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Real estate deemed coronavirus 'essential service' in many areas
Real estate after coronavirus will ‘bounce back very quickly’: NAHB CEO
NAHB CEO Jerry Howard discusses how the coronavirus is impacting the real estate market.
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The coronavirus pandemic has dramatically slowed the real estate market, but professionals in the industry where location is key are finding ways to continue making deals remotely.
"It takes a lot of creativity and cooperation between the parties, but at the end of the day, we're going to get it done," Sandor Krauss, a New York City-based real estate attorney, told FOX Business.
Many of the sales that Krauss has seen go through since the pandemic hit the U.S. were already in negotiations before social distancing practices went into effect in many communities. But he said there have also been deals reached with buyers who have only had virtual "visits" to their new homes — though mostly for new developments.
"When it's a new construction, you're buying that on spec anyway," he said.
Different states have set different rules as to what businesses are "essential." However, the Department of Homeland Security has deemed residential and commercial real estate services essential, and in New York the Empire State Development agency said this week that real estate functions including property showings, home inspections and residential also appraisals are essential.
In hard-hit New York state where more than 100,000 people have been diagnosed with COVID-19, many real estate industry workers are still opting to self-quarantine where possible.