April 16, 2020

This week we’re continuing our series of blog posts with stories about how the Coronavirus is impacting the real estate market as well as our industry.

This story from Baron’s discusses a survey conducted among members of the National Association of Realtors indicating a large drop in the amount of interest from both buyers and sellers of residential properties. The results weren’t all doom and gloom though, they also predicted a rebounding interest later in the year.

A piece from NBC highlights some of the big banks who are tightening requirements to qualify for a mortgage. Will other lenders follow suit? Along the same theme, this piece from Housing Wire supports lenders making these adjustments in these uncertain times.

Housing Wire also has a positive projection in this article. While it predicts a slump in the housing market mostly because we are all staying home, the author says it will come back. It may take some first-time home buyers longer to be able to buy than it would have before a downturn, but they will eventually be ready and there will be great demand for homes.

An article from Bloomberg predicts that people will still find urban centers appealing and won’t flee to the countryside once the COVID-19 pandemic fears subside. The piece mostly discusses markets in California, but it is a universal idea.

CNBC featured New Jersey’s American Dream in this piece which points out Triple Five’s effort to pivot toward even more entertainment spaces inside the mega mall and less retail space. They are also hoping people will be desperate to get out of their homes once it is deemed safe and will come back to the property without hesitation.

Locally, the Saddle River affordable housing hearing has been postponed. And for today’s local feel-good story, a Montclair landlord has waived rent for his tenants in these trying times.

NJBiz reports that shore towns can ban short term rentals including hotel rooms, and many of them have done so. Many shore business owners and landlords are waiting impatiently to see how stay at home orders will impact their seasonal revenues.