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In the News

Apr 2020

Empire State Development has deemed specific real estate brokerage activities as essential

LIMITED OPERATIONS MAY RESUME IN COMPLIANCE WITH “NEW YORK STATE ON PAUSE” 4/1/20 –The Empire State Development agency clarified that residential and commercial showings along with back office real estate work, appraisal services and home inspections are essential real estate functions effective immediately.  The official notice reads as follows. Essential Businesses must continue to comply …

Apr 2020

Real estate deemed essential business in New York State

Leaders with Empire State Development say real estate is now considered an essential business. Officials have declared appraisal services, home inspections, residential home and commercial listing showings vital to New Yorkers and the state’s economy. Last week, Gov. Cuomo made the call to deem real estate non-essential. Real estate agents are still being urged to …

Mar 2020

What Happens When it’s Over?

Given that we’re only just approaching the midpoint of the nation’s 15-day pause to stop the spread of coronavirus/COVID-19 (with extensions of stay-at-home orders and business closings looking likely), it may feel premature to talk about what we may expect when the crisis ends. But people most certainly are talking about the post-pandemic market — …

Mar 2020

Are Real Estate Appraisers “Essential” Workers?

Since Gov. Andrew Cuomo left real-estate appraisers and inspectors off the list of workers deemed “essential” during the coronavirus pandemic, sales of New York real estate have slowed to a crawl. To further tighten the screws, many co-op and condo boards have banned or limited outsiders from entering their buildings – including deliverymen and contractors, …

Mar 2020

Real estate orgs call for appraisals to be deemed essential

A coalition of five real estate and professional appraisals organizations are appealing to local and state governments to declare property appraisals as essential business. Executive orders compelling non-essential businesses to stop reporting to work have been put in place in many states, cities and counties throughout the country amid the pandemic. But only seven states …

Mar 2020

‘Coronavirus clauses,’ virtual tours become norm for real estate industry during pandemic

As the coronavirus pandemic is keeping more would-be homebuyers at home, real estate agents are looking for new ways to cater to their needs while adhering to social distancing and self-quarantining. At The Agency, agents are sharing virtual tours of properties online. “Over the past few weeks, we have seen the online viewership for our …

Mar 2020

Fannie Mae And Freddie Mac Adopt “Alternative” Home Appraisals Due To Coronavirus

Jonathan Miller felt a sense of relief when the Federal Housing Finance Agency announced this morning that it is instructing Freddie Mac and Fannie Mae, the government-backed mortgage enterprises it regulates, to adopt alternative home appraisal methods. Instituted in light of the coronavirus crisis, which has sent cities and states into various stages of lockdown, the rule, along with new means …

Mar 2020

Brokerage Says Video Home Tour Requests Spike 500%

Home selling goes on, even as the COVID-19 outbreak causes mass closures across the U.S. Real estate pros have quickly adapted their businesses to market homes for sale online, and Redfin says it appears to be working. The brokerage announced a 494% increase in requests for agent-led video home tours last week. That followed an …

Mar 2020

Buying, selling, closing. How to handle a real estate deal in a pandemic

If you are buying, selling or looking for a home, you are not alone in having questions right now. Or in being a little shaken up. Restrictions to movement, a plunging financial market and uncertainty about future income, all because of the coronavirus pandemic, have upended plans to buy and sell homes overnight. Real estate …

Mar 2020

Construction projects plug away even with New York City shutting down

For now, construction continues. As the coronavirus outbreak quiets New York City—closing offices, idling taxis and shuttering bars—workers in bright yellow reflective vests, hard hats and steel-toe boots are still showing up. Wednesday morning, the pounding of jackhammers and the blaring beeps of trucks in reverse broke the eerie quiet on the waterfront in Williamsburg, …

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