As panic surrounding COVID-19 increases, and the number of diagnosed cases in Texas continues to climb — including a just-announced case of Coronavirus in Colling County — officials in every industry, including real estate, are taking precautions.
NAR Cancels California Events
The National Association of Realtors announced last week it will no longer hold events in San Diego and Los Angeles.
The association axed its Joint AE Institute, planned for San Diego, and the Realtor Broker Summit, originally slated for the end of the month in L.A.
The events were canceled “in response to coronavirus concerns, particularly those emerging on the west coast of the United States,” NAR officials said in a statement.
California Gov. Gavin Newsom declared a state of emergency following the state’s first coronavirus death.
Virtual Reality is a Practical Solution
A temporary solution to some planned events that draw real estate professionals from across the country each year could be to turn scheduled gatherings into virtual meetings, according to an Inman News.
Real estate services company Realology suggested the change after canceling events in Tennessee, Texas, and Florida, also asking employees to avoid “international and non-essential travel,” according to the article.
Inman, too, followed suit, canceling its March “Disconnect” event scheduled for Palm Springs, Calif.
A Cautionary Tale
While some experts, including TV personality and addiction specialist Dr. Drew Pinsky, have said the Coronavirus panic is being sensationalized by the media and is much less harmful than, say, the flu, some employers say they don’t want to take any chances.
And while the stock market tanked at opening on Monday, March 9, triggering a stop to trading, mortgage rates are at now-historic lows. Meanwhile, the Internet is going nuts with memes cautioning us to wash our hands and sanitize.
The New York Times reported Monday that Italy has called for a lockdown of some 16 million people.
Meanwhile, the U.S. death toll is less than 20, but the number of people infected continues to rise.
The Show Must Go On
While travel and networking events may be limited in the coming weeks and months, opportunities exist for those who want to take advantage of those low mortgage rates.
Experts tell us the time is right for buyers to strike while the rates are manageable.
Mortgage applications are ticking upward as rates are the lowest they’ve been in 50 years, according to Realtor.com.
It may make sense to refinance or at least consult with your local professionals on how to stay ahead during an uncertain time.