701 Realty making COVID-19 business adjustments

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MINOT, N.D. - Local real estate is seeing the effects of the COVID-19 crisis.

Photo courtesy: 701 Realty

"Activity in our market has definitely slowed down. It hasn't came to a screeching halt by any means. There's no precedent for it. How long is it going to last? Nobody knows," said Andrew Gudmunson, 701 Realty.

Gudmunson says he expects a big market push when virus concerns subside.

"Once we get the green light, I think our market's really going to take off again. People are pent up for a little while here, but people want to be out there," Gudmunson said.

While the outbreak is unprecedented, using technology to communicate in the industry is not.

"You might have a guy out of state [who] wants you to go walk through a home ... whether it be a Facetime or just walk through [and] take a video so he can see a layout of the home that he might not get from the picture ... we've been doing that for a long time. Transactions can still happen these days with minimal to no physical contact," Gudmunson said.

You may even see curbside closings as realtors adapt.

Gudmunson added that real estate could be shut down if title companies or banks close, or if there's a board shutdown on the federal, state or local level.