Covid & Real Estate

What to expect buying or selling during and after Covid-19

Wednesday May 20th, 2020

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It has been an interesting market since we have been under lockdown. prior to the lockdown the spring market was getting into full swing with multiple offers being the norm again and many homes selling well over asking making it more and more difficult for buyers to secure something, and sellers getting a better price than they had hoped for only a few weeks before. Then came Covid-19.

 

Initially, people just didnt know what to expect with this lock down or how long we would shelter in pace. Some hoped the market would go down significantly in order to get on the market before prices got away from them even more, others who already owned were hoping it would not affect their equity in their homes especially as people were furloughed or even being laid off their jobs.

 

To begin with there were few agents showing properties even with health declarations being put in place and having to give and mask up for viewings but listings kept coming on the market and more and more people started venturing out. With the clients I have had during this time, we have encountered some aggressive offer processes and losing out on more than a few places with very very good offers, but with conditions. Yes, more than a few people are buying firm with no home inspection or finance condition in their offers.

 

Prices have still been on the up and up which will be sad news for buyers and the market has held. I have not seen any real decline in the market as far as prices have gone really though obviously the number of listings are down, the number of sales are down, but the prices are inching up. With the lack of inventory on the market, it is the same as before, and the demand out strips availability.

So when you come back to the market, buyers, be prepared (but not scared) of competing, just bring some patience with you.It will be interesting to see when lockdown ends and restrictions are lifted more and more if the supply will increase significantly and make it slightly less competitive, but my instinct says that there will also be an abundance of new buyers out looking for the first time too.

 

If you are thinking of selling or buying, "get in touch to be in touch" with what the market conditions are in your particular market and best navigate how to get the best deal possible in this ever changing market of ours.

 


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