Real estate sector can play a key role in preventing another New York City shutdown

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Real estate sector can play a key role in preventing another New York City shutdown
In most parts of New York City the COVID-19 outbreak is under control (COVID-19 positive case occurrence within 1.5%), to keep it this way, commitment from citizens will be required. Last week out of 51 states (including District of Columbia), New York ranked 49th. However the COVID-19 positive case occurrence in New York City was around 2%. Every week the occurrence of cases has been rising, which is really a matter of concern. There are a few spots in Upper Manhattan where occurrence is over 2% and one zip code with rate of occurrence over 3.5% but in Lower and Central Manhattan, the rate of occurrence is 1.5% only.

In most of the country the number of COVID-19 cases is rising, but the Manhattan residents are doing well at keeping a check on it. Taking precautionary and preventive measures will help in preventing the cases from rising, in case we have taken any clue from the pandemic experience so far. A vaccine may take a few more months before coming into circulation (by the 2nd or 3rd quarter of 2021), till then prevention is the best way. The real estate agents shall keep listing the properties out for sale along with taking safety measures against COVID-19 spread. The buyer’s traffic did slow down for two weeks due to the elections, but now the traffic seems to be coming back to as it was before. As the buyer numbers and overall interest in the real estate market is returning apparently, it will catch up pace leading to continuous rise in inventory levels. In the span of 10 years New York City is witnessing the steadying of prices at lower levels, indicating a bold trend.

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