Definitely NOT a love story…..
At 8:00 pm on Sunday, March 22, an executive order by Gov. Andrew Cuomo took effect mandating all non-essential business employees to stay home. In that instant, the entire real estate industry in the State of New York ground to a halt.
The New York State Association of Realtors (NYSAR) has since been working with the Empire State Development Corporation (ESD), the government agency tasked with determining the designation of ‘essential businesses’ within New York State, on re-classifying certain real estate activities as essential, thereby allowing these activities to continue.
As of Monday, April 13th, the ESD has established that “real estate services shall be conducted remotely for all transactions” and that licensees must avoid person to person contact with members of the public by utilizing any means available, such as virtual and/or unaccompanied showings and electronic document signing.
So, is selling a home during the pandemic really possible? Many sellers have questions:
Is it safe to have people come into my home? There are practical steps you can take to ensure a safe home showing. Your agent could make a recorded virtual tour of the property which would allow a buyer to select which listings they want to see further in person or not at all. If applicable, open all doors and turn on all lights so sellers can look with minimal touching. Keep paths clear and free of clutter. Offer hand sanitizer or wipes throughout the home. Limit the showing days and hours so you can properly clean between showings.
What happens if a buyer loses their job? Most real estate contracts include a contingency for the buyer loan approval and funding. Now more than ever, it’s critical to keep that contingency in place. In the unfortunate event the buyer loses their job or can no longer qualify for the loan during the contingency deadline, the parties can typically cancel the contract.
Should I just wait to sell my house until this is all over? Unfortunately we don’t know how long or short the crisis will be and each seller will ultimately need to decide what is best for them. As long as your agent has the capability to navigate a virtual market, there’s no reason why selling a home during COVID-19 can’t be a success for both buyers and sellers.
Cuomo Orders Real Estate Agents To Stop Showing Homes
Governor ends industry debate about whether the practice should continue
TRD NEW YORK /
March 20, 2020 07:30 PM
By Sylvia Varnham O’Regan, E.B. Solomont and Erin Hudson
Frequently Asked Questions for COVID-19 and REALTORS®
New York State Association of Realtors