Regardless of the state of the economy, through every crisis and now a pandemic, some buyers need to buy and sellers need to sell. In the midst of escalating concerns about the spread of COVID-19, New York Real Estate has slowed down considerably and for some has even hit pause, however, showings are still going on, some virtual and others in person when the conditions allow, with numerous precautions in place like having disposable gloves and booties for shoes readily available, sanitizing door handles and knobs and ample use of hand sanitizer or hand washing at the start and the end of the showing. Surprisingly, buyers are making appointments and are showing up and some even making offers. The savvy buyer sees value in today’s marketplace and believes this like all other crisis we have encountered in the past, will pass. They understand moving forward in these uncertain times has its advantages: more negotiability, less competition and little to no fear of the property being “bidded up” by another buyer.
The advances in technology have made it easier than ever to view and gain knowledge about properties online, having detailed descriptions, virtual and video tours and 3D floor plans at their disposal, todays buyers can learn a great deal about a property from the comfort of their home. In fact, spending more time at home creates the opportunity for real estate shopping which was already an addictive and entertaining pastime for millions of Americans. Most buyers will eventually wish to actually see a property before they buy and like buyers and sellers, real estate agents are anxious to leave the comfort of their home and go out for showings putting adequate precautions in place. Our business has adapted very swiftly to the rapidly changing environment under which we are compelled to transact business, virtual appraisals when one in person is not possible, interviews with cooperative boards via zoom or Skype and creative ways to hold closings either virtually or in person are now the new normal. In order to mitigate risks, attorneys have come up with creative riders to cover contingencies that may affect the buyers or sellers ability to close due to Covid19.
We move forward despite the severe challenge of Covid19, New York city always bounces back after every hurdle, I have seen that in the 2001 and 2008 crisis. No adversity lasts forever, and buying a home is still the best investment one can make, sheltering at home has made people more aware of the importance of home and the comfort and safety it provides from the outside elements. When this traumatic event draws to a close like the ones before this, markets and New Yorkers confidence will be buyoed and so will prices of New York real estate, after all New York is the most coveted city on this planet and recent history shows people from around the world want to own a piece of New York Real Estate.