How the Coronavirus is Impacting Real Estate

The coronavirus outbreak has had a huge impact on all facets of American life, and the real estate market is no exception. Although the Lake George and Bolton Landing real estate markets have been relatively unaffected thus far, the industry as a whole is seeing a big culture shift.

Some open houses across the nation have been cancelled or have new rules, experts are predicting possible drops in mortgage rates, and more urbanites may be headed for the Adirondacks.

New Rules for Open Houses

In some areas, open houses have been cancelled, replaced by private home showings and FaceTime tours, while others are simply taking extra health precautions to prevent the spread of the coronavirus. Real estate agents are now armed with hand sanitizers and disinfecting wipes and sprays for wiping down door knobs, countertops and other surfaces between showings. The number of visitors may be limited, as well, with prospective buyers asked to wait outside or in their cars. There are also fewer handshakes and sign-in sheets. Instead, real estate agents are using tablets to record buyer information, and offering smiles instead of outstretched hands.  

Mortgage Rates at Historic Lows

When the Federal Reserve cut interest rates again recently to help stave off the economic effects of the coronavirus pandemic, many prospective buyers wondered if mortgage rates would drop, as well. The short answer is not necessarily, since mortgage rates are affected by other market factors, not the Fed. However, Fed rate cuts can have an indirect affect, prompting many financial experts to predict that mortgage rates will, in fact, continue to fall. With that said, it’s also important to remember that mortgage rates are already at historic lows, so just how much lower they will go is up for debate.

More Home Buying in the Adirondacks

While the uncertainty of the coronavirus pandemic and the economic fallout has stilted some real estate activity, it’s possible that Lake George, Bolton Landing and Adirondack real estate could experience a boost. As people living in densely populated metropolitan areas begin to realize the hazards of community transmission, the appeal of wide open spaces, like those afforded by the Adirondacks, is expected to gain momentum. In fact, a New York Times article recently noted that many New Yorkers are already looking to leave the city for good. With its close proximity to New York City and Boston, the Lake George and Bolton Landing regions, in particular, could become a popular choice for city dwellers looking to escape. 

Here to Help in Any Way I Can

During this time of uncertainty, I would like to assure my clients that I am here for you, whatever your real estate needs may be. I’m happy to set up private home showings or provide virtual tours for both buyers and sellers who have health concerns, and can provide additional accommodations, as needed.

As we learn to navigate the new normal, it’s important to remember that we are all in this together, and I encourage you to reach out with any questions or concerns. As always, I can be reached at (518) 321-1870.