Addendum to Assist Transactions Due to Covid-19
The real estate industry is changing on a daily basis due to the COVID-19 virus.
We are a relationship-driven industry yes with technology but also face to face interaction. The residential real estate market continues to feel the impact of quarantines, social distancing, and safety precautions/concerns. Home sellers are limiting showings and open houses and virus concerns may convince buyers to wait.
Lawrence Yun, Chief Economist for the National Association of Realtors, mentions home sales could be down approximately 10% in the short term.
Delays in transactions are and will happen. To help your clients and professional partners the Michigan Association of Realtors has issued an addendum to assist in any issues occurring during a transaction due to COVID-19.