How will the novel coronavirus pandemic impact New York home prices? It’s complicated. The novel coronavirus pandemic has upended how New Yorkers live: City residents have been asked to stay home, bars and restaurants are largely closed (except for takeout and delivery), the city’s public schools have shuttered, and that’s just the tip of the iceberg. Another crucial New York industry that has been impacted by the pandemic is real estate. When the first confirmed COVID-19 cases were announced in early March, the industry took note but largely operated as normal; now, the outlook is significantly different. Brokers, buyers, and sellers are all navigating uncertainty amid the pandemic, as home hunters are forced to tour listings virtually—or not at all. Some buyers are suspending their searches, while sellers are pulling their properties as they try to make sense of the new market reality.
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