Even with all the digital tools to keep in touch with one another and stay connected to our hobbies and interests, it feels as though we are still adjusting to physical isolation and life as we currently know it. The extension of New York State’s ‘pause’ also has us wondering – when exactly will we begin to regain some sense of normalcy?
Amidst the uncertainty, we wanted to provide some clarity and positivity in this concise yet informative Remote Resources guide that covers:
We hope you find these resources insightful and helpful.
Contrary to popular belief, recessions do not necessarily have negative implications for the housing market. Leading real estate data provider ATTOM Data Solutions found that home prices only went down twice during the last five recessions, in 1990 and 2008, and in 1990 it was by less than 1%. In fact, during the other three, prices actually went up.
In the last couple of weeks a number of the earliest U.S. markets to go into lockdown saw an uptick in new inventory. A hopeful sign for recovery, but it is too soon to say when New York City may follow suit. Here, new listing volume remains significantly lower year-over-year even as we approach the spring, which is typically the busiest season for our market.
Those impacted by job cuts or nearing retirement with 401k savings ebbing and flowing with the stock market are less likely to purchase a home right now, but some economists believe low mortgage interest rates could help keep sales afloat. We still anticipate it taking several more weeks to months to observe and determine where the market will go. While we never know in any situation where the bottom of the market is, we always know that we will come out strong on the other side.
Almost all professional industries have had to adapt, in one way or another, to virtual formats. Being a business that relies so heavily on in-person activities from showings to closings, real estate has faced its own unique set of challenges. Nonetheless, technology is enabling certain aspects of the transaction process to carry on, while protecting the health and safety of everyone involved. Here’s what you need to know:
Virtual Consultations: Whether you’re a buyer hoping to discuss your needs, or a seller interested in a home valuation in the current climate, we can kick off the conversation via video chat and start planning together.
Virtual Searches and Showings: As a buyer, I can provide digital listing information and request virtual showings if and when you are ready to continue your search. As a seller, we can schedule virtual open houses and tours when necessary. I can also assist in creating a 3D virtual walk-through to promote your property through various online marketing channels.
Board Packages and Interviews: Through services such as DocuSign and Board Packager, your documents can be signed and distributed to members of a co-op Board digitally and securely. The same use of technology will be applied for your review of Board minutes, which can be done under confidentiality agreements. And while every situation is different, virtual Board interviews (which were otherwise a rare exception) are now common practice.
Closings: To reduce the number of physical interactions required to complete a closing, the Real Estate Board of New York announced recommendations to implement “escrow closings” or “virtual closings.” To help this cause, Governor Cuomo released a temporary executive order to allow virtual document notarization, but there are still challenges. Read more here.
Warburg’s last edition of Culturally Inclined focused on different ways to help our New York community during this crisis. Encouraging that same hometown spirit, our firm is delighted to offer these Instagram Story templates where you can tag your favorite local businesses to show your support.
Click here to download the templates. Your neighborhood barista and Pilates instructor will thank you!