How does COVID-19 affect Astoria real estate? A conversation with NY Space Finders’ Anthony Lo Verme
Image via NY Space Finders.
The COVID-19 pandemic has put everything on pause, including the real estate market. Both sales and rentals are at a standstill, with no definite end in sight just yet.
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 over.
“People are surprisingly [still] moving and some clients are okay without seeing an apartment in person”, said Lo Verme. Some renters even see a space for negotiating rent.
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 rent.
The rent that will take the biggest hit? Commercial retail spaces. “Pre-COVID, our commercial retails were struggling. Now, they are going to take a big hit” said Lo Verme.
What happens to those looking to sell?
As for sales, they are going to be slow for a while. It’s difficult to get property sold without prospective buyers viewing the space, especially within a particular pricepoint.
“As far as sales, everything is dormant. There’s no movement on people looking to actively buy anything right now; people want to see it in person”, according to Lo Verme.
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 Astoria.
For those looking to purchase property? Have everything in order for when the housing market makes a return. This includes an attorney and pre-approval for a mortgage ready and in order.
Give Me Astoria would also like to thank Mr. Lo Verme for his generous donation to the staff at Mount Sinai Queens. 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 here.