NYC Real Estate Industry in the Time of Coronavirus

By: Jennifer Villalba

Share the Post:

In the last few weeks, our society has been rocked by an unprecedented global pandemic that has engulfed everyone’s everyday lives as we know it. COVID-19, or Coronavirus, induces moderate to high flu-like conditions in most instances, but some can trigger serious complications. Especially in older individuals and adults with pre-existing symptoms.

At the beginning of this year, it was expected that the Real estate industry will be redefined but the novel coronavirus outbreak has transformed the way New Yorkers reside. In essence, city people have been told to stay indoors, cafes and restaurants are mostly locked (apart from pick-up and delivery). The state’s public educational institutions are shut down, and this is just the tip of the iceberg.

Real estate is yet another leading sector in New York that has been affected by the disease outbreak. As the first reported cases of COVID-19 were revealed at the beginning of March, the market took notice but generally worked as usual; now, the situation is dramatically different. Brokers, investors, and sellers are both juggling in confusion in the wake of the pandemic when homeowners are pushed to view lists virtually- or not at all. Several investors are stopping their quests, while sellers are taking back their property while they seek to make sense of the current business scenario.

Actions & Numbers

New York City has not been exempted, and people have been exposed to more strict rules and limitations on their everyday life when reported incidents were established.  Governor Andrew Cuomo has reacted to changes by introducing a State Action Pan targeted at raising the risk of coronavirus transmission so that the health care system can handle the surge of infected patients.

By doing so, Cuomo carried out collaborative research earlier this week on the grounds of home initiatives and compulsory school closing and the shutting of pubs, cafes, and fitness centers, significantly eliminating New York’s in-office workers by 50%.
Even real estate agents are also working from home and trying to stay productive with these tips.

In a press conference lately, Cuomo issued an executive order forcing all non-essential staff to remain at home, significantly raising work-from-home limits, as reported coronavirus cases begin to increase in a city in a city of 8 million residents. A proposed limit would extend to 75% of the population.

Cuomo emphasized that this decision came after a data-driven judgment focused on a rise in reported infections in the region. An improvement that he linked explicitly to a greater range of virus testing. As of early March, more than 10,000 confirmed cases had already occurred in New York- and with an uptick in monitoring, the number of active cases is now a staggering 202,208. (as of April 14, 2020)

How Is It Affecting And Shaping The Real Estate Industry?

All Real Estate agents and companies support the Governor’s order to shut down all non–essential enterprises because the safety and health of all New Yorkers are of utmost importance. Everyone’s expecting that their short-term compromise bears its fruits sooner and contributes to a quicker settlement of the crisis. Many have raised concerns about what this entails about home hunt and selling.

Technology-driven companies are blessed to be able to access digital space to promote electronic contract signing, virtual home tours, and other programs to sustain services while keeping all clients and parties concerned; secure. Although everything is not normal this way, real estate agents guarantee the people that they would do everything possible to achieve the best results when complying with the current mandate. Ingenuity and originality is the secret. New Yorkers are genuinely fortunate to collaborate with such talented and dedicated real estate agents and workers.

Taking into account the significant value of remaining secure and protected during such challenging days, many New Yorkers do need to find the right home immediately. Life goes on even amid emergencies, and NYC real estate agents are ready to help you in every step of the process.

The New Yorkers are still on the move. In a recent survey, 80% of tenants suggested that they already plan to move. Although specific preparations could be postponed, these renter’s concerns are immediate and urgent. According to statements in recent emails to agents about the company’s proposal to reduce the average cost of uploading rental listings on their websites from $6 to $3 a day. Although others might have the luxury to pause their quest until dire circumstances come to an end. Other citizens still need and want to relocate during the next few months or even weeks.

How is the Real Estate Industry co-ordinating and co-operating?

The real estate agents are committed to providing you with the knowledge, help, and assistance that you need.  Whether you are on the move or not, they are there to address your concerns and provide you with appropriate industry knowledge to make wise property investment decisions.

The agents continue to collaborate with clients via video calls, virtual interactive visits, or just quick, easy phone calls to provide you with alerts on the latest developments. Whatever the support you need, they are there as a reliable and credible aid for you.

Although such incidents are unimaginable, we are a population with strong citizens. We must triumph in tough times like we have had in the past and will continue to in the future. As the current pandemic has impacted many in the city of New York. We all need to do what is required to keep us all and our New York City neighbors protected.

Stay At Home! Stay Safe!