What’s happening with Vancouver Real Estate Market during COVID-19 outbreak.
If you know someone who is on self quarantine or an elderly person please let me know, I can deliver medicine and groceries to their doors. I feel great, enjoying the sun and trying to stay positive.
If you keep asking those questions: Do I need to sell right now or should I wait? Do I proceed with a search of my Dream Home or not? Here is my opinion and advise on how to do it efficiently in this type of market. Let me share what is happening in the world of real estate first.
Many real estate offices are closing it’s doors for public and agents, but we are still working from home and available for your business. We do see active buyers searching for properties, new listings coming on the market, private showings booked and open houses conducted. It means we are showing properties, writing offers, office admin process all the documents. Lawyers, inspectors and mortgage brokers work regular hours as well. Just a model of our business changed, more distant and online support and taking disinfecting precautions while interacting with clients.
If you do not have a pressure to buy or to sell, maybe you should wait and see what is going to happen? But if you bought already a house and need to sell yours , in order to complete on purchase? If you have a job transfer or planning to move and need your property to get sold? If it is an estate sale and you do not want to keep paying high bills? In those cases I would advise to go ahead, but take precaution measures.
If you are a Sellers: Detailed virtual open houses vs regular open houses. Buyer’s agent can write an offer without seeing the property with subjects for viewing, inspection… In this case you can bring to your home Buyer, inspector and bank appraiser in one time to minimise the quantity of showings in your house. During private showings open all doors and windows, provide all buyers with silicone gloves, boot covers and masks. Create advertising cards which highlight the property location, finishings, appliances and renovation. Thoroughly qualify all the Buyer’s showing appointments making sure your house is a perfect fit for all their needs. We put a special clause in the contract allowing to change the possession date in case where the Buyer or the Seller’s bank or lawyers are closed for business on the Completion Date to make sure that transaction will go smoother.
For Buyers: We ask our Buyers to drive themselves to showings. We provide with silicone gloves, boot covers and masks. All those measures help you to be proactive in this situation and to keep you safe.
The active listings last month were down 32% and they definitely will go down this month as well bringing us into the Seller’s market. So you may take advantage to sell your property with less competition. Same thing with the Buyers. You can buy a property with less completion out there especially if you are looking for lower priced condos and houses that were selling mostly in multiple offer situations. The mortgage rates are coming down. The stock market is effected a lot. Good time to buy.
Uncertain times create fear, anxiety and stress. Stress makes our immune system weaker and that’s how we get sick. Stay positive, enjoy the sun and cherry blossoms, read the book you always wanted to read, start meditation or seawall running, spend tine with your kids, work on your business ideas and remember: “Life is a beautiful thing. Make it count!”