For the next wave of Houston home buyers—as well as for homeowners who intend to offer their Houston properties for sale—the past week produced little to clarify what to expect from future Houston market conditions. Even so, as Texas’s state and county officials scrambled to offer guidance on public health and safety issues, there was also a growing national awareness of the simultaneous need to preserve a viable economic future.
Throughout the week, New York City dominated much of the nation’s attention. As its heroic health workers braced for a potentially catastrophic viral surge, it was not surprising that almost unnoticed came a ruling affecting its real estate disposition. It illustrated one aspect of the dilemma facing buyers and sellers elsewhere.
ESD (Empire State Development) is New York’s agency charged with overseeing the state’s economic activity. It had been silent about real estate offices’ inclusion in a statewide lockdown which ordered all nonessential private-sector employees to work from home. Needless to say, that created a significant barrier for New York’s real estate industry.
Last Wednesday night, word came that ESD had reversed course, designating residential home and commercial office showings as “essential functions.” Officials explained that the chain effect of hampering real estate transactions—as when the postponement of one home’s sale would trigger the failure of a seller’s subsequent purchase—was so potentially harmful that it warranted the “essential” designation.
But despite the essential designation, the need to retain strict social distancing could not be ignored. According to the Albany Business Review, and EDS spokesman explained, “Brokers can only transact business in their offices or show properties virtually.” The spokesman added, “anything else is off-limits.” As the Wall Street Journal observed, the announcement “generated both relief and anxiety.”
Such mixed reactions are understandable—and realistic. But as the New York example demonstrates, economic reality dictates that some real estate transactions must proceed, even under almost unimaginably difficult circumstances. Here in Houston, we are meeting today’s extraordinary conditions with strict attention to the urgent safety and health measures—followed by our commitment to bringing all of our energy and experience to bear as we help our clients successfully conclude their Houston real estate dealings. Call Rinnovare Realty, LLC at (832) 445-4957 to discuss how we are making that happen today!