New York Real Estate Goes Virtual

New York Governor Andrew Cuomo recently included real estate on the essential business list, after it was initially deemed unessential. Now agents must take all social distancing precautions as they resume inspections and appraisals on all residential and commercial properties. Viewings, however, including open houses or client walkthroughs, must be done virtually.

Virtual walkthroughs and viewings are now the default option for New York properties.

These instructions might help give NYC’s real estate industry a much-needed revival. During the first week of the coronavirus shutdown, 450 New York City listings were pulled off the market, according to UrbanDigs.   Signings and closures were halved, and 79% fewer listings were put on the market.

New York City’s real estate market will recover.