Concerns about COVID-19 and Governor Wolf’s recent orders have
affected the local real estate market, as they have other areas of the economy.
To decrease the spread of the virus, the governor ordered all non-life-sustaining
businesses to close their physical offices on March 19 and four days later issued
a stay-at-home order for several local counties, including Bucks, Montgomery,
and Chester Counties.
During the past ten days, the number of new listings in PA has
decreased, and the number of house showings saw a steep decline statewide (data
from BrightMLS as of 3/28/20). Chester,
Montgomery, and Bucks Counties seem to be following this trend.
Though many real estate tasks can be accomplished remotely, some
cannot. For example, buyers generally don’t want to buy a home without visiting
it in person, and in-person showings with agents are not in compliance with the
governor’s orders.
Now is not the time for sellers to have their homes on the
market. Buyers touring a home may be carriers of the virus, and surfaces
they touch may become contaminated. Inspectors also pose this risk. A prudent
course of action for sellers who listed their homes prior to the health crisis
is to take their homes off the market until the crisis abates.
The PA State Police have begun issuing warnings to
businesses, including real estate companies, that have not ceased in-person operations. None of us knows when the housing market will
get back to normal, but let’s do everything we can to stay safe until then.
Read more of Annette’s
real estate articles for the latest real estate advice.
For more information on the real
estate market, contact Annette Nelson at (610) 247-7892 or annette@preferredhomes.com
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