ALBUQUERQUE, N.M. (KRQE) – Every area of our lives is being affected by the coronavirus. Before the governor’s order, the housing market was seeing a seller’s market, but now realtors are having to adjust to the current climate.
“We’re seeing business be done in a different way. Title companies are gonna start doing remote closings. We’re going to see brokers being more cautious just with people meeting them out at homes, sellers are taking a little more precautions of people coming into their homes,” said Jim Pitts.
Pitts is the President of Berkshire Hathaway Home Services New Mexico Properties in Albuquerque. He said they are taking the situation hour by hour.
Yesterday the Greater Albuquerque Association of Realtors issued a new protocol for local agents to follow. They have suspended all open houses and showings must require consent by the property owner or listing broker.
Currently, the number of homes on the market is way down. Pitts said normally, we would have 3,000 homes on the market and right now there are only 2,000.
“You have low-interest rates driving a lot of buyer activity… you also have a number of buyers that during the recession, either had a short sale foreclosure or had some financial issues that have cleared up now and they are all back in the market,” Pitts said.
He said they have seen a few deals fall through due to the current state of concerns over COVID-19 but they say it hasn’t yet been significantly affecting the market. The Realtors Association says they are also asking brokers to wipe down all surfaces in homes after showings.