Home Buying and Selling During COVID-19: What You Need to Know About Staten Island Real Estate

Home Buying and Selling During COVID-19: What You Need to Know About Staten Island Real Estate

  • 05/26/20

In a normal New York real estate market, the spring rush would already be in full swing. Most homes would not sit on the market for more than 89 days. Sellers might even get more than a few qualified buyers making offers on their homes.

All over the country, real estate markets have seen the impact of COVID-19.

While buying and selling have not come to a complete halt, for now, the process has changed. Read today’s post for things you need to know about SI real estate during COVID-19.

Staten Island Real Estate for Sale during COVID-19?

While home inventory is lower than what you would expect at this time of year, you will still find real estate for sale.

With the smaller number of properties for sale, you may notice more competition with other prospective buyers. Traditionally, low inventory results in a seller’s market, but right now, even with many sellers waiting to list homes, you will still find more properties than you will buyers. Add to that lowered interest rates and the area might just be experiencing a buyer’s market.

As far as real estate prices, you may see sellers lower their asking price if a home spends too many days on the market, but it is still too early to know how COVID-19 will affect home prices over the long-term.

How Your Realtor Shows Homes Today

When New York state determined what qualified as essential businesses, real estate did not win the draw—at least not initially. SI realtors could not have any face-to-face interactions with buyers and sellers. The way realtors market homes changed somewhat.

Instead of setting up the traditional in-person home showings, realtors are relying more than usual on virtual tours. Most buyers are familiar with this because they usually begin their home shopping experience online, where they take a virtual tour of most listings.

Now, realtors use not only virtual tours, but they have added virtual showings and open houses to their tool belts.

How Does COVID-19 Impact Real Estate Closings?

Until you are in the middle of the home-buying journey, you may not realize how many people work together to complete a real estate transaction. Many of the key players are changing how they do business.

Under normal circumstances, buyers and sellers meet on closing day to sign documents and turn over keys. Right now, many lenders and title companies use electronic signatures and hold virtual closings.

Taking Precautions During a Global Pandemic

Once things return to more of a business-as-usual status, buyers and sellers should be careful when looking at and showing homes.

Sellers should take more precautions as far as disinfecting homes. Buyers and realtors will likely wear protective masks and shoe coverings. No one experiencing COVID-19 symptoms should schedule in-person home viewings.

As business returns to normal, realtors will keep up with any changing protocols and keep their clients informed.

Do You Need an Staten Island Realtor?

Although we are experiencing the challenges of COVID-19, realtors are still available to help buyers and sellers with their SI real estate needs.

If you are interested in a buying home or have questions about selling your property, contact our team today. We would love to work as your preferred realtor.

Wonica Realtors & Appraisers are Staten Island’s #1 independent full-service real estate firm, serving the needs of the community for over 30 years. Whether you’re buying, selling, renting or relocating, our staff of highly trained professionals will provide quality realty services with personal attention to your individual real estate needs.

Work With Us

We help you understand the market and where to price your home for a fast sale. Our REALTORS® are familiar with the trends so they can help you appeal to a variety of potential buyers.