Real Estate In The Time of Coronavirus: SPECIAL REPORT. Real estate agents may enter occupied properties.
The number of days that have passed since the beginning of the New York on PAUSE (March 23, 2020)
The news came in as quiet as a mouse. Yesterday the New York State Association of REALTORS (NYSAR) advised members of a very important update to the New York on PAUSE executive order. Details below.
I’m moving to an every-week-on-Monday report on the numbers.
I am moving my weekly Zoom meetings to a later time due to the expectation that I will be taking more appointments at locations away from my home office on most evenings for the foreseeable future.
As always, I am available to talk privately with you about your particular real estate situation. Call, text or FaceTime: 585-732-1767. Email: firstname.lastname@example.org
I'm hosting a Zoom meeting to answer your general questions and talk about the local real estate market.
PLEASE NOTE THE TIME CHANGE.
I expect my appointment schedule to fill up in the evenings due to recent changes described below.
As a result, I have moved my Zoom meetings later.
Monday, May 11, 2020 at 8:00 pm - CLICK HERE TO JOIN THE MEETING
Meeting ID: 585 732 1767
This is a HUGE step forward.
With absolutely NO fanfare NYSAR notified members by email yesterday real estate agents may enter properties (ALONE) with the seller’s permission even if those properties are occupied.
As a result, I will be able to see visit both vacant and occupied properties in person (ALONE) to broadcast from those properties using video technology such as FaceTime & Zoom to my buyer clients.
As you know, I've been expecting this step for some time. What's remarkable is that it comes before the NY on PAUSE expires next week on May 15th.
How with this news affect the local real estate market?
First, I expect the local real estate market to climb back up to 70%-75% of the normal pace as real estate agents now get out of their home offices and get back to the business of looking at homes, broadcasting to clients on FaceTime, Zoom and other similar technologies. This move will cause agents to encourage more market activity. It will encourage property sellers to list properties and property buyers to engage more aggressively in the market.
Second, it brings the next step, meeting clients in person, closer. This week I also learned NYSAR is already lobbying NYS to enable real estate agents to meet clients. As you may recall, I suggested I would be able to meet clients in person before Labor Day. I may have been too pessimistic given where we are now. When real estate agents are permitted to meet their clients in person I expect the market to return to 85% or more of normal activity. Why not 100%? Some people won't be able to act for economic reasons like job loss. Others won't feel comfortable out of health or economic fears.
In the meantime I will remind you...
Don't be surprised if you hear about friends meeting their real estate agents in person. I expect the real estate market (agents, buyers and sellers) will continue to push hard against any/all restrictions despite calls for caution. I expect by the time our area enters "Phase 2" of the economic re-opening in NYS most real estate practitioners will already be operating as though we’ve been in Phase 2 for weeks. I am already seeing my colleagues meeting their clients in person in front of properties as they prepare to go inside, one after the other. Many real estate agents are just not willing to follow the guidelines. Caution be damned. The momentum to enter the next step, meeting clients & members of the public in person, will soon be overwhelming and unstoppable. I would not be surprised if the real estate market tale ends up wagging the NYS regulatory dog.
From now on: Weekly reports on real estate market numbers.
From this point on I will only report on the real estate numbers weekly on Mondays instead of every few days. We've gotten to the point where establishing the new normal will come more gradually. Trend lines will soon become apparent. I don't expect daily gyrations of any importance to my clients.
It is important, however, to look for new trend lines as they emerge. Property sellers need to know how to set their asking price and chose the most effective marketing options. Home buyers need to know what to expect of housing inventory and how to structure their offers.
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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