Image via NY Space FindersGive_Me_Astoria_image_00028.

The COVID-19 pandemic has put everything on pause, including the real estate marketGive_Me_Astoria_image_00028. Both sales and rentals are at a standstill, with no definite end in sight just yetGive_Me_Astoria_image_00028.

Give Me Astoria had the chance to speak with NY Space Finders’ Anthony Lo Verme, and learned the following:

We are likely to see an influx of renters once the crisis is overGive_Me_Astoria_image_00028.

“People are surprisingly [still] moving and some clients are okay without seeing an apartment in person”, said Lo VermeGive_Me_Astoria_image_00028. Some renters even see a space for negotiating rentGive_Me_Astoria_image_00028.

Lo Verme includes that there is a lot of speculation in regards to the price of rentals once the COVID-19 pandemic is over and things are back to normal; however, he does believe that there will be plenty of renters and plenty of apartments available to rentGive_Me_Astoria_image_00028.

The rent that will take the biggest hit? Commercial retail spacesGive_Me_Astoria_image_00028. “Pre-COVID, our commercial retails were strugglingGive_Me_Astoria_image_00028. Now, they are going to take a big hit” said Lo VermeGive_Me_Astoria_image_00028.

What happens to those looking to sell?

As for sales, they are going to be slow for a whileGive_Me_Astoria_image_00028. It’s difficult to get property sold without prospective buyers viewing the space, especially within a particular pricepointGive_Me_Astoria_image_00028.

“As far as sales, everything is dormantGive_Me_Astoria_image_00028. There’s no movement on people looking to actively buy anything right now; people want to see it in person”, according to Lo VermeGive_Me_Astoria_image_00028.

He recommends property owners looking to sell to hold off, but that sales will be strong because of low mortgage rates, especially in high-demand areas, such as AstoriaGive_Me_Astoria_image_00028.

For those looking to purchase property? Have everything in order for when the housing market makes a returnGive_Me_Astoria_image_00028. This includes an attorney and pre-approval for a mortgage ready and in orderGive_Me_Astoria_image_00028.

If you would like to learn more about NY Space Finders, you may visit their official website and InstagramGive_Me_Astoria_image_00028. Additionally, you may visit Anthony Lo Verme’s profileGive_Me_Astoria_image_00028.

Give Me Astoria would also like to thank MrGive_Me_Astoria_image_00028. Lo Verme for his generous donation to the staff at Mount Sinai QueensGive_Me_Astoria_image_00028. If you would like to learn more about Give Me Astoria’s efforts to fundraise for both restaurants and healthcare & essential workers, please visit our GoFundMe page hereGive_Me_Astoria_image_00028.