This year started off with so much promise for a busy real estate market......then came Covid -19. Along with all of this, there has been big changes in how we sell Real Estate to keep our clients and our families safe.
As of May 5, 2015 there were 4,477,351 Total cases Globally and 303,389 Deaths
As of May 14/20 2392 Cases Covid-19 case in BC and 3 more deaths for a Total of 135 Deaths
Our world as we know it has changed.... I know you know that but did you know how It has changed in our Real Estate Market?
What Buyers & Sellers can expect in today's market. The Main Focus is SAFETY for everyone.
- First Open Houses have been cancelled. It is possible as summer nears we may reopen for open houses with limited numbers and social distancing.
- Buyers may need to provide a letter of approval from their mortgage brokers before working with an agent and viewing homes
- Before requesting a viewing the Buyer's agent and Buyer must do a drive by and check out the neighborhood and surrounding areas and have viewed all the documents and media on the property as well.
- Facetime videos calls can also be done with the just the Listing agent and Buyer's agent.
- Prior to a buyer entering into a home they can expect to be subject to Health screening precautions suggest by the Real Estate Board. Such as;
- Do you have any of the following symptoms: fever/feverish, new or existing cough and difficulty breathing?
- Have you or anyone in your family travelled outside of BC or Canada within the last 14 days? If so you would have to self isolate for 14 days.
- Have you had close contact with a confirmed or probable COVID-19 case?
- Have you had close contact with a person with acute respiratory illness who has been outside of BC or Canada in the last 14 days?
- Everyone must wear gloves and a mask and asked not to touch anything inside the
- home including the counter tops and furniture.
- Sellers are asked to turn on all lights, open all doors and cupboards and closets prior to showings.
- Sellers are advised to do a thorough cleaning and sanitizing prior and after a showing.
- All buyers with signing authority need to be present for 1st viewing
- It is suggested to leave kids home.
THE GOOD NEWS IS INTEREST RATES ARE EXPECT TO STAY LOW UNTIL 2022.
With all the pent-up demand we do expect a dramatic increase in the real estate sales and purchases by the final quarter of this 2020.
It is suggested it will take about 3 years for the overall economy to adjust. Time will tell.
It is suggested the second quarter of 2020 will be the bottom of our recession.
Home prices have stayed fairly level with slight increases but we may start seeing pricing moving upward as 1/3 of Canadians are continually looking to buy. With all the pent-up demand and low interest rates this will probably keep prices from falling drastically.