Covid Causes Issues for Real Estate Industry

Since the COVID-19 pandemic began this spring, many businesses either shut down, or strict guidelines were put into place. On March 22, Governor Andrew Cuomo announced that the real estate industry would be put “on hold” in attempt to prevent the spread of the coronavirus.

Hunt Real Estate agent, Cheyanne Seelau, says the market has been crazy since the end of March.  “The coronavirus impacted us because we could only show our houses virtually, so more realtors were out of work until we were allowed to show in person with restrictions”, Seelau said. Late March, Governor Andrew Cuomo deemed real estate an essential business, but put many strict guidelines in place, only allowing agents to show their homes virtually. Many agents were unable to show their houses this way, and ultimately were out of work for months until their re-opening at the beginning of June.

“Prior to the shutdown in March, we were about to enter our busy season”, Seelau said. When realtors were finally able to begin showing in person again, things were busier than normal. Agents are currently experiencing a sellers’ market, as houses are going for over-asking price, explained Seelau. Don and Denuelle Meyer, clients of Seelau, said their experience selling one of their apartment complexes has been more successful than expected for this season. Because of the coronavirus, there are more buyers than sellers in the markets, and houses are selling much faster than normal, Seelau said. When the housing market slowed down drastically during the beginning of the virus, buyers became eager to buy, and sellers began taking advantage of this, by listing their properties, Denuelle Meyer said.

During the pandemic, some homeowners’ mortgages were modified due to the effects of COVID-19. Seelau said that there haven’t been too many foreclosures on houses yet, but soon there will be, when modified mortgages do not get paid. It is still too early to tell if the coronavirus pandemic will have any irreversible changes to the housing market, Seelau said. 

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