During the season when home sales are usually ramping up, the coronavirus is slowing markets across the country, including Pittsburgh. 

With the governor of Pennsylvania’s shutdown of non-essential businesses and non-essential workers ordered to stay at home, real estate agents are no longer allowed to show properties in person and home inspectors are not able to enter homes to complete home inspections. 

However, two of the four key components of a real estate sale are still considered essential and are able to continue operating as long as they observe the rules of social distancing:

  • Banks
  • Settlement companies

However, both have been advised to use creative means to complete business transactions, including digital signatures or using a FaceTime meeting to explain all of the paperwork before the meeting, allowing buyers to print documents from home, and sign quickly in person from a distance when they meet. 

Unfortunately, even with these measures being taken, with the closure of government recording offices necessary for filing deeds and doing title searches, the process is markedly hampered. 

However, home sellers and buyers are being urged to hang in there with the hopes that real estate in Pittsburgh will hold its value. 

“Mr. Yun said he feels good about real estate values holding steady through this crisis because, unlike the Great Recession a decade ago, the nation’s financial system is not saddled with subprime loans or overproduction by home builders.”

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