GRAR Member Update
Thursday, May 7, 2020
Hello GRAR Members,

In today's update:

  • NYSAR FAQ Additions/Updates
  • Resources for Homeowners Struggling To Make Loan Payments
  • NAR Flash Survey Results May 3-4
  • Pandemic Unemployment Assistance - Common Questions

Please reach out to us at GRARHelpDesk@grar.net with any questions and check your Member Portal for general news items. 
Andy Kachaylo,
GRAR President
Jim Yockel,
GRAR CEO
NYSAR FAQ Additions/Updates
NYSAR
Two new and one updated FAQ
The first addition (yesterday) to the list includes the letter NYSAR sent to Governor Cuomo regarding re-opening. The link to the FAQ's list is below where you will find the letter.

Earlier this week, GRAR submitted regional re-opening recommendations to the Governor through Bob Duffy, volunteer special advisor coordinating the Finger Lakes region’s COVID-19 re-opening strategy. The recommendations, which included member input, were reviewed by the GRAR Board of Directors and the UNYREIS Board of Managers. When the Governor responds to the re-opening plan for real estate in our region, we will share those specifics. Thank you, again, to those who contributed thoughts, ideas, and recommendations.

The second addition to the NYSAR FAQ (today) is a questions on Fair Housing and COVID-19.

The updated FAQ (today) is about visiting an occupied property when no one is present to take photographs.
Resources for At-Risk Homeowners
If you have clients who are struggling to meet their loan obligations, you may want to share with them this brochure entitled "Protect Your Investment" . It includes recommendations and resources to help during this time.
The May - June issue of NAR's REALTOR® Magazine features other suggestions for how you can support clients in ways other than the typical buying and selling activities.
NAR Flash Survey
May 3-4

To see full-size versions of the graphs below, as well as additional graphs from the survey, view the presentation HERE .
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Buyer-related Questions
Forty two percent of members reported buyers are delaying their home purchase for a couple of months. Seventeen percent stopped looking due to concern about losing their job. Sixteen percent reported there is no change in client behavior, and they continue to meet in person.
Twelve percent reported members are continuing the process, but only relying on virtual communication. Five percent reported clients are deciding not to buy or sell indefinitely.
Seventy three percent of members cited a decline in buyer interest. Thirty percent reported a decline by more than 50 percent. Twelve percent of members cited no change in activity and three percent cited an increase in activity. Twenty two percent of members who worked with a buyer who put a contract on a home this week reported that they worked with a buyer who only saw the home virtually.
Fifty nine percent of members said buyers are expecting a decline in home prices. Nineteen percent expect a less than five percent decrease, with 21 percent expecting a decrease by five to 10 percent.
Seller-related Questions
Similar to buyers’ behaviors, 51 percent of members reported sellers are delaying their home sale for a couple of months. Seventeen percent reported members are continuing the process, but only relying on virtual communication. Si x percent reported clients are deciding not to buy or sell indefinitely. Eighteen percent reported there is no change in client behavior, and they continue to meet in person.
Sixty four percent of members reported working with home sellers. Of those who are currently working with sellers, 73 percent said that no sellers have reduced the price to attract buyers. Seventeen percent reported sale prices reduced by five percent or less. Only one percent
reported more than 15 percent.
Seventy seven percent of potential sellers are making preparations to sell their home once stay at home order are lifted/seller feels more confident. Close to half of these potential sellers are preparing by doing DIY projects and 29 percent are starting online searches for new homes. More than one in five are working with a mortgage lender on the pre approval process or gathering paperwork and learning about the buying and selling process.
Pandemic Unemployment Assistance
If you are experiencing issues with getting these benefits, here are two sources of information that may be of help.
New York State's CARES Act Page
NYSAR has an FAQ dedicated to PAU
GRAR will be sending updates every Monday and Thursday until further notice.

Please visit the GRAR Coronavirus page for all updates, other related information, and links to NAR, NYSAR, and the New York State Coronavirus pages.
Also, please join the GRAR Members Only Facebook Group to get updates from GRAR as well as view and participate in discussions. GRAR Members Only Facebook Group .
Greater Rochester Association of REALTORS® | grar.org