The pandemic has a dramatic impact on the local real estate market | Business
MOUNT VERNON – Sibley Poland, a real estate agent for Red One Realty with nearly two decades of experience, has noticed dramatic changes in the recent real estate market.
Physically, Poland and other real estate agents have adapted to COVID-19 practices.
“When it comes to the pandemic, we have all adhered to the general rules that businesses adhere to, which is the wearing of masks and social distancing during screenings and disinfection,” Poland said. with clients who couldn’t be there or who didn’t feel comfortable going in person.
Realtors have done their best to avoid scheduling multiple showings at the same time, and in some cases realtors have requested that showings limit their parties to 3 or 4 people.
“It has been unusually busy … but we are seeing people wanting to leave the cities and move to more rural areas.”
People in urban areas looking to relocate to rural areas come both from within the state and from outside. Obviously inspired by distance learning, work and months in quarantine, most buyers seek an abundance of outdoor spaces and properties with home offices.
This busy season has extended the duration of the market and created a lack of inventory.
Currently, most properties spend 60 days on the market if the owners are looking for a loan; these houses await inspections and evaluations from assessors who, as Poland says, are bogged down in work. Usually there are between 60 and 100 non-contracted registrations, but as of Thursday April 8, there were only 17 active registrations.
“I really think it’s always a hot seller’s market and if anyone is looking to sell now, this is definitely the time. But I think that’s tempered by the next question, which is, “when your house sells, where are you going to go?” And it was a Catch-22, a pillar.
“Some people list their homes and due to lack of inventory they don’t know where they are going to go. They are afraid of not finding their next home or finding accommodation to rent.”
If possible, Poland recommends that sellers qualify to make their next purchase without selling or, instead, they try to secure a rental property in the meantime or temporarily move in with their family.
Poland also suggested that if sellers are looking to rent while they find their permanent property, they should look to VRBOs and Airbnbs.
“I think people should know that people who run VRBOs and AirBnBs have the option of doing long term or long term rentals for several months to homeless sellers who are looking for their next home.”
Ultimately, those looking to sell, buy, or rent should start their research immediately.