I've been sitting on my hands wondering if any of the other agents or brokers on this message board wanted to weigh in first. I don't think any of us know exactly what to expect once it's safe for us to resume full activities. Governor Cuomo's executive order declared real estate businesses to be non-essential, so we are barred from doing showings, holding open houses (unless virtual), or meeting face to face with clients or customers until the order is lifted. Transactions already in progress continue, so long as the lawyers and lenders are willing and able to do so, but for the rest of us, the "pause" button has been pressed.
How badly the real estate market is affected will ultimately rest upon the economic damage caused to local economies by the closure of businesses and the loss of jobs. This crisis is caused by a pandemic to which the stock market is reacting, not by a fundamental breakdown of sound lending and investment practices which undermined the real estate and financial markets as was the case in 2007. If local economies bounce back relatively quick after COVAD-19 and our financial institutions are still solvent, then I would expect the real estate market to bounce back vigorously as well. One would hope that mortgage interests rates would stay close to historic lows, and that the government would step up if legislation is required to jumpstart the free flow of capital again.
One other thing will be true: Life will resume. People will marry or divorce; Start a family or send the kids off to college; Plan for retirement or seek new employment. If you were planning to buy a property in the next year, now is the time to get your finances in order and figure out exactly how much home you can afford. If you were thinking of selling, perhaps now is the time to make a few needed repairs and clean out that attic and basement. In a down market, the ones who are best prepared to move forward will be the ones best able to take advantage of any opportunities that arise.
Please stay safe and take care of each other.
Steven Tomkiewicz
Licensed Real Estate Salesperson
Keller Williams Realty–Landmark II
75-35 31st Avenue, Suite 202
Jackson Heights, NY 11370
Cell/Text: 646-541-7253
Office: 347-846-1200
https://steventomkiewicz.kw.com/
https://app.kw.com/KW2MW27QB
stomkiewicz@kw.com