The number of days that have passed since the beginning of the New York on PAUSE (March 23, 2020)
Yesterday, April 10th, at a few minutes past noon I received an advisory from the Greater Rochester Association of REALTORS informing me the rules governing my professional activities had changed - again. Yes, it’s true. I’ll share the details and review the implications below. The Covid-19 apex may be flattening in the New York City area but the numbers are still rising dramatically in our community. Monroe County Health Commissioner, Dr. Michael Mendoza, shares his timeline and vision for a post-coronavirus recovery. I’ll give you my take below. I’ll update you on the numbers right at the top of my report. As always, I am available to talk privately with you about your particular real estate situation. Call, text or FaceTime: 585-732-1767. Email: romecelli@realtor.com I'm hosting a Zoom meeting to answer your general questions and talk about the local real estate market. Sunday, April 12, 2020 at 7:00 pm - CLICK HERE TO JOIN THE MEETING Meeting ID: 585 732 1767 Password: 625369 Key real estate numbers in Monroe County for single family homes, townhouses and condominiums:
The number of new listings rose gently as I had expected this past week. At the end of the week, however, another round of new rules restricting real estate agents’ functions was promulgated. (More on this below.) The new rules for real estate in summary:
Read the Greater Rochester Association of REALTORS advisory on the new rules here: Virtual Tours, Open Houses and Showings Explained. As a result of these “new” rules, and assuming there are no additional changes, I expect the rate of new listings and new contracts to drop in the weeks ahead. Looking Ahead. Monroe County Health Commissioner, Dr. Michael Mendoza, recently said it’s going to take two to three weeks or more before we reach the COVID-19 apex phase and then quite awhile thereafter before the crisis is sufficiently past to fully open up our society and our economy. He believes the worst of COVID-19 is yet to come for our area. By his rough calculations the re-opening of businesses and a resumption of social and recreational activities would not occur before mid-summer. In his view our society and the economy should reopen slowly and cautiously rather than all at once. Read the full story here. What are the likely implications of Dr. Mendoza’s comments? A slow and cautious re-opening of the economy probably means our area will likely remain a largely or an entirely “virtual” real estate market through the summer and perhaps even longer. That means video conference technology will remain a primary tool during this period. As the crisis recedes, as an early step to open up the real estate market, I expect buyers and agents to be able to visit properties on their own (separately) so as to minimize potential resurgence of COVID-19. At that point real estate will again be able to hold a camera inside properties and conduct video conference tours for prospective buyers and their agents who will be watching remotely. When this occurs the number of new property listings should begin to rise and the number of properties going under contract will increase as well. Each property offered for sale will have to be equipped with sanitizing materials. Sellers will become fully engaged partners with their agents to keep themselves, visiting buyers and their properties safe as well as to prepare properties for buyers and agents to see. Governor Cuomo has suggested workers should be tested before they are allowed to return to work once we are on the far side of the apex. Real estate agents and their clients may be asked to provide evidence of a clean test before entering a property. This means virtual real estate processes will remain important for folks who test positive for COVID-19 but feel well enough to participate virtually in the real estate market. More on what I think the real estate market will look like in future posts. Our Personal Status.
I will continue to post updates related to the metro Rochester real estate market during the coronavirus. 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
Since March 23rd the real estate market has been in flux. Now that the rules of engagement have been established and disseminated a new routine is emerging and the results are starting to come in: property listing inventory is dramatically down compared to 2019 but the trend line is turning up slightly. The number of properties going under contract, however, is drifting down compared to last year's pace. The coronavirus numbers in New York State seem to be flattening out 37 days into the crisis. Although he extended NY PAUSE until April 29th on Monday Governor Cuomo began talking about life and, more to the point, business life after the crisis. Monroe County Executive, Adam Bello, projected two to three more weeks of rising coronavirus numbers in our area. In Wuhan, China several months after the government began cracking down, now counts 90% of its businesses open but the economy has not bounced back. As always, I am available to talk privately with you about your particular real estate situation. Call, text or FaceTime: 585-732-1767. Email: romecelli@realtor.com I'm hosting a Zoom meeting to answer your general questions about the local real estate market. Thursday, April 8, 2020 at 7:00 pm - CLICK HERE TO JOIN THE MEETING Meeting ID: 585 732 1767 Password: 625369 News That Affects The Local Real Estate Market
What is the state of the housing market in our area right now?
The Status Of My Business:
Some Takeaways & Short Term Predictions.
Our Personal Status.
I will continue to post updates related to the metro Rochester real estate market during the coronavirus. 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
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Last night the real estate community was provided essential guidance on what real estate brokerage activities will be permitted during the conronavirus pandemic. A summary of that information and a review of the implications are offered below for your consideration.
Yesterday the Monroe County Health Department suggested the coronavirus apex is likely to reach our area in May, some four to six week from now. So, it looks like we’ll be operating under these new rules through May and probably longer. As always, I am available to talk privately with you about your particular real estate situation. Call, text or FaceTime: 585-732-1767. Email: romecelli@realtor.com
I'm hosting a Zoom meeting to answer your general questions about the local real estate market.
Sunday, April 5, 2020 at 6:30 pm - CLICK HERE TO JOIN THE MEETING Meeting ID: 740 187 3035 Password: 691499
After several days of mixed messages, confusion and concern in the real estate community New York State provided explicit guidance last night as to how real estate practitioners may proceed during the pandemic under NY PAUSE. Failure to adhere to PAUSE requirements could result in significant penalties for practitioners.
It bears repeating that receiving permission to act is not necessarily the same as staying 100% safe. Each of us, you and I, are required to use our own good judgment before we act and to keep ourselves as safe as possible when/if we do act. The rules are designed to set limits not minimums. The information from my post yesterday, April 4, 2020, under the heading “What are the options available for seeing/showing houses prior to making an offer” stands true after checking it against NYS’s message delivered today. (Click here to review my April 3rd post.) There are a few additional odds and ends that bear mentioning today:
Click here to read the New York State Association of REALTORS (NYSAR) FAQs regarding these rules and regulations. If you really want to dig in, watch the NYSAR video sent to me at the bottom of this post. Riveting. Not really. Predictions for the next three to four months based on what we know now.
I will continue to post updates related to the metro Rochester real estate market during the coronavirus. 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
This message was written to help you better understand the implications of New York State's decision last night to allow real estate agents to show homes and meet clients in person. In case you missed it, just last night New York State re-categorized the real estate brokerage business as "essential" under NY PAUSE. Click here to read the advisory sent to all real estate agents in New York State on April 1, 2020 by the New York State Association of REALTORS (NYSAR). As always, I am available to talk privately with you about your particular real estate situation. If after reading this post you would like to discuss reentering the real estate market as a home buyer or home seller, please let me know as soon as practical. REMINDER: I am hosting two Zoom meetings tomorrow to answer your general questions and discuss your ideas: It's Thursday, April 2, 2020 and I am writing this post from my office. To say I am surprised at this turn of events is a major understatement. I join thousands upon thousands of New Yorkers working and interacting with the public under highly difficult circumstances. I have very mixed feelings about going back to work under the circumstances. I'm sure you can imagine. Enough said. I have come to understand that, for businsses, NY PAUSE has the force of law and violators are subject to penalty. However, for consumers, NY PAUSE does not have the force of law. Instead, NY PAUSE is an admonition - an exhortation - to stay indoors at this time. Very different indeed. What does the decision mean? In terms of showing properties and meeting clients the new ruling turns the clock back to how the I was operating my business before March 23rd at 8:00 pm when NY PAUSE went into effect. I am able to meet clients in person as necessary. I can show houses in person as necessary. By implication under the new ruling real state consumers are permitted to engage real estate agents in person. In cases were a personal meeting is not essential I can & will provide real estate services to my clients remotely. Naturally, individual consumers will want to assess their personal circumstances as well as the potential health risks of entering the real estate market and then consider the market and the economic conditions before deciding to participate either as a home buyer or as a home seller. I am happy to talk through all these considerations with you. Contact me anytime. Or, if you have general questions, please feel free to join one of my upcoming Zoom meetings. What about ancillary services related to buying or selling a home? If the business is a vendor, supplier or provides other support to an Essential Business that is required for the Essential Business’s operation, then that business is exempt from the employment reduction provisions contained in Executive Orders 202.8. However, only those employees necessary to support the Essential Business are exempt from the employment reduction requirements of Executive Orders 202.8 and that business is still required to utilize telecommuting or work from home procedures to the maximum extent possible. Empire State Development Essential Employer FAQ’s. It is my understanding sign installation companies, videographers, photographers, home stagers, home repair contractors and other sorts of businesses undertaking work on properties in support the real estate business may operate under the new ruling by New York State and Empire State Development so long as they follow this directive. What is likely to happen next? Most experts believe Monroe County, New York State and the rest of the country have yet to reach the apex of the coronavirus infection curve. As a result, I would not be surprised if the market does not come back in full force as compared to if we were on the far side of the apex. In addition, I expect the real estate market to grow slowly as agents and consumers learn about the news, consider their options and make their choices. Not every buyer or seller will choose to reenter the real estate market at this time. We can't know the exact percentage of those who will decide to stay out of the market. However, I think it's very fair to assume the number will be less than 100% full power. There will be fewer listings and there will be fewer home buyers looking at properties as compared to recent years. What about real estate agents? Naturally, real estate agents who test positive or real estate agents who are showing symptoms will not go back to work until they are clear of the virus. In addition, I strongly suspect older agents and agents with underlying health issues may choose not to reopen their practice despite having permission to do so. The average age of real estate agents in the United States is over 50. Still more are likely to decline to reenter out of a concern they’ll do more harm than good. So, the number of agents who may choose not to go back to work is likely to be in the 10% to 25% range and perhaps even higher since we not yet past the apex. Is it a good time to buy or sell? More on this topic in the next posting. I will continue to send these messages every few days during the coronavirus pandemic crisis. 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
THIS JUST IN FROM NEW YORK STATE: EMPIRE STATE DEVELOPMENT HAS DEEMED SPECIFIC REAL ESTATE BROKERAGE ACTIVITIES AS “ESSENTIAL“. LIMITED OPERATIONS MAY RESUME IN COMPLIANCE WITH "NEW YORK STATE ON PAUSE" The following functions of real estate and/or REALTORS are considered essential: residential home showings; home inspections; and residential appraisers. This designation is a recognition by the state that real estate licensees, real estate home inspectors and real estate appraisers provide a critical service to New York, which is vital to the wellbeing not only of New Yorkers but also for New York’s local and state economy. However, as you prepare to conduct those services for your clients that have been deemed essential, NYSAR reminds all its members that they must fully comply with Governor Andrew Cuomo’s New York State PAUSE directive, which says that “essential businesses must continue to comply with the guidance and directives for maintaining a clean and safe work environment issued by the Department of Health and every business, even if essential, is strongly urged to maintain social distance to the extent possible.” Click here to read the advisory sent to all real estate agents in New York State on April 1, 2020 by the New York State Association of REALTORS. Yours, Rome Celli 585-732-1767 romecelli@realtor.com
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?
The real estate related news from across New York.
Personal Status & The Status Of My Business:
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
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:
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?
The real estate business across New York.
Personal Status & The Status Of My Business:
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
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.
The real estate business across New York.
How am I conducting my real estate practice under these unique circumstances?
What is the state of the housing market in our area?
What about listing properties and buying properties?
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
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