What You Should Know Buying or Selling Your Home Right Now
September 16, 2020
When the World Health Organization declared COVID-19 a pandemic back in March, the Canadian housing market took a big hit. Fewer homes were being listed, open houses were being cancelled to respect physical distancing, and sales were dropping.
Fast-forward to now, and the market is booming once again. Sales are rising and prices remain steady but that doesn’t mean things are back to normal. If anything, homes are going for even more than they were before the pandemic hit because demand is higher with fewer homes on the market.
Here are a few things you should know about buying or selling your home right now:
It’s a Seller’s Market
Though fewer people were listing their properties and several sellers removed their listings altogether back in March, attractive properties in in-demand areas are still selling quickly, and in most cases, attracting multiple offers. Realtors, Richelle and Josh West from The West Team explain, “The market really picked up pace in May. What would have been the beginning of our Spring market in March got delayed, and our Spring market instead started in May and hasn’t stopped.”
With many regions starting to reopen their economies and loosen restrictions, there has been an increase in real estate activity over the last few weeks. There has also been an increase of interest in rural and countryside listings, notably from city-dwellers on the hunt for a larger space. The West Team elaborates, “Inventory is low and homes are selling for record prices. We have seen an increase in sale prices of upwards of 30% in many locations across the city.”
Expect Virtual Open Houses and Lots of Pictures
Welcome to the digital age where even open houses can take place online. That’s right, with new COVID-19 protocols in place, showings are expected to take place through videos, 3D renderings, and other virtual tools. Listings are also expected to provide even more photos than before, to ease the process and keep people safe.
That being said, in-person showings are still happening. There are COVID-related guidelines that sellers, buyers, and real estate professionals must adhere to such as wearing a mask, maintaining a safe physical distance, and limiting the number of people on the property. Real estate professionals are also expected to ask buyers, sellers, or anyone that may be on the property to sign a declaration confirming that they’re healthy and haven’t been in contact with someone with COVID-19 ahead of any in-person visits. For buyers doing virtual tours of properties, experts state that it’s important to put in a condition on the offer stating that you get to go in and view the property in person.
Agreements May Include COVID-19 Related Clauses
On top of the typical purchase agreement, and clauses like home or property inspection conditions, those worried about losing their jobs or falling ill have requested that COVID-related clauses be added to contracts.
Because this is so new, real estate brokerages have differing policies when it comes to these COVID-related clauses, but ultimately, the contract terms should come down to what’s most important as a buyer or seller, i.e. hiring a cleaning company to do a deep clean of the property before possession, etc.
Now’s The Time
Though things are looking up, the world is still brimming with uncertainty. Real estate experts say one thing’s for sure, “Many people ask when the best time to sell or buy a home is and the answer always remains the same, whenever it is the right time for you. Ottawa has always been a stable market compared to other metropolitan areas in Canada.”
Buying or selling a home is a big step that shouldn’t be taken lightly. The West Team explains that it’s a good idea to take precautions and ask for help before you need it, “It’s a challenging market for many buyers right now with houses selling quickly as they are and at the prices they’re going for. Many buyers are teaming up with a great agent and purchasing homes before they even hit the market.”
Regardless of whether you’re buying or selling; you’ll need a reputable and dedicated team of professional movers to help get you there. At Boyd, you’re always treated as a valued customer with unique needs because, in times like these, every move is different.
Whether it’s across the street or across the country, our professional moving services are designed to keep you moving all while respecting safety protocols. Book your move today or give us a call at (613)-244-4444 to get started.