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COVID-19 Updates

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As the COVID-19 situation continues to evolve, it's important that we provide you with latest information on the national, state and local real estate industry. During this rapidly evolving crisis, we have been monitoring developments closely and will keep you updated. We've created this new Emergency Notifications page to keep you updated on all the important information.

National Information   |   State Information   |   Local Information   |   Commercial Information

 

Health and Safety
With careful hygiene and interaction limits, we can help to limit the spread of this virus. We encourage you to follow all guidance issued by the Centers for Disease Control and the NC Department of Health and Human Services:
•  Wash your hands with soap for at least 20 seconds and limit your contact with persons in high risk categories.
•  Avoid gatherings with more than 10 people and limit your social interactions to the fullest extent possible.
You can access our full list of resources on our website. This list will be updated as conditions warrant. 

Market Perspective
While there are difficult times ahead, our industry is in a strong place and will continue to move forward. In response to the economic turmoil, the Federal Reserve dramatically reduced interest rates last week. With mortgage rates already at historically low levels, economists believe that they will not drop much further.

According to Lawrence Yun, chief economist at the National Association of REALTORS®, during the last recession, real estate was on “wobbly ground with loose lending and too much supply. Today, there is no subprime lending and too little supply. The real estate market will hold on much better.”

Disrupted Transactions
NC REALTORS® is exploring possible options to draft language that could apply to transactions that cannot move forward due to COVID-19. Any potential form will likely be very broad and would need to be reviewed and customized based on specific transactional considerations. Any REALTOR® with immediate transactional needs should consider consulting with their closing attorney to draft language for that particular transaction.

At The State Level
The NC Real Estate Commission is currently working on emergency rules to allow for education extensions and allowances for greater on-line education access. More information will be distributed on the NC REALTORS® website and through email as it becomes available.

Additionally, the NC REALTORS® Government Affairs team is monitoring the activities of registers of deeds and the court system to determine any challenges to the marketplace and are working with the Governor and the counties to keep operations running. We have also provided further information to the Property Management Division about the challenges facing evictions and foreclosure proceedings given the limiting of the court calendars around the state.

At The Federal Level
NAR continues to communicate with lawmakers regarding the impact that independent contractors are feeling during this crisis. Legislation was passed by the House of Representatives and is currently being considered by the Senate. More information is available on nar.realtor.

 

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