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| Real Estate’s Spring Sales Season Slows to a Trickle | Real Estate’s Spring Sales Season Slows to a Trickle |
| (about 4 hours later) | |
| By the looks of things in New York City’s real estate market, spring will be a little late this year. | By the looks of things in New York City’s real estate market, spring will be a little late this year. |
| The spring sales season usually starts to ramp up during March. The typical number of new listings that come on the market in March is 1,780, but only 734 properties have been listed so far this month, according to UrbanDigs, a website that offers real estate data and commentary. The number of properties that have gone into contract this month, at 432, is less than half of the typical March figure, and 430 units were also taken off the market. | The spring sales season usually starts to ramp up during March. The typical number of new listings that come on the market in March is 1,780, but only 734 properties have been listed so far this month, according to UrbanDigs, a website that offers real estate data and commentary. The number of properties that have gone into contract this month, at 432, is less than half of the typical March figure, and 430 units were also taken off the market. |
| “This year we’ll continue with the spring selling season but it will shift to summer,” said Richard Grossman, president of the real estate brokerage Halstead, adding that sales were strong through the end of 2019 and into early March. | “This year we’ll continue with the spring selling season but it will shift to summer,” said Richard Grossman, president of the real estate brokerage Halstead, adding that sales were strong through the end of 2019 and into early March. |
| He said that the market usually has two selling seasons: spring, which on his calendar, starts in mid-January and ends around July 4, and the fall season which begins after Labor Day and wraps up just after Thanksgiving. | He said that the market usually has two selling seasons: spring, which on his calendar, starts in mid-January and ends around July 4, and the fall season which begins after Labor Day and wraps up just after Thanksgiving. |
| “When things get back to normal there will be pent-up demand,” he predicted. “Interest rates are low and if you’re quarantined, you’re going to be saying ‘I want a new place to live if this happens again.’ ” | “When things get back to normal there will be pent-up demand,” he predicted. “Interest rates are low and if you’re quarantined, you’re going to be saying ‘I want a new place to live if this happens again.’ ” |
| The current uncertainty among buyers and sellers, though, is not restricted to New York, as reflected in a pair of surveys conducted by the National Association of Realtors earlier this month. On March 9, after the first weekend in the month, almost 80 percent of association members said the virus was having no effect on buyer interest. After last weekend, less than half of the respondents said that buyers were carrying on as though living in ordinary times. And the number has no doubt dropped significantly as state governments have ordered all nonessential workers to stay at home. | The current uncertainty among buyers and sellers, though, is not restricted to New York, as reflected in a pair of surveys conducted by the National Association of Realtors earlier this month. On March 9, after the first weekend in the month, almost 80 percent of association members said the virus was having no effect on buyer interest. After last weekend, less than half of the respondents said that buyers were carrying on as though living in ordinary times. And the number has no doubt dropped significantly as state governments have ordered all nonessential workers to stay at home. |
| Meanwhile, on the sell side in the March 9 survey, only 3 percent of association members said they had seen sellers delist their property in reaction to the virus. A week later, the figure was 16 percent, and 20 percent in areas where there were presumed or confirmed cases of the virus. | Meanwhile, on the sell side in the March 9 survey, only 3 percent of association members said they had seen sellers delist their property in reaction to the virus. A week later, the figure was 16 percent, and 20 percent in areas where there were presumed or confirmed cases of the virus. |
| The closure of government recording offices around the country in response to the pandemic will further complicate the buying process. These county offices, which handle title searches and deed filings, are vital to the buying and refinancing processes. | The closure of government recording offices around the country in response to the pandemic will further complicate the buying process. These county offices, which handle title searches and deed filings, are vital to the buying and refinancing processes. |
| The Real Estate Board of New York, a trade group, is incentivizing skittish sellers who fret that a property listed now is a property that will be tagged “stale” once things return to normal: Until further notice, REBNY has eliminated the “days on market” calculation that is a data point on its Residential Listings Service and is used on most consumer-directed real estate listings sites. Streeteasy has followed suit. | The Real Estate Board of New York, a trade group, is incentivizing skittish sellers who fret that a property listed now is a property that will be tagged “stale” once things return to normal: Until further notice, REBNY has eliminated the “days on market” calculation that is a data point on its Residential Listings Service and is used on most consumer-directed real estate listings sites. Streeteasy has followed suit. |
| To entice prospective buyers, brokers are offering video tours of properties; virtual tours using Facebook Live, Instagram Stories, and 3-D technologies like Matterport as well as live interactive tours via videoconferencing sites like Zoom. And however old school, there are also lots of photographs. | To entice prospective buyers, brokers are offering video tours of properties; virtual tours using Facebook Live, Instagram Stories, and 3-D technologies like Matterport as well as live interactive tours via videoconferencing sites like Zoom. And however old school, there are also lots of photographs. |
| But whether virtual tours will lead to an actual offer is doubtful. | But whether virtual tours will lead to an actual offer is doubtful. |
| “Investors might have the resources and knowledge to buy homes without actually seeing them in the flesh,” said Emile L’Eplattenier, the managing editor of TheClose.com, a real estate strategy website. “But I have yet to meet an actual buyer willing to do the same.” | “Investors might have the resources and knowledge to buy homes without actually seeing them in the flesh,” said Emile L’Eplattenier, the managing editor of TheClose.com, a real estate strategy website. “But I have yet to meet an actual buyer willing to do the same.” |
| Agents generally spend money on virtual tours more to cater to homeowner’s whims than to actually sell real estate, Mr. L’Eplattenier added. “Covid-19 isn’t likely to change that.” | Agents generally spend money on virtual tours more to cater to homeowner’s whims than to actually sell real estate, Mr. L’Eplattenier added. “Covid-19 isn’t likely to change that.” |
| But Jason Haber, an associate broker at Warburg Realty, said: “I think there’s a new market: the online market, the only one we have now. We want to be in that marketplace. You have the most number of eyes looking at a property and you want that property to be part of the conversation.” | But Jason Haber, an associate broker at Warburg Realty, said: “I think there’s a new market: the online market, the only one we have now. We want to be in that marketplace. You have the most number of eyes looking at a property and you want that property to be part of the conversation.” |
| And, he insists, there is still plenty of conversation going on. | And, he insists, there is still plenty of conversation going on. |
| “You might think the upheaval would cause everyone to stand down,” he said. “But Covid-19 is a Rorschach. The way you view the virus you project out to the real estate market.” | “You might think the upheaval would cause everyone to stand down,” he said. “But Covid-19 is a Rorschach. The way you view the virus you project out to the real estate market.” |
| He said he had clients who felt there was too much uncertainty to move forward right now, “But I have other clients who are frankly opportunistic, and are looking to see what discounts sellers are willing to do.” | He said he had clients who felt there was too much uncertainty to move forward right now, “But I have other clients who are frankly opportunistic, and are looking to see what discounts sellers are willing to do.” |
| Updated June 22, 2020 | Updated June 22, 2020 |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| Judy Szablak, an associate broker in the Westport, Connecticut office of the real estate firm Coldwell Banker, said she hadn’t seen much of a slowdown and had fielded several calls from prospective buyers last week. | |
| “If people are contacting me at this particular time they are very motivated, whether they’re downsizing or they’re moving here or somewhere else for a new job,” said Ms. Szablak, (although the process in Fairfield and elsewhere is complicated by the closure of government recordings offices, the locus of title searches and deed filings). | |
| In case lower Fairfield County goes into lockdown, she is putting together video presentations of her listings, and hoping for the best. In response to the virus, her office added a “sight unseen” disclosure to the purchase contract to indemnify agents against charges of misrepresenting the property a client might buy without first visiting. | In case lower Fairfield County goes into lockdown, she is putting together video presentations of her listings, and hoping for the best. In response to the virus, her office added a “sight unseen” disclosure to the purchase contract to indemnify agents against charges of misrepresenting the property a client might buy without first visiting. |
| Ms. Szablak has made just such a sight unseen sale before; no reason she can’t do it again, she said. “It’s all about motivation. If the client’s motivation is strong even with what’s going on now, the transaction is going to happen.” | Ms. Szablak has made just such a sight unseen sale before; no reason she can’t do it again, she said. “It’s all about motivation. If the client’s motivation is strong even with what’s going on now, the transaction is going to happen.” |
| Paula Kim is looking for just such a motivated buyer, she put her apartment on the market in late February, introducing it to prospective buyers with a public open house. “We had 23 people go through,” said Ms. Kim, who works in finance. “We were getting really good engagement.” | Paula Kim is looking for just such a motivated buyer, she put her apartment on the market in late February, introducing it to prospective buyers with a public open house. “We had 23 people go through,” said Ms. Kim, who works in finance. “We were getting really good engagement.” |
| In mid-March, Ms. Kim’s broker, Joel Moss of Warburg Realty, pivoted to appointment-only open houses for the apartment — a one-bedroom co-op in Midtown East — until the building suspended showings of any kind. | In mid-March, Ms. Kim’s broker, Joel Moss of Warburg Realty, pivoted to appointment-only open houses for the apartment — a one-bedroom co-op in Midtown East — until the building suspended showings of any kind. |
| Since then, Ms. Moss has provided a few virtual tours of the property and, for the moment at least, Ms. Kim is keeping the listing on the market at the original asking price. “As things continue to develop we will continue to reassess,” she said. | Since then, Ms. Moss has provided a few virtual tours of the property and, for the moment at least, Ms. Kim is keeping the listing on the market at the original asking price. “As things continue to develop we will continue to reassess,” she said. |
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