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

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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.

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Here are two upcoming Zoom meetings scheduled for me to answer clients‘ questions and discuss ideas with clients:
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• Friday, April 3, 2020 at 3:30pm - Save this link and join the Zoom Meeting on Friday afternoon.
• Friday, April 3, 2020 at 6:30pm - Save this link and join the Zoom Meeting on Friday evening.​ 

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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

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