NYC Real Estate X Covid-19 (Week 3)
APR 1, 2020
NYC Real Estate x Covid-19 (week 3)
Many of my clients have reached out with questions about how the covid-19 outbreak is affecting the NYC real estate market. As I continue to monitor local and national developments, I want to provide you with updates specific to the NYC real estate market.
Non-essential workers to stay home: In NY, real estate agents/brokerages are NOT deemed essential businesses. Therefore, real estate agents are adapting to working 100% virtually as we cannot continue to show properties, host open houses, and physically meet clients including buyers, sellers, tenants, or landlords. In addition, inspectors and appraisers are not permitted to access properties.
The Federal Stimulus Package: A $2 trillion plus stimulus package, the CARES Act, was approved to help families and businesses make it through this crucial time. The relief package grants support for workers, residential owners and tenants, lending and tax support for businesses, and more.
Days on Market Suspension Order: REBNY has issued an order to stop Days on Market calculation for all actively listed properties across all consumer portals in NYC that participate in the RLS network as of March 20th.
Virtual Real Estate Showings and Transactions: RE agents are changing how we conduct business to ensure that we still have the opportunity to help find your dream home and complete a closing. In-person showings have transitioned to virtual showings (FaceTime) and closings are also conducted virtually. Virtual notarization has also been implemented.
Digital Board Packages and Virtual Board Interviews: Board packages are being processed electronically. Board interviews are also being conducted using video conferencing.
Move-Ins/ Move-Outs: Residential building support workers and moving companies have been deemed essential and will continue doing their daily job. However, it is important to confirm policies and procedures with individual management companies and buildings as many have suspended move-ins and move-outs.
New York Halts Non-Essential Construction: The Empire State Development Corporation updated its guidance to halt all non-essential construction.