Recently I have wondered about the construction industry in the Central Florida area as government shutdowns and stay in place orders proliferate here and around the country.
Every business has been relegated status of Essential or Non-Essential. Car mechanics, gas stations, food stores, hospitals, medical and fire emergency, are deemed 'Essential'. What about real estate? What about design and construction?
As of this writing California, Massachusetts and Illinois consider homebuilding an ‘essential business’. Pennsylvania does not. You should check into the legal status of homebuilding or the practice of buying and selling properties in your state per the Federal and State edicts.
There are homeowners now quite concerned about the transmission of the virus and we are seeing fewer houses opened to the public for inspection. Sellers, eager to continue marketing their properties, have limited inquiries to online descriptions including photos and videos. This will not clinch many deals except for those very anxious to buy under any circumstance.
There seems to be a pause in those moving forward with design and construction as well. The loss of a job or layoff is not good for the credit sheet when applying for a mortgage.
However, orders to quarantine and shut down cannot be maintained for an extended period. And eventually, we will go back to a sense of normalcy and continue as before.
To reassure your clients about the relative danger of the virus compared to other businesses, you might refer them to Moody's chart (above) which categorizes real estate quite low on the chance of exposure...