As your real estate agent, I feel it is my duty to keep you updated on what is going on in the real estate market. Recently, I have had lots of questions about the impact COVID-19 is having on the real estate market. I want to address some misinformation and common concerns that buyers and sellers might have.
Question: How has COVID-19 impacted the real estate market?
Answer: So far it has had very little impact. The sales that were under contract are closing as scheduled. Homes that are priced right are still selling quickly, often with multiple offers. The buyers who are looking for a home right now are serious buyers. The looky-loos are not out looking right now.
Question: Can you guarantee me that it is safe to list my home and have people walk through it?
Answer: As your agent, I would be lying if I told you I could guarantee your safety. What I can guarantee is that I will do everything I can to keep you safe and still get your home sold. I start by taking great pictures and shooting a virtual home tour video so that people can tour your home virtually before previewing it in person. In the MLS I will ask that agents only make an appointment to show your home in person, with serious prequalified buyers. At your home, I will have a box of protective disposable gloves. I will insist that everyone who tours your home wears gloves at all times. So, if they touch your counters and open any open doors you are protected.
Question: How do you think COVID-19 will impact the price of real estate going forward?
Answer: I wish I could predict the future, but no one can. Here is what I do know. Right now there are more buyers wanting to buy than there are homes listed for sale. Home prices are still trending up due to a lack of supply. So far, that has not changed, buyers are still out looking at homes and writing offers. I believe that we will see an overall economic slowdown as a result of COVID-19 which will put downward pressure on home prices. This will happen three to six months from now and maybe offset by how the government responds. If you are going to buy a home and stay in it for five or more years, it is still a great time to buy. If you are moving up or down, remember that you will be selling and buying in the same market. If you sell for more, you will pay more for your new home. If you sell for less, you will pay less for your new home. The reality is that everyone needs a place to live. The demand for mid-priced is still very strong. Even if we do see home prices drop it should not be a significant amount.
The bottom line: If you were thinking about buying or selling before COVID-19 hit, your reasons for moving are still the same, so my advice is to move forward with your life.
If you have any questions about real estate that I can answer please give me a call directly to 647-971-8578 or via my website www.victoriagtarealty.com