Coronavirus Pandemic-Related Impacts On New York Real Estate Market
Living in what many consider the U.S. epicenter for the coronavirus pandemic, residents of New York City and the surrounding areas continue to be subject to stay home orders. Fortunately, efforts at social distancing have been successful in flattening the curve and reducing the number of cases. As a result, businesses are beginning to open on a limited basis and people have started venturing out, eager to resume their pre-pandemic activities. For some, this means buying or selling real estate. If you are in the market, our Bronx & Westchester real estate attorneys offer some perspective on the situation and trends you will want to be aware of.
Considering Making A Move?
School and business closures, stay home orders, and health concerns due to the coronavirus pandemic have affected everyone in the New York City area to some degree. As residents struggle to get back to normal, some disruptions should be expected. One of the many areas impacted is the real estate market.
For some people, the pandemic delayed previous timelines they had for either buying or selling a home. For others, the difficulty of social distancing in crowded neighborhoods and fears that the coronavirus will return in the fall has prompted them to seek more open spaces. According to a May 1, 2020 report from the New York Times, local real estate markets have held steady despite the virus and have even seen some record-breaking sales. However, many of the closures that occurred in April were likely in place before pandemic related lockdowns went into effect. As stay home restrictions slowly ease, experts in the real estate field report that NYC, alongside other metropolitan areas, is likely to experience a significant slump.
This does not mean it is a bad time to either buy or sell a home. Federal laws prohibiting foreclosures that were put in place during the pandemic mean that prices are likely to stay stable. While high numbers of job losses will likely result in banks and other lenders tightening restrictions, money is available and mortgage interest rates remain low.
Pandemic Related Trends In The New York Real Estate Market
One of the biggest real estate trends to come out of the coronavirus pandemic is a shift among buyers in seeking properties that allow for more space. According to a May 2, 2020 CNN report, droves of NYC residents are hoping to leave currently crowded conditions behind as they seek to buy homes in surrounding suburbs, driving up home prices in these areas.
In addition to the desire for more space, online home hunting has taken off. Prior to the pandemic, virtual open houses were steadily gaining traction. In an effort to comply with social distancing guidelines, conducting business through Zoom and other applications has become standard practice for both buyers and sellers.
Let Us Help You Today
You can count on Cavallo & Cavallo to provide the trusted legal guidance you need when buying a home. To request a consultation, contact our New York real estate attorneys online today.
Resources:
nytimes.com/2020/05/01/realestate/a-record-sale-in-brooklyn-among-aprils-closings.html
cnn.com/2020/05/02/health/us-coronavirus-saturday/index.html
https://www.cavallolawyers.com/when-is-the-best-time-to-buy-a-home/
