Alaska Real Estate and the COVID-19 Virus
We at Glacier City Realty, Inc. want to assure you that we take the health and well-being of our community, clients and associates very seriously. Like you, we’re closely monitoring the quickly developing effects of the Coronavirus (COVID-19) pandemic.
COVID-19 and the Impact on the Real Estate Industry
The real estate industry is a technologically driven industry. As such, we are flexible and innovative in ways to continue doing business during the pandemic. Below you will find a brief on what is happening on a local, state, and national level within the real estate industry.
As of 3/24/2020, all transactions under contract continue in pending status. There is little change in the overall market. The staff of Glacier City Realty, Inc. is still on the job. We operate in a work environment that allows for social distancing and therefore field work (showings, home inspections, walk throughs, closing) can all occur with this in mind. Real Estate Brokerages, Lenders, Title Companies, Contractors and other support industry professionals are still going about their work, though in a more restricted and slightly slower fashion.
Recordings of deed transfers are done electronically through the State of Alaska Recorders Office and we do not anticipate there being any impact on the ability of the state continue to provide this service.
At the state level, the Alaska Association of Realtors is lobbying the legislature to approve electronic notarizations and for legislation that would allow the industry to continue to close pending sales as an “essential service”. The legislature is freezing all evictions for tenants through no earlier than the end of May. The Alaska Multiple Listing Service is developing a suite of special forms for use by licensed real estate professionals that will allow for extensions due to the virus, hold harmless agreements related to the potential spread of the virus.
Nationally, the government is working on legislation to assist home owners with Fannie Mae and Freddie Mac backed mortgages to ensure that home owners are not foreclosed on.
I will keep folks updated through on my blog here, as well as on our Glacier City Realty Facebook page. Stay safe out there and please do abide by the social distancing guidelines and stay at home during this critical time period.
We are all in this together. We will continue to monitor the COVID-19 situation and will follow guidance from public health officials and government agencies, so we can continue to support our clients and communities as needed.