Author Topic: How will COVID-19 Affect the Real Estate Market?  (Read 5983 times)

Offline JH3525

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #15 on: March 30, 2020, 09:09:36 AM »
Prior to the stock market crash which began in September 2008, my 900 sf prewar one bedroom market value was $300.000.  In January 2012, I decided that I wanted to sell and get something similar on a higher floor with more light.  A realtor informed me that there were 116 one bedrooms for sale in Jackson Heights and estimated I would get possibly $225,000 and this was 39 months after the crash began.  This was a decrease of 25%.   The $300,000 price did not return until the 2nd half of 2014 or 6 years after the stock market crash began. 

The stock market is in correction but has not crashed but the possibility remains.  Although we won't have any idea of how the real estate market will be effected in Jackson Heights until late this year, its not a question of IF prices will decline but by HOW much.   

Offline STomkiewicz

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #16 on: March 30, 2020, 05:06:32 PM »
I've been sitting on my hands wondering if any of the other agents or brokers on this message board wanted to weigh in first. I don't think any of us know exactly what to expect once it's safe for us to resume full activities. Governor Cuomo's executive order declared real estate businesses to be non-essential, so we are barred from doing showings, holding open houses (unless virtual), or meeting face to face with clients or customers until the order is lifted. Transactions already in progress continue, so long as the lawyers and lenders are willing and able to do so, but for the rest of us, the "pause" button has been pressed.

How badly the real estate market is affected will ultimately rest upon the economic damage caused to local economies by the closure of businesses and the loss of jobs. This crisis is caused by a pandemic to which the stock market is reacting, not by a fundamental breakdown of sound lending and investment practices which undermined the real estate and financial markets as was the case in 2007. If local economies bounce back relatively quick after COVAD-19 and our financial institutions are still solvent, then I would expect the real estate market to bounce back vigorously as well. One would hope that mortgage interests rates would stay close to historic lows, and that the government would step up if legislation is required to jumpstart the free flow of capital again.

One other thing will be true: Life will resume. People will marry or divorce; Start a family or send the kids off to college; Plan for retirement or seek new employment. If you were planning to buy a property in the next year, now is the time to get your finances in order and figure out exactly how much home you can afford. If you were thinking of selling, perhaps now is the time to make a few needed repairs and clean out that attic and basement. In a down market, the ones who are best prepared to move forward will be the ones best able to take advantage of any opportunities that arise.

Please stay safe and take care of each other.

Steven Tomkiewicz
Licensed Real Estate Salesperson
 
Keller Williams Realty–Landmark II
75-35 31st Avenue, Suite 202
Jackson Heights, NY 11370
 
Cell/Text: 646-541-7253
Office: 347-846-1200
https://steventomkiewicz.kw.com/
https://app.kw.com/KW2MW27QB
stomkiewicz@kw.com

Offline lindsey

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #17 on: April 01, 2020, 06:53:49 PM »
If nothing else, this situation should bolster the selling point of any apartment with a balcony and in-unit washer & dryer--how I yearn for both right now.

Offline agentarmen

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #18 on: April 03, 2020, 06:22:47 PM »
My recent quote to Curbed NYC:

“If I had to sum it up, clients already in contract are still on the way to the closing table,” says Armen Meschian of brokerage CORE. “Those with active listings are at zero.”

Many other brokers weighed in also, so this may be a good article to read.

https://ny.curbed.com/2020/3/10/21173411/coronavirus-new-york-real-estate-home-prices-covid-19?fbclid=IwAR3LQsIHCYQRJtAG3zhhAhATRmJhjtSwEdGoDKKmY4o74mRQp6vwsUsr6Sw
Armen Meschian
Licensed Associate Real Estate Broker

CORE
673 Madison Avenue
New York, NY 10065
t:     212-612-9694
c:     917-848-6928
f:     212-612-9650
am@corenyc.com

http://www.JacksonHeightsListings.com

Online Jeffsayyes

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #19 on: April 12, 2020, 08:41:14 PM »
I think most homes in JH are still quite moderately priced, undervalued in NYC, so we would have that cushion.


I think there might be a number of people making life decisions when the dust settles too. Myself included - we only get to do this once!

Offline r

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #20 on: April 13, 2020, 01:46:27 AM »
Life decision: stop eating bat soup

Offline abcdefghijk

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #21 on: April 13, 2020, 09:14:06 AM »
Mutating viruses are a random act of nature,

They spontaneously occur from time to time.

It's easy to blame this one on "bat soup". But the history of pandemics in 6000 years of recorded human civilization shows they simply happen.

And that is a fact that we must accept.

It's easy to blame when the truth is we have zero control over when and how pandemics occur.

Offline r

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #22 on: April 13, 2020, 10:23:38 AM »
It's easy to blame when the truth is we have zero control over when and how pandemics occur.

There are things we can do to encourage new viruses to appear, like keeping wild animals of all different species stacked on top of each other in cages. Hopefully we stop doing that...

Back to the topic though: I imagine that a lot of people who have been stuck in their tiny Manhattan apartments for the past month will be seriously thinking about moving to a bigger apartment in Brooklyn or Queens.

Offline abcdefghijk

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #23 on: April 13, 2020, 10:45:14 AM »
No way. Suburbia beckons those folks.

If you are going to want space, that's where you'll go.

Having a bit more space in an apartment ain't gonna cut it.

Offline hum@njukebox1

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #24 on: April 13, 2020, 10:44:40 PM »
I highly doubt folks will be clamoring to live in what was the epicenter of the epicenter.  May take some time to live that one down.   :(

Offline abcdefghijk

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #25 on: April 14, 2020, 07:25:29 AM »
I highly doubt folks will be clamoring to live in what was the epicenter of the epicenter.  May take some time to live that one down.   :(

Agree. The density and overcrowding of folks living here (outside the Historic District) has become problematic and conducive to worsening a pandemic situation.
« Last Edit: April 14, 2020, 07:37:48 AM by abcdefghijk »

Offline BOT

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #26 on: April 14, 2020, 10:40:57 AM »
I highly doubt folks will be clamoring to live in what was the epicenter of the epicenter.  May take some time to live that one down.   :(

Agree. The density and overcrowding of folks living here (outside the Historic District) has become problematic and conducive to worsening a pandemic situation.

100 percent agreed. I love living here in JH, but next time there is a hint of a pandemic, I am outta here so fast. JH and the surrounding areas are essentially poor immigrant neigborhood and all of its associated characteristics (multi-generation homes, overcrowding, poor primary care, much of its population are low wage essential workers) makes it the  worst place to be when a pandemic strikes.

Online dssjh

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #27 on: April 14, 2020, 10:57:53 PM »
I highly doubt folks will be clamoring to live in what was the epicenter of the epicenter.  May take some time to live that one down.   :(

Agree. The density and overcrowding of folks living here (outside the Historic District) has become problematic and conducive to worsening a pandemic situation.

100 percent agreed. I love living here in JH, but next time there is a hint of a pandemic, I am outta here so fast. JH and the surrounding areas are essentially poor immigrant neigborhood and all of its associated characteristics (multi-generation homes, overcrowding, poor primary care, much of its population are low wage essential workers) makes it the  worst place to be when a pandemic strikes.

leave now. don't wait. this week is better than next. frankly, i prefer essential humans to disposable ones.

Offline BOT

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #28 on: April 14, 2020, 11:40:54 PM »
Just an analysis of our surrounding neighborhoods, a simple risk calculation on my part, not making any judgments. No need to get into a tizzy.

Offline r

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Re: How will COVID-19 Affect the Real Estate Market?
« Reply #29 on: April 15, 2020, 05:16:02 AM »
Jackson Heights might actually be one of the safest places in NYC if there is another pandemic, because everyone will remember this one and be prepared, instead of not taking it seriously for several weeks...

I think the main thing is that Elmhurst Hospital needs more funding and an expansion, or more hospitals need to be built or reopened. Queens in general needs a lot more hospital beds.

Jackson Heights Life

Re: How will COVID-19 Affect the Real Estate Market?
« Reply #29 on: April 15, 2020, 05:16:02 AM »