The global markets are feeling the effects of the virus and the world is on hyper alert, cancelling travel and large events, and watching as stocks drop. This has caused many investors to pause.
The fact that Covid-19 is a new virus, which few have immunity to, there is concern over its spread to vulnerable people. Understandably, the world is also apprehensive about how this disease will influence business, jobs, finances, and the decisions each of us make day to day.
The real estate markets may not escape completely unscathed, but for now it’s business as usual. Due to recent cuts in bank rates, home buyers’ positions have strengthened, causing a surge in real estate purchases. This is a positive sign that real estate in B.C. will stand strong amidst this pandemic.
For residential real estate, there are always sellers needing to move and buyers needing a home. I have seen an increase in home sales in the Fraser Valley recently and showings of my listed properties are continuing.
Many of my clients have asked me how the coronavirus is affecting real estate and how they should proceed, and I tell them that markets fluctuate and they should consider their own needs and consider real estate as a long term investment. I am there to monitor the market, advise on best steps and promote their property.
The power of online marketing, professional photos and videos, and social media are the best tools to promote listings, and buyers can browse from the comfort of their homes, scheduling a viewing with their Realtor if interested.
I would encourage sellers and buyer to ensure they are doing the following before and after showings and open houses:
- Wash hands thoroughly and often.
- Use disinfectant wipes on door knobs and surfaces.
- Do not use the bathroom in the home you are visiting.
- Do not shake hands and maintain personal space.
- For the latest on COVID-19 visit Provincial Health Services Authority
I am confident about the state of the Fraser Valley real estate market. There is reason to be alert, but no need to alter your plans to sell or buy property.
If you have any questions about the state of the real estate market or the value of your property, don’t hesitate to give me a call: 604-302-0177