Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Fighting the Unseen Enemy
Gov. Andrew Cuomo at a press conference on Saturday, March 21 said that two weeks ago seemed like a lifetime. I couldn’t agree more!
The governor’s executive order on Friday, March 20 shutting down most industries in New York State, including commercial and residential real estate brokerage and development, had to be done to curtail the spread of our unseen, but deadly enemy—the Novel Coronavirus (COVID-19). The “pause” ordered by the governor will have a hefty cost—possibly more than $7 billion in New York State alone, according to a recent estimate by New York State Comptroller Thomas DiNapoli, click here for story.
Just how long the “pause” ordered by the governor will last is anyone’s guess. Hopefully, the number of new cases will decline sufficiently enough for the governor to lift the stay at home edict in the near future so that the real estate industry in the Hudson Valley, which was strong prior to the shutdown, can reset and once again serve as a major economic engine here and throughout the state.
As this work stoppage drags on, I am concerned not only for the physical and financial well-being of HGAR members and affiliates, but also for their psyche in these difficult days ahead.
I strongly suggest everyone to follow all the health-related recommendations issued by federal and state agencies, that include: remain indoors; pre-screen all visitors and aides by taking their temperature and seeing if person is exhibiting other flu-like symptoms; do not visit households with multiple people; always stay at least six feet away from individuals; and do not take public transportation unless urgent and absolutely necessary.
However, if possible, go outside and exercise, but keep a safe distance (six feet or more) from others. Indoors, do home or business projects you had put off. In my case there are a number of books I had planned on reading that I will now make time for. Also, I strongly suggest limiting the time you watch or read coverage of the COVID-19 crisis. Too much information can lead to anxiety, fear and depression.
Also, talk to your family, colleagues and friends and check on those, including neighbors, that you deem vulnerable. We are all in this together and we will get through this, although more than likely, our lives will be forever changed.
Real Estate In-Depth will keep you informed on the latest news and insight on the battle against the Coronavirus and its impact on the real estate industry in the Hudson Valley.
During this trying time, I offer my prayers and best wishes for all.