Phase II COVID-19 – HOW DOES IT AFFECT THE REAL ESTATE INDUSTRY?
By: Local Guest Blogger; Tracey Kline of 315 Realty Partners in Baldwinsville
We have all had to adjust to a new way of life and I am sure you are thinking as I am, we will not be going back to “normal” any time soon.
The Real Estate industry has certainly seen some changes during the unprecedented global pandemic.
That being said, “Real Estate Must Go On”. If you have not been actively working to buy or sell a home, you may not know of all the changes we’ve instituted under state guidance and regulations. Here is an update you on our local Real Estate Market and how it has been affected.
Real Estate Agents & Brokerages were deemed Essential Businesses by the Governor on April 1, 2020, but with LIMITED operations. We are now in Phase III and have been adjusting our practices to meet state requirements. We are still able to continue listing and showing properties, but with modifications. We are encouraged to conduct business virtually as much as possible, and we have protocols that we are following to limit people that access the home, requirements for personal protection, and cleaning protocols. Below are the current standards we are following when showing and meeting with clients:
- Showings are only allowed in unoccupied or vacant properties (e.g. current owner or lessee is not inside the property).
- All individuals visiting the property will be required to wear a face covering at all times.
- Replace or clean and disinfect gloves after every showing (as applicable).
- Clean and disinfect high-touch surfaces (e.g. handrails, doorknobs etc.) before or after every showing.
- Stagger showings in order to avoid the congregation of people outside and inside properties.
- Open houses are only allowed with one party inside the property at a time.
- Gloves and shoe-covers are recommended in addition to face coverings.
- Sellers/lessees are advised to open all necessary doors and cabinets as well as turn on all light switches to
- ensure minimal touching of surfaces by outside parties.
- Advise prospective tenants/buyers to only touch essential surfaces (e.g. handrails going up/downstairs if necessary) during their time in the property.
- Limit showing of common building amenities in-person (e.g. gym, roof deck, pool).
- Encourage only one party (e.g. building inspector, home appraiser, prospective tenant/buyer, photographer, stager) to be allowed inside the property at a time.
- Prospective tenants/buyers are encouraged not to bring young children to property showings, when possible, or leave attended children outside.
Properties are still selling, so that is good news!
We have seen a slight decline in listings which has made our inventory lower than it was before the pandemic started. I foresee this changing and more homes being listed as we all adjust to what is going on in our local market. We are still seeing high levels of buying and selling continuing and it is still a very competitive market with multiple offers being submitted.
None of us can foresee how long it will be before we are going to go back to the way it was, but we do know that we can still buy and sell homes and continue to make moves. Interest rates are still low, and lenders are still busy helping buyers make their dreams come true. We will make every effort to keep buyers, sellers, Realtors, Home Inspectors, Appraisers and Attorneys safe in the process.
So, it is STILL a GREAT TIME to BUY and SELL.
Yours in Real Estate,
NYS Real Estate Broker