Real estate added to list of ‘essential businesses’ during pandemic

Business
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SAN DIEGO — Realtors can now breathe easier after the federal government added real estate to its list of essential businesses that can continue to operate during the coronavirus pandemic. 

Many realtors in San Diego have been scrambling for answers after Gov. Gavin Newsom issued a stay-at-home order earlier this month. 

Leaders with Greater San Diego Association of Realtors told FOX 5 they fought hard to prove to the government that the real estate industry and its services are extremely important to the economy. 

“Real estate impacts around 40% of the overall economy,” said Carla Farley, president of the Greater San Diego Association of Realtors. “Each transaction provides about $80,000 of stimulus to the economy. That goes to the retail services, like pluming, HVAC, building supplies and so on.” 

According to the National Association of Realtors, the real estate industry accounted for more than $600 billion of California’s economy in 2018. 

Realtors will still have to follow health guidelines, will not be able to hold open houses and are asked to do virtual showings as much as possible. For more information regarding the rules regarding essential business operations during the pandemic, visit the U.S. Department of Homeland Security’s online guide.

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