down all “non-essential” business activities and “non-essential” travel throughout New York State. New York refers to this policy by the acronym “PAUSE” (Policy that Assures Uniform Safety for Everyone).
Real estate has been designated “non-essential”. As a result, real estate agents are prohibited from showing homes - even vacant homes - and meeting clients in person.
Real estate agents may conduct business but only in ways that do not include leaving home and meeting anyone in person.
Homebuyers are prohibited from inspecting properties in person; even vacant homes; even alone.
Home inspectors are prohibited from inspecting homes in person; even vacant homes; even alone.

Banks, bank appraisers, attorneys and government offices are all considered “essential” services. Financing a property and closing on a property IS possible even during PAUSE.

How am I conducting my real estate practice under these unique circumstances?

I am working from home. am not going out on appointments. I am following the law as laid out under PAUSE.
I have been actively consulting with seller-clients, buyer-clients and other real estate agents by phone, text, email, FaceTime, Zoom and even social media.
I have been actively negotiating contracts on behalf of clients from my home office in cases where my clients have already seen properties. I am not going out on appointments.
I am available to consult with you and discuss your particular situation.

What is the state of the housing market in our area?

The housing market in our area is winding down quickly. Unless something changes the market will soon come to a near complete standstill under PAUSE. More on this below.
As of Monday, March 23rd new listings of properties “for sale” are all but non-existent. Most unsold homes that were already listed “for sale” before Sunday, March 22nd at 8:00 pm remain “active” despite PAUSE. Over time if PAUSE continues I suspect the number of properties listed will likely drop as agents and sellers find the current market conditions near impossible to successfully conduct transactions.

What about listing properties and buying properties?

Can a property be listed now? Legally and practically speaking, yes, it is possible to list a property for sale. However, properties listed “for sale” cannot be shown to buyers in person. Listing a property right now presents enormous difficulties and complexities. If your situation is urgent, please contact me to discuss a range of experimental and unconventional techniques to find a buyer for your property.
Can a you purchase a home now? Legally and practically speaking, yes, it is possible to purchase a property. However, remember, potential buyers are unable to inspect properties in person. Even if you successfully negotiate an offer to purchase a home (one you haven’t seen in person) home inspectors are prohibited from conducting inspections. So, buying a property right now involves a fair amount of risk! If your situation is urgent, please contact me to discuss a range of experimental and unconventional techniques to secure a property.
I am discussing alternatives and workarounds with colleagues in my company and in other areas of our region and around NYS. There are many interesting ideas being considered. The best ideas will be presented to you and implemented based on your informed interest as soon as practical.

Let’s talk!
Once again, I am available to talk with you about your particular situation by phone, text, email, social media direct messaging, FaceTime, or Zoom. Contact me to arrange a time to engage in a deeper conversation about your situation and needs.

I wish you and your loved ones good health, safety and an abundance of happiness during this unfortunate crisis!

Yours,

Rome Celli
585-732-1767
romecelli@realtor.com

YOUR CART

RomeReports

Real Estate in the Time of Coronavirus: Refinements to PAUSE & Updates on The Local Real Estate Market

Archives

Categories

Real Estate in the Time of Coronavirus: Professional Home Inspections Possible

Archives

Categories

Real Estate In The Time Of Coronavirus: The PAUSE

Archives

Categories

Rome Celli

Archives

Categories