Real estate market in the city comes to a standstill as residents self-isolate amid the coronavirus outbreak

Renting, buying and selling in the city is becoming more complicated as officials order residents to stay indoors

News 12 Staff

Apr 3, 2020, 2:10 AM

Updated 1,474 days ago

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Many businesses are struggling to operate amid the coronavirus outbreak, especially the real estate market.
Renting, buying and selling in the city is becoming more complicated as officials order residents to stay indoors.
Compass real estate agent Jed Wilder says the real estate market has come to a standstill.
"Right now, there is no new transactions for the most part. You know, we are not permitted to show apartments. I took video of my apartments prior to not be able to show anymore. So, I have been sending videos around to clients around inquiring, but no one is really making any moves," says Wilder.
He emphasizes that the pandemic is having a large impact on both buyers and sellers across the city.
"If you are selling an apartment, you are probably going to be a little uneasy if this is getting to the finish line. If you are buying an apartment, you may see this as an opportunity to renegotiate a deal or get out. Some people might want to do the right thing and stick with it," he says.
However, Wilder predicts that most residents will stay put.

"Maybe some people will not move out of their apartments that were thinking of moving, say they had an apartment and they wanted to upgrade to a nicer unit, I feel like those people may say, hey I will wait another year," he says.
As for renters who are set to renew, Wilder believes the current circumstances could actually lead to better deals.
"I think landlords are going to try and keep the tenants as much they can, keep them happy and you know kind of be very fair with any renewal pricing for the most part," he says.


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