Extended Real Estate Restrictions and Guidelines:
COVID-19 Real Estate Restrictions have been extended through January 11th, per Governor Inslee’s most recent announcement on December 30th, 2020. This extension is in effect in hopes to help prevent the surge of recent Covid-19 cases in Washington State. The current restrictions will remain in place which include the following:
- In-person activities must be by appointment only;
- Face coverings are required to be worn at all times by real estate brokers, their clients, and industry partners (e.g. appraisers, inspectors, photographers, stagers, etc.). Brokers may not provide services to any client who does not wear a face covering;
- No more than five (5) people, in addition to the broker, may be on site at any one time; and
- Those persons must strictly follow social distancing guidelines by remaining at least six feet apart at all times.
Additionally, in-person open houses are not permitted and broker’s must work from home whenever possible. Real estate offices are to remain closed to the general public and limit capacity of staff and brokers at 25% occupancy at any given time.
COVID-19 Relief Bill and the Real Estate Industry
On December 27, 2020 Congress passed a $900 billion coronavirus relief bill that will bring a new round of support to millions of Americans. How does this deal affect the real estate industry? Here is what the new agreement provides in regard to the real estate industry:
- Mortgage debt forgiveness exclusion from income extended five years
- Strengthened Low Income Housing Tax Credit
- A second round of loans for small businesses with 25-30% reduction in quarterly revenue from 2019 to 2020
- Enhanced unemployment benefits through March of 2021, with $300 per week