Real estate agents adjust to industry changes during coronavirus pandemic

If you’re in the market to purchase a house, sell, or refinance your home, then you’ll want to pay attention to this report.

Posted: Mar 31, 2020 6:10 PM
Updated: Mar 31, 2020 6:25 PM

The State’s executive order is keeping real estate brokers from personally showing houses, but that’s not stopping agents from selling. Mohawk Valley Association of Realtors Executive Officer Ann Rushlo explains how realtors are able to keep the market active.

"We’re relying much more on electronic means than ever before. Not only for document signing to list a property, but also you know those virtual tours that the realtor took a video of the property, and that’s now the only way they can show it to someone," she said.

Hunt Real Estate Salesperson Tess Johnson recommends sellers take the time to declutter, pack, depersonalizing your home, paint, and of course deep clean everything. She believes you also may want to consider waiting to list your home.

"It is much of our responsibility to make sure it is marketed out there properly, so I am waiting to list properties to make sure that it hits the market in the best way possible," she said.

Low interest rates have many considering refinancing, and there are others who are going through hard financial times looking for a way to stay financially sound. If you’re thinking about refinancing or making any kind of deferral payments, consider speaking with your lending institution first. Tom Neumann is the President First Source Federal Credit Union. He explains some of the financial choices you may want to consider. 

"For consumer loans it actually is an extension of loans, and for many of our home equity products it is also, but when you have escrow or some of these other situations on a real estate loan, it complicates that piece, so the best option clearly is to make your payment if you can. If you cannot do that, that’s why on a consumer loan the extension will only push it to the end of the loan. So you’re not going to have an extra payment. It’s going to extend the term of that loan, but on a real estate loan, call, we’ll look at accommodation of forbearance, repayment, or modification so that we avoid you having that big hit right at the end of your forbearance period," he said.

Remember that everyone’s financial situation is different, so consider the advice of a professional before making any long-term decisions.

New York Coronavirus Cases

County data is updated nightly.

Confirmed Cases: 419642

Reported Deaths: 32760
CountyConfirmedDeaths
New York City22725823567
Suffolk436811998
Nassau435802194
Westchester361361447
Rockland13925674
Orange11129491
Erie8791671
Monroe4901285
Dutchess4589153
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Albany2573128
Oneida2129115
Ulster204991
Niagara149198
Sullivan148848
Putnam144663
Broome111569
Schenectady105537
Rensselaer75930
Saratoga75217
Columbia53537
Madison41217
Ontario35734
Warren30733
Orleans29754
Steuben29742
Fulton29324
Greene29118
Genesee2775
Herkimer2704
St. Lawrence2634
Washington25614
Oswego2513
Chautauqua2499
Wayne2493
Tompkins2330
Chenango2156
Tioga19325
Livingston1748
Montgomery1704
Chemung1683
Cattaraugus1646
Cayuga1512
Jefferson1400
Clinton1274
Otsego1165
Wyoming1165
Delaware1044
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Seneca873
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Yates567
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Hamilton80
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