This is supposed to be the start of the peak season for real estate transactions in many states, but the COVID-19 pandemic has essentially shut down the ability for people to look at homes.
However, there are still some signs of life in the real estate business, despite the current situation.
Eric Fontanot, president of Houston-based Patten Title, broke down what is going on in the real estate market at the moment while much of the country is under orders or strong recommendations to stay at home.
Transactions are still being made.
While many employees at title or mortgage companies aren’t in the office anymore, they are still hard at work at home putting through refinance applications and even offers on homes with mortgage rates going down in recent months.
“There are offers being made,” Fontanot said. “We are receiving purchase agreements on a daily basis that aren’t out of the realm of normal from a pay standpoint.”