SHEPHERDSTOWN, W.Va. (WDVM) — When Congress passed its $2 trillion economic relief package, mortgage lenders were left out in the cold. This could spell trouble for a housing market, which some predict, could be headed for its worst downturn since the Great Depression.
In Pennsylvania, showing property is no longer allowed. And while West Virginia does not have restrictions that go that far, new protocols are naturally falling into place.
Marge Bartles with Long and Foster in Martinsburg is already marketing homes with pictures and video tours and can expedite a listing.
Across the county line in Shepherdstown, Realtor Tara Lowe is quickly turning to virtual presentations of properties. Many of her clients are advanced in age, especially vulnerable to the COVID-19 virus, and welcome the new sales technology when showing a home. Lowe says that with so many sellers cooped up, they should take advantage of the time on their hands by spiffing up their properties so they are in “showcase” condition.
And while the lending industry didn’t fare so well on Capitol Hill last week, they are still hoping to get financial assistance from the Treasury Department and Federal Reserve Board.