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.
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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.
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!
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