The Truth About COVID-19’s Impact on the Real Estate Market
The word “truth” is currently undergoing a startling change. Everywhere we look we see contradictory information. So who do you believe? Local experts who live and work in your community are the best source of relevant information. You can rest assured that a local realtor has all the tools to understand the real estate market. It’s both my job and my passion.
I would like to clear up four common misconceptions I’ve recently encountered around buying or selling real estate:
“My house will lose value.”
This past April, while most of the province was closed and the number of listings was cut in half, housing prices continued to rise. May saw a further increase and data shows the trend will continue.
“I can only shop for houses online.”
Buyers may view homes live but are required to sign an Authorization prior to entering most homes listed for sale. Wearing masks and gloves is strongly encouraged for everyone’s safety. We also limit the number of visitors to two.
“My current mortgage automatically qualifies me for a new one.”
If you are temporarily out of work and on EI or CERB, you may not qualify for a new mortgage. You should always consult with a local mortgage specialist before deciding to buy or sell so you understand your specific situation.
“Now is not the time to sell.”
There is currently a shortage of inventory. If you are able to list now, having fewer properties to compete against might be the best way to get the most money for your home. Serious buyers are still out there, waiting for new listings each day. If you also need to buy, remember: you buy in the same market as you sell.
Keep in mind that real estate professionals do not set market prices – buyers do. We simply interpret the market and its data. When in doubt, be sure you call a local expert. My team of expert professionals and I work together to help you understand the facts. A conversation is free, however, the confidence you’ll feel afterward is priceless.