Anyone who has been paying attention to the news has likely heard about the new COVID-19, or also known as the coronavirus, making its way to the United States. In New York, specifically, confirmed cases have caused numerous measures to be taken to prevent its further spread. One of the areas that are expected to be affected is the real estate industry. Those working in real estate in any capacity should know about the coronavirus’s impact on real estate in New York.
Residential Real Estate
It is probably not surprising to learn that residential real estate has seen a significant decrease in activity in recent weeks. CNBC reported that homeowners are not only delaying putting their homes on the market, but homes that are already listed have seen almost no activity. With the stock market taking a major hit, the real estate market is expected to continue seeing decreased activities on both the buying and selling sides. Residential real estate professionals should consider putting together safe, alternative options, like virtual house tours, for clients looking to purchase or sell real estate.
Commercial Real Estate
Like residential real estate, the commercial real estate market is feeling the effects of the coronavirus as well. Commercial real estate projects have largely continued to move forward as planned, but experts warn that offices could be forced to close. This could be the result of the recent social distancing protocols put into place in order to prevent a greater spread of the disease. The extent that commercial real estate professionals and businesses are impacted by this is yet to be seen, and will likely depend on how long the protocols will last.
Real Estate Development
Another ongoing issue for real estate development is the need for industrial products. Since the coronavirus has impacted trading efforts, certain supplies may not be readily available at this time, depending on where it is coming from. While this has not had a profound impact, yet, it is something that professionals in the industry should continue to be aware of and monitor. Any real estate development projects that rely heavily on trade for supplies should think about putting together alternative options, to ensure that projects are not further delayed.
As the coronavirus continues to progress, make sure to pay attention to new developments and prepare smart response plans. This can help reduce the impact that the coronavirus will have on your profession.