NYC being a hub of the housing market in the whole state has surrendered due to the COVID-19 cases that are currently reported. With the falling economic rate, nearly 200 people in New York State are reported with positive COVID-19 symptoms. And due to this dangerous virus, people are isolating themselves with any type of physical contact from anything. Choosing to self-quarantine is not an option for people but it has become a necessity now.
With such issues, the housing market is declining. Nobody is visiting real estate agencies or offices. Even the regulatory bodies are encouraging people to telecommunicate instead of meeting. And these disruptions are likely to continue if no cure will be introduced soon.
Remote tasking can be implemented for a certain type of tasks only. For instance, people with office work can stay at home and perform functions efficiently. Whereas others, who run a business like a real estate agent cannot work from home. This is because these types of businesses need both clients and agents to work together. Also in NYC, the real estate market highly affected. People are scared to visit the offices or nearby places due to the anxieties and fear of the outbreak of the virus.
According to the tech veterans, local real estate business is heavily effected and so does the listing sites. Where once people used to spend hours visiting properties and going through the documentation, they are barely paying attention to it. And it is expected that it will continue for a long time till the virus vanishes absolutely.
The rental places are empty and nobody is willing to visit places or show their interest to buy or rent any property. According to the global housing and renting stats in NYC, 51% of the housing market is the renter’s occupied. Which means, people across the state prefer renting over buying properties. This could happen due to the increase in property value. Or people might afford to rent better than buying a house.
However, with the COVID-19, people are not showing any interest in renting properties. The amount of uncertainty in the housing market is just too high right now. Nobody is ready to get into it. Even the authorities are advising people to stay at home and make a better course of action (when required).
With the constant rise in the COVID-19 reported cases, sellers are softening to offer affordable rental or buying options. This softness might make them skittish when it comes to their dealings. But if they use the opportunity well, then they can ideally work more strategically from home. They can also make better decisions from a buyer’s perspective.
The outbreak of COVID-19 in the globe is affecting people and their businesses. Similarly, NYC and its real estate business is facing some hard time understanding the facts behind the redundancy of resources in the market. You can even visit the Most Accurate Home Market Value for more updates related to the housing market.